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TheStreet Open House

CSB Bancorp, Inc. Reports Fourth Quarter And Full Year Earnings

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.

   
CSB BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
             
(Unaudited)
(Dollars in thousands except per share data)
Quarters  
2012 2012 2012 2012 2011 2012 2011
EARNINGS       4th Qtr   3rd Qtr   2nd Qtr   1st Qtr   4th Qtr   12 months   12 months
Net interest income FTE (a) $ 4,543 $ 4,499 $ 4,474 $ 4,380 $ 4,280 $ 17,896 $ 16,596
Provision for loan losses 206 206 205 206 240 823 950
Other income 1,149 1,073 1,034 948 920 4,204 3,508
Other expenses 3,818 3,528 3,560 3,544 3,748 14,450 13,609
FTE adjustment (a) 73 73 77 67 67 290 256
Net income 1,120 1,231 1,141 1,055 820 4,547 3,687
Diluted earnings per share 0.41 0.45 0.41 0.39 0.30 1.66 1.35
 
PERFORMANCE RATIOS
Return on average assets (ROA) 0.77 % 0.86 % 0.82 % 0.77 % 0.61 % 0.80 % 0.78 %
Return on average common equity (ROE) 8.50 % 9.41 % 8.98 % 8.46 % 6.58 % 8.85 % 7.57 %
Net interest margin FTE (a) 3.33 % 3.34 % 3.40 % 3.38 % 3.38 % 3.36 % 3.71 %
Efficiency ratio 63.61 % 62.66 % 64.03 % 65.90 % 71.47 % 64.75 % 68.11 %
Number of full-time equivalent employees 162 168 167 157 154
 
MARKET DATA
Book value/common share $ 19.17 $ 19.05 $ 18.71 $ 18.25 $ 18.07
Period-end common share mkt value 17.00 18.25 18.17 17.75 16.75
Market as a % of book 88.68 % 95.80 % 97.11 % 97.26 % 92.70 %
Price-to-earnings ratio 10.24 11.77 12.36 12.59 12.41
Cash dividends/common share $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.18 0.72 0.72
Common stock dividend payout ratio 43.90 % 40.00 % 43.90 % 46.15 % 60.00 %
Average basic common shares 2,735,157 2,734,799 2,734,799 2,734,799 2,734,799 2,734,889 2,734,799
Average diluted common shares 2,735,328 2,736,316 2,736,046 2,735,611 2,735,229 2,735,141 2,734,838
Period end common shares outstanding 2,736,060 2,734,799 2,734,799 2,734,799 2,734,799
Common shares repurchased 0 0 0 0 0 0
Common stock market capitalization $ 46,513 $ 49,910 $ 49,691 $ 48,543 $ 45,808
 
ASSET QUALITY
Gross charge-offs $ 304 $ 39 $ 85 $ 79 $ 328 $ 507 $ 1,014
Net charge-offs (recoveries) 287 16 (19) 41 275 325 900
Allowance for loan losses 4,580 4,661 4,471 4,246 4,082
Nonperforming assets (NPAs) 3,362 3,713 4,010 3,266 3,499
Net charge-off/average loans ratio 0.32 % 0.02 % -0.02 % 0.05 % 0.34 % 0.09 % 0.28 %
Allowance for loan losses/period-end loans 1.26 1.32 1.30 1.28 1.26
NPAs/loans and other real estate 0.92 1.05 1.17 0.99 1.08
Allowance for loan losses/nonperforming loans 137.23 127.28 111.65 130.20 116.96
 
CAPITAL & LIQUIDITY
Period-end tangible equity to assets 8.06 % 8.24 % 8.11 % 7.96 % 8.01 %
Average equity to assets 9.11 9.15 9.09 9.08 9.33
Average equity to loans 14.70 14.97 15.04 15.33 15.46
Average loans to deposits 76.87 76.33 75.24 73.87 75.78
 
AVERAGE BALANCES
Assets $ 575,498 $ 569,142 $ 562,291 $ 552,407 $ 530,049 $ 564,875 $ 471,329
Earning assets 542,150 536,093 528,817 520,802 502,198 532,005 446,929
Loans 356,555 347,682 339,829 327,203 319,852 342,868 318,781
Deposits 463,862 455,491 451,646 442,973 422,094 453,526 367,865
Shareholders' equity 52,415 52,063 51,125 50,147 49,454 51,384 48,674
 
ENDING BALANCES
Assets $ 586,900 $ 568,783 $ 566,687 $ 560,803 $ 551,233
Earning assets 544,727 535,402 530,094 526,942 522,410
Loans 364,580 352,748 344,116 331,353 324,182
Deposits 475,443 454,299 454,719 450,207 443,553
Shareholders' equity 52,453 52,101 51,176 49,918 49,429
 
   
 
NOTES:
 
(a) - Net Interest income on a fully tax-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.
       
CSB BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
 
(Unaudited)
dollars in thousands, except per share data
December 31, December 31,
2012 2011
ASSETS
Cash and cash equivalents
Cash and due from banks $ 21,485 $ 12,519
Interest-earning deposits in other banks 45,393 69,739
Federal funds sold   -   -
Total cash and cash equivalents 66,878 82,258
Securities
Available-for-sale, at fair-value 129,291 123,026
Restricted stock, at cost   5,463   5,463
Total securities 134,754 128,489
Loans held for sale - -
Loans 364,580 324,182
Less allowance for loan losses   4,580   4,082
Net loans 360,000 320,100
 
Goodwill and core deposit intangible 5,622 5,762
Bank owned life insurance 8,298 3,068
Premises and equipment, net 8,475 8,513
Accrued interest receivable and other assets   2,873   3,043
 
TOTAL ASSETS $ 586,900 $ 551,233
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing $ 104,147 $ 85,890
Interest-bearing   371,296   357,663
Total deposits 475,443 443,553
 
Short-term borrowings 43,992 37,073
Other borrowings 12,672 19,161
Accrued interest payable and other liabilities   2,340   2,017
Total liabilities   534,447   501,804
Shareholders' equity
Common stock, $6.25 par value. Authorized
9,000,000 shares; issued 2,980,602 shares
in 2012 and 2011 18,629 18,629
Additional paid-in capital 9,974 9,994
Retained earnings 26,962 24,391
Treasury stock at cost - 244,542 shares in 2012
and 245,803 in 2011 (4,976) (5,015)
Accumulated other comprehensive income   1,864   1,430
Total shareholders' equity   52,453   49,429
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 586,900 $ 551,233
 
             
CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
 
(Unaudited)
dollars in thousands, except per share data

Quarter ended

Year ended

December 31,

December 31,

2012 2011 2012 2011
Interest and dividend income:
Loans, including fees $ 4,397 $ 4,232 $ 17,279 $ 16,977
Taxable securities 599 729 2,672 2,538
Nontaxable securities 122 111 486 421
Other   35   39   147   82
Total interest and dividend income   5,153   5,111   20,584   20,018
Interest expense:
Deposits 533 710 2,323 2,864
Other   150   189   655   814
Total interest expense   683   899   2,978   3,678
 
Net interest income 4,470 4,212 17,606 16,340
Provision for loan losses   206   240   823   950
Net interest income after provision
for loan losses   4,264   3,972   16,783   15,390
Non-interest income
Service charges on deposits accounts 334 324 1,305 1,134
Trust services 168 173 671 677
Securities gains (losses), net - - - 237
Gain on sale of loans 229 65 591 219
Other   418   358   1,637   1,241
Total non-interest income   1,149   920   4,204   3,508
Non-interest expenses
Salaries and employee benefits 2,051 2,047 7,960 7,459
Occupancy expense 257 259 1,025 890
Equipment expense 170 154 618 524
Franchise tax expense 126 145 542 550
Professional and director fees 193 176 814 713
Federal deposit insurance 90 99 328 352
Amortization of intangible assets 37 33 140 78
Other expenses   894   835   3,023   3,043
Total non-interest expenses   3,818   3,748   14,450   13,609
Income before income tax 1,595 1,144 6,537 5,289
Federal income tax provision   475   324   1,990   1,602
 
Net income $ 1,120 $ 820 $ 4,547 $ 3,687
Net income per share:
Basic $ 0.41 $ 0.30 $ 1.66 $ 1.35
 
Diluted $ 0.41 $ 0.30 $ 1.66 $ 1.35

Note: Certain prior year balances have been reclassified to conform to the current year presentation.

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