CSB Bancorp, Inc 8-K, filed Oct 20, 2026
CSB Bancorp, Inc. (CSBB)
About this 8-K
CSB Bancorp, Inc filed this 8-K on October 20, 2026.
CSB Bancorp, Inc. reported third-quarter net income of $4,987,000 and diluted earnings per share of $1.90, up 20% from $4,151,000 and $1.57. FTE net interest margin rose to 3.99%, while nonperforming loans increased to $7.1 million. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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Registrant’s Telephone Number, Including Area Code: |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(g) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12g-2 of the Securities Exchange Act of 1934 (§ 240.12g-2 of this chapter).
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. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 20, 2026, CSB Bancorp, Inc. issued a news release announcing its earnings for the quarter ended September 30, 2026. A copy of this news release and related financial tables are furnished herein as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 |
News release and Quarterly Report for CSB Bancorp, Inc. for the quarter ended September 30, 2026.
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CSB Bancorp, Inc. |
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Date: |
October 20, 2026 |
By: |
/s/ Paula J. Meiler |
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Paula J. Meiler |
Exhibit 99.1
CSB BANCORP, INC. REPORTS THIRD QUARTER EARNINGS
Third Quarter Highlights
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Quarter Ended September 30, 2026 |
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Quarter Ended September 30, 2025 |
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Diluted earnings per share |
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$ |
1.90 |
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$ |
1.57 |
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Net Income |
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$ |
4,987,000 |
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$ |
4,151,000 |
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Return on average common equity |
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14.67 |
% |
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13.19 |
% |
Return on average assets |
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1.50 |
% |
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1.31 |
% |
Millersburg, Ohio – October 20, 2026 – CSB Bancorp, Inc. (OTC ID: CSBB) today announced third quarter 2026 net income of $4,987,000 or $1.90 per basic and diluted share, an increase of 20% from $4,151,000, or $1.57 per basic and diluted share, for the same period in 2025. Strong net interest income growth, an improved net interest margin, and continued balance sheet expansion contributed to record year-to-date earnings of $14,166,000, up 23% from the first nine months of 2025.
Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 14.67% and 1.50%, respectively, compared with 13.19% and 1.31% for the third quarter of 2025. Pre-Provision Net Revenue (“PPNR”) (a non-GAAP measure) totaled $7.0 million during the quarter, an increase of $1.3 million, or 23%, from the prior year’s third quarter. Net interest income increased $1.7 million, or 15%, noninterest income increased $237 thousand, or 13%, and noninterest expense increased $609 thousand, or 9%, in the third quarter of 2026 compared to the same period in 2025. For the nine-month period ended September 30, 2026 ROE and ROA were 14.40% and 1.47% as compared to 12.76% and 1.26% for the comparable period in 2025.
Eddie Steiner, President and CEO stated, “Local and national economies continue to exhibit growth and relatively stable employment. The annualized pace of real U.S. GDP growth in Q3 is currently estimated between 2.6%-3.6%, accelerating from 2.1% and 2.2% in Q1 and Q2, respectively. Consumer spending has been steady. Wage increases have averaged perhaps slightly under 3%, while spending with debit and credit cards is up about 10% and the banking industry’s deposit balances grew 2.9% in the year-ended June 30. Home prices are easing, with September’s average selling price 1.2% above the year ago average and the number of would-be buyers and sellers is now more balanced in much of the country. At the same time, noticeably higher interest rates and the costs of gasoline, diesel, and growing electrical demand are stoutly propping up inflation. September’s Consumer Price Index was 3.7% above year ago levels. If higher interest rates persist and petroleum supply remains constrained by U.S. involvement in overseas conflicts, pockets of slowing economic activity will likely become more apparent and pronounced.”
Provision for credit loss expense for the quarter increased $258 thousand from third quarter 2025. The allowance for expected credit losses (“ACL”) amounted to $14.1 million, or 1.58% of total loans, on September 30, 2026, as compared to $8.7 million or 1.08% of total loans on September 30, 2025. The increase in the ACL is primarily related to one individually evaluated loan relationship, partially supported by government guarantee, and for which a $4 million valuation allowance was established and reported in the fourth quarter of 2025. That loan relationship remains a performing credit. The allowance for credit losses on off-balance sheet commitments on September 30, 2026 was $642 thousand, as compared to a September 30, 2025 balance of $514 thousand. 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 13%, during third quarter 2026 as compared to the same quarter in 2025. The increase was primarily the result of an $81 million average volume increase, augmented by an 18 basis point (“bp”) increase in yield over the prior year’s quarter. Securities interest income increased $124 thousand, or 7%, during third 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 third quarter 2026 averaged 6.17% as compared to the 2025 third quarter average of 5.99%. Securities yields for third quarter 2026 averaged 2.59% as compared to 2.31% in the third quarter of 2025, while overnight funds averaged 3.73% compared to 4.43% in the third quarter 2025.
Interest expense declined $20 thousand, or 1%, during third quarter 2026 as compared to third quarter 2025. The cost to fund gross earning assets for the third quarter of 2026 declined to 1.19% as compared to 1.27% for the third quarter of 2025.
The fully taxable equivalent (“FTE”) net interest margin (a non-GAAP measure) was 3.99% for third quarter 2026, compared to 3.67% in the third quarter of 2025. FTE net interest income increased $1.7 million, or 15%, with a $72 million increase in average earning assets as well as a 24 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 $237 thousand, or 13%, compared to third quarter of 2025. The increase was primarily the result of a $64 thousand gain on sale of loans, $55 thousand increase in debit card interchange fees, $41 thousand increase in service charges on deposit accounts, and a $39 thousand increase in earnings on bank owned life insurance.
Noninterest expense increased $609 thousand, or 9%, from third quarter 2025 reflecting strategic investments in personnel, technology, and operational infrastructure to support continued growth. Salary and employee benefits increased $468 thousand, or 11%, compared to the prior year quarter, as the Company expanded staffing in growth-oriented areas. Software expense rose $81 thousand, or 16%, primarily due to investments in loan production software and customer service technologies. Debit card expense increased $34 thousand or 16%. The Company’s third quarter efficiency ratio decreased to 52.56% compared to 55.56% in the prior year.
Federal income tax expense was $1.2 million in third quarter 2026 compared to $1.0 million in the third quarter of 2025. The effective tax rate for the 2026 and 2025 third quarters was 20%, respectively.
Average earning assets for the third quarter of 2026 increased $72 million, or 6% from the year-ago quarter, primarily reflecting an $81 million, or 10%, increase in average loans, a $14 million, or 5%, decrease in average securities, and a $6 million, or 7%, 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 $54 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 $14 million, or 8%, 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 $13 million from the prior year’s quarter as borrowers covered expenses and avoided refinancing their lower interest rate mortgages. Average consumer credit balances decreased $801 thousand, or 6%, 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 given the aforementioned rising interest rate environment and elevated fuel costs. Construction and development and commercial real estate borrowing have continued to exhibit fairly steady demand.
Nonperforming loans were $7.1 million, or 0.80%, of total loans on September 30, 2026, compared to $746 thousand, or 0.09% of total loans, a year ago. The increase in nonperforming loans, which includes nonaccrual loans and loans past due 90 days and still accruing, is attributable to a single commercial relationship previously disclosed by the Company in second quarter 2026. Management continues to believe this credit remains well-secured based on current collateral valuations and ongoing analysis. Net loan charge-offs remained low at $83 thousand, compared to third quarter 2025 net loan charge-offs of $11 thousand.
Average deposit balances increased compared to the prior-year quarter by $58 million, or 5%. For third quarter 2026, the average cost of deposits amounted to 1.27%, as compared to 1.34% for third quarter 2025. Third quarter 2026 increases in average deposit balances over the prior year quarter included noninterest bearing balances of $14 million, interest bearing checking accounts of $11 million, savings accounts of $7 million, and time deposits of $26 million. The average balance of securities sold under repurchase agreement during the third quarter of 2026 increased by $1.6 million, or 7%, compared to the average for the same period in the prior year.
Shareholders’ equity totaled $135 million on September 30, 2026, with 2.6 million common shares outstanding. The average equity to assets ratio amounted to 10.19% for the quarter ended September 30, 2026. The Company declared a third quarter dividend of $0.45 per share, producing an annualized yield of 2.3% based on September 30, 2026 closing price of $77.04.
About CSB Bancorp, Inc.
CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.3 billion as of September 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 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.
Contact Information:
Paula J. Meiler, SVP & CFO
330.763.2873
paula.meiler@csb1.com
CSB BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited) |
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Quarters |
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(Dollars in thousands, except per share data) |
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2026 |
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2026 |
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2026 |
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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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3rd Qtr |
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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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9 months |
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9 months |
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Net interest income FTE (a) |
$ |
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12,647 |
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$ |
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11,904 |
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$ |
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11,493 |
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$ |
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11,450 |
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$ |
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10,968 |
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$ |
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36,044 |
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$ |
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31,056 |
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Provision for credit loss expense |
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759 |
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585 |
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495 |
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3,858 |
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501 |
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1,839 |
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1,517 |
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Noninterest income |
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2,103 |
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1,952 |
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1,872 |
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1,956 |
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1,866 |
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5,927 |
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5,339 |
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Noninterest expenses |
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7,742 |
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7,343 |
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7,305 |
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7,249 |
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7,133 |
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22,390 |
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20,492 |
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FTE adjustment(a) |
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29 |
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28 |
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28 |
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30 |
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30 |
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85 |
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92 |
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Net income |
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4,987 |
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4,735 |
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4,444 |
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1,869 |
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4,151 |
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14,166 |
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11,494 |
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Basic and Diluted earnings per share |
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1.90 |
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1.80 |
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1.69 |
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0.71 |
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1.57 |
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5.39 |
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4.35 |
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PERFORMANCE RATIOS |
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Return on average assets (ROA), annualized |
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1.50 |
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% |
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1.48 |
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% |
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1.42 |
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% |
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0.58 |
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% |
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1.31 |
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% |
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1.47 |
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% |
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1.26 |
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% |
Return on average common equity (ROE), annualized |
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14.67 |
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14.48 |
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14.03 |
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5.83 |
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13.19 |
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14.40 |
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12.76 |
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Net interest margin FTE(a) |
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3.99 |
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3.92 |
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3.87 |
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3.73 |
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3.67 |
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3.93 |
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3.59 |
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Efficiency ratio |
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52.56 |
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53.06 |
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54.75 |
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54.11 |
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55.56 |
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53.42 |
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56.31 |
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Number of full-time equivalent employees |
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189 |
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185 |
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182 |
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178 |
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181 |
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MARKET DATA |
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Book value per common share |
$ |
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51.22 |
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$ |
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50.49 |
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$ |
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49.18 |
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$ |
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48.07 |
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$ |
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47.56 |
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Period-end common share market value |
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77.04 |
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72.00 |
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62.36 |
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54.00 |
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49.50 |
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Market as a % of book |
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150.41 |
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142.60 |
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126.80 |
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% |
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112.30 |
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% |
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104.09 |
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% |
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Price-to-earnings ratio |
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12.63 |
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12.48 |
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11.59 |
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10.65 |
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9.48 |
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Average basic common shares outstanding |
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2,627,015 |
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2,627,015 |
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2,627,015 |
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2,629,229 |
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2,636,028 |
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2,627,015 |
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2,639,907 |
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Average diluted common shares outstanding |
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2,627,015 |
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2,627,015 |
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2,627,015 |
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2,629,229 |
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2,636,028 |
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2,627,015 |
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2,639,907 |
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Period end common shares outstanding |
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2,627,015 |
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2,627,015 |
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2,627,015 |
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2,627,015 |
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2,632,498 |
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Common stock market capitalization |
$ |
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202,385 |
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$ |
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189,145 |
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$ |
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163,821 |
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$ |
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141,859 |
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$ |
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130,309 |
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ASSET QUALITY |
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Gross charge-offs |
$ |
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94 |
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$ |
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41 |
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$ |
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13 |
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$ |
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31 |
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$ |
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39 |
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$ |
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148 |
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$ |
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442 |
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Net charge-offs |
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83 |
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28 |
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7 |
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26 |
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11 |
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118 |
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402 |
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Allowance for credit losses |
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14,146 |
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13,528 |
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12,947 |
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12,470 |
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8,720 |
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Nonperforming assets (NPAs) |
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7,121 |
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7,287 |
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1,018 |
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652 |
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746 |
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Net charge-off / average loans ratio |
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0.04 |
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% |
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0.01 |
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% |
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0.00 |
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% |
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0.01 |
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% |
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0.01 |
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% |
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0.02 |
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% |
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0.07 |
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% |
Allowance for credit losses / period-end loans |
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1.58 |
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1.56 |
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1.52 |
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1.50 |
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1.08 |
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NPAs/loans and other real estate |
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0.80 |
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0.84 |
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0.12 |
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0.08 |
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0.09 |
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Allowance for credit losses / nonperforming loans |
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199 |
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186 |
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1,272 |
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1,913 |
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1,169 |
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CAPITAL & LIQUIDITY |
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Period-end tangible equity to assets(b) |
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9.94 |
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% |
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9.92 |
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% |
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9.87 |
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% |
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9.43 |
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% |
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9.69 |
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% |
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Average equity to assets |
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10.19 |
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10.21 |
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10.12 |
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9.90 |
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9.96 |
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Average equity to loans |
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15.26 |
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15.21 |
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15.20 |
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15.56 |
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15.55 |
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Average loans to deposits |
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76.30 |
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76.83 |
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76.41 |
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72.62 |
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72.97 |
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AVERAGE BALANCES |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Assets |
$ |
|
1,323,144 |
|
$ |
|
1,284,910 |
|
$ |
|
1,269,557 |
|
$ |
|
1,285,617 |
|
$ |
|
1,253,262 |
|
$ |
|
1,292,717 |
|
$ |
|
1,223,846 |
|
|
Earning assets |
|
|
1,256,412 |
|
|
|
1,218,626 |
|
|
|
1,205,187 |
|
|
|
1,216,492 |
|
|
|
1,184,077 |
|
|
|
1,226,929 |
|
|
|
1,156,606 |
|
|
Loans |
|
|
883,574 |
|
|
|
862,329 |
|
|
|
845,298 |
|
|
|
818,312 |
|
|
|
802,858 |
|
|
|
863,870 |
|
|
|
779,634 |
|
|
Deposits |
|
|
1,157,951 |
|
|
|
1,122,413 |
|
|
|
1,106,338 |
|
|
|
1,126,878 |
|
|
|
1,100,283 |
|
|
|
1,129,089 |
|
|
|
1,073,175 |
|
|
Shareholders' equity |
|
|
134,836 |
|
|
|
131,165 |
|
|
|
128,465 |
|
|
|
127,296 |
|
|
|
124,818 |
|
|
|
131,512 |
|
|
|
120,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ENDING BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Assets |
$ |
|
1,310,516 |
|
$ |
|
1,294,216 |
|
$ |
|
1,265,503 |
|
$ |
|
1,292,736 |
|
$ |
|
1,248,357 |
|
|
|
|
|
|
|
|
||
Earning assets |
|
|
1,245,757 |
|
|
|
1,224,138 |
|
|
|
1,200,667 |
|
|
|
1,228,856 |
|
|
|
1,178,781 |
|
|
|
|
|
|
|
|
||
Loans |
|
|
893,744 |
|
|
|
869,348 |
|
|
|
852,718 |
|
|
|
829,778 |
|
|
|
810,048 |
|
|
|
|
|
|
|
|
||
Deposits |
|
|
1,145,172 |
|
|
|
1,133,407 |
|
|
|
1,101,821 |
|
|
|
1,127,915 |
|
|
|
1,096,596 |
|
|
|
|
|
|
|
|
||
Shareholders' equity |
|
|
134,556 |
|
|
|
132,630 |
|
|
|
129,203 |
|
|
|
126,280 |
|
|
|
125,190 |
|
|
|
|
|
|
|
|
||
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) |
|
September 30, |
|
|
|
September 30, |
|
||
(Dollars in thousands, except per share data) |
|
2026 |
|
|
|
2025 |
|
||
ASSETS |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
|
|
|
|
|
||
Cash and due from banks |
$ |
|
17,514 |
|
|
$ |
|
20,069 |
|
Interest-bearing deposits with banks |
|
|
67,144 |
|
|
|
|
60,738 |
|
Total cash and cash equivalents |
|
|
84,658 |
|
|
|
|
80,807 |
|
Securities |
|
|
|
|
|
|
|
||
Available-for-sale, at fair-value |
|
|
115,895 |
|
|
|
|
115,795 |
|
Held-to-maturity |
|
|
166,946 |
|
|
|
|
190,027 |
|
Equity securities |
|
|
344 |
|
|
|
|
269 |
|
Restricted stock, at cost |
|
|
1,684 |
|
|
|
|
1,520 |
|
Total securities |
|
|
284,869 |
|
|
|
|
307,611 |
|
|
|
|
|
|
|
|
|
||
Loans held for sale |
|
|
- |
|
|
|
|
384 |
|
Loans |
|
|
893,744 |
|
|
|
|
810,048 |
|
Less allowance for credit losses |
|
|
14,146 |
|
|
|
|
8,720 |
|
Net loans |
|
|
879,598 |
|
|
|
|
801,328 |
|
|
|
|
|
|
|
|
|
||
Premises and equipment, net |
|
|
13,973 |
|
|
|
|
13,716 |
|
Goodwill |
|
|
4,728 |
|
|
|
|
4,728 |
|
Bank owned life insurance |
|
|
31,957 |
|
|
|
|
30,899 |
|
Accrued interest receivable and other assets |
|
|
10,733 |
|
|
|
|
8,884 |
|
TOTAL ASSETS |
$ |
|
1,310,516 |
|
|
$ |
|
1,248,357 |
|
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
||
LIABILITIES |
|
|
|
|
|
|
|
||
Deposits: |
|
|
|
|
|
|
|
||
Noninterest-bearing |
$ |
|
290,627 |
|
|
$ |
|
277,838 |
|
Interest-bearing |
|
|
854,545 |
|
|
|
|
818,758 |
|
Total deposits |
|
|
1,145,172 |
|
|
|
|
1,096,596 |
|
|
|
|
|
|
|
|
|
||
Short-term borrowings |
|
|
23,894 |
|
|
|
|
20,304 |
|
Other borrowings |
|
|
675 |
|
|
|
|
941 |
|
Accrued interest payable and other liabilities |
|
|
6,219 |
|
|
|
|
5,326 |
|
TOTAL LIABILITIES |
|
|
1,175,960 |
|
|
|
|
1,123,167 |
|
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 |
|
|
122,871 |
|
|
|
|
111,380 |
|
Treasury stock at cost - 353,587 shares in 2026 |
|
|
|
|
|
|
|
||
and 348,104 shares in 2025 |
|
|
(9,293 |
) |
|
|
|
(9,020 |
) |
Accumulated other comprehensive loss |
|
|
(7,466 |
) |
|
|
|
(5,614 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
|
134,556 |
|
|
|
|
125,190 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
|
1,310,516 |
|
|
$ |
|
1,248,357 |
|
CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
|
|
Quarters ended |
|
|
|
Nine months ended |
|
||||||||||||
(Unaudited) |
|
September 30, |
|
|
|
September 30, |
|
||||||||||||
(Dollars in thousands, except per share data) |
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
||||
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans, including fees |
$ |
|
13,731 |
|
|
$ |
|
12,117 |
|
|
$ |
|
39,255 |
|
|
$ |
|
34,489 |
|
Taxable securities |
|
|
1,822 |
|
|
|
|
1,695 |
|
|
|
|
5,669 |
|
|
|
|
5,168 |
|
Nontaxable securities |
|
|
70 |
|
|
|
|
73 |
|
|
|
|
199 |
|
|
|
|
223 |
|
Other |
|
|
751 |
|
|
|
|
829 |
|
|
|
|
1,645 |
|
|
|
|
2,043 |
|
Total interest and dividend income |
|
|
16,374 |
|
|
|
|
14,714 |
|
|
|
|
46,768 |
|
|
|
|
41,923 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
|
3,697 |
|
|
|
|
3,715 |
|
|
|
|
10,621 |
|
|
|
|
10,757 |
|
Other |
|
|
59 |
|
|
|
|
61 |
|
|
|
|
188 |
|
|
|
|
202 |
|
Total interest expense |
|
|
3,756 |
|
|
|
|
3,776 |
|
|
|
|
10,809 |
|
|
|
|
10,959 |
|
Net interest income |
|
|
12,618 |
|
|
|
|
10,938 |
|
|
|
|
35,959 |
|
|
|
|
30,964 |
|
Provision for credit loss expense |
|
|
759 |
|
|
|
|
501 |
|
|
|
|
1,839 |
|
|
|
|
1,517 |
|
Net interest income, after provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
for credit loss expense |
|
|
11,859 |
|
|
|
|
10,437 |
|
|
|
|
34,120 |
|
|
|
|
29,447 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service charges on deposit accounts |
|
|
351 |
|
|
|
|
310 |
|
|
|
|
982 |
|
|
|
|
902 |
|
Trust services |
|
|
303 |
|
|
|
|
294 |
|
|
|
|
910 |
|
|
|
|
840 |
|
Debit card interchange fees |
|
|
618 |
|
|
|
|
563 |
|
|
|
|
1,760 |
|
|
|
|
1,628 |
|
Credit card fees |
|
|
193 |
|
|
|
|
182 |
|
|
|
|
577 |
|
|
|
|
483 |
|
Earnings on bank owned life insurance |
|
|
268 |
|
|
|
|
229 |
|
|
|
|
789 |
|
|
|
|
674 |
|
Gain on sale of loans |
|
|
129 |
|
|
|
|
65 |
|
|
|
|
256 |
|
|
|
|
195 |
|
Unrealized gain on equity securities |
|
|
19 |
|
|
|
|
(4 |
) |
|
|
|
60 |
|
|
|
|
2 |
|
Other |
|
|
222 |
|
|
|
|
227 |
|
|
|
|
593 |
|
|
|
|
615 |
|
Total noninterest income |
|
|
2,103 |
|
|
|
|
1,866 |
|
|
|
|
5,927 |
|
|
|
|
5,339 |
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
4,577 |
|
|
|
|
4,109 |
|
|
|
|
13,059 |
|
|
|
|
11,727 |
|
Occupancy expense |
|
|
347 |
|
|
|
|
323 |
|
|
|
|
1,031 |
|
|
|
|
1,031 |
|
Equipment expense |
|
|
230 |
|
|
|
|
200 |
|
|
|
|
648 |
|
|
|
|
629 |
|
Professional and director fees |
|
|
404 |
|
|
|
|
502 |
|
|
|
|
1,273 |
|
|
|
|
1,307 |
|
Software expense |
|
|
579 |
|
|
|
|
498 |
|
|
|
|
1,624 |
|
|
|
|
1,342 |
|
Marketing and public relations |
|
|
139 |
|
|
|
|
155 |
|
|
|
|
423 |
|
|
|
|
414 |
|
Debit card expense |
|
|
242 |
|
|
|
|
208 |
|
|
|
|
671 |
|
|
|
|
617 |
|
Financial institutions tax |
|
|
252 |
|
|
|
|
226 |
|
|
|
|
757 |
|
|
|
|
689 |
|
FDIC insurance expense |
|
|
147 |
|
|
|
|
135 |
|
|
|
|
437 |
|
|
|
|
420 |
|
Other expenses |
|
|
825 |
|
|
|
|
777 |
|
|
|
|
2,467 |
|
|
|
|
2,316 |
|
Total noninterest expenses |
|
|
7,742 |
|
|
|
|
7,133 |
|
|
|
|
22,390 |
|
|
|
|
20,492 |
|
Income before income taxes |
|
|
6,220 |
|
|
|
|
5,170 |
|
|
|
|
17,657 |
|
|
|
|
14,294 |
|
Federal income tax provision |
|
|
1,233 |
|
|
|
|
1,019 |
|
|
|
|
3,491 |
|
|
|
|
2,800 |
|
Net income |
$ |
|
4,987 |
|
|
$ |
|
4,151 |
|
|
$ |
|
14,166 |
|
|
$ |
|
11,494 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
$ |
|
1.90 |
|
|
$ |
|
1.57 |
|
|
$ |
|
5.39 |
|
|
$ |
|
4.35 |
|
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) |
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
|
||||
Net interest income |
$ |
|
12,618 |
|
|
$ |
|
10,938 |
|
|
$ |
|
35,959 |
|
|
$ |
|
30,964 |
|
|
Taxable equivalent adjustment1 |
|
|
29 |
|
|
|
|
30 |
|
|
|
|
85 |
|
|
|
|
92 |
|
|
Net interest income, FTE |
$ |
|
12,647 |
|
|
$ |
|
10,968 |
|
|
$ |
|
36,044 |
|
|
$ |
|
31,056 |
|
|
Net interest margin |
|
|
3.98 |
|
% |
|
|
3.66 |
|
% |
|
|
3.92 |
|
% |
|
|
3.58 |
|
% |
Taxable equivalent adjustment1 |
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
Net interest margin, FTE |
|
|
3.99 |
|
% |
|
|
3.67 |
|
% |
|
|
3.93 |
|
% |
|
|
3.59 |
|
% |
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 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.
PRE-PROVISION NET REVENUE
|
|
Quarters ended |
|
|
|
Nine months ended |
|
||||||||||||
(Unaudited) |
|
September 30, |
|
|
|
September 30, |
|
||||||||||||
(Dollars in thousands) |
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
||||
Pre-Provision Net Revenue (PPNR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net interest income |
$ |
|
12,618 |
|
|
$ |
|
10,938 |
|
|
$ |
|
35,959 |
|
|
$ |
|
30,964 |
|
Total noninterest income |
|
|
2,103 |
|
|
|
|
1,866 |
|
|
|
|
5,927 |
|
|
|
|
5,339 |
|
Total revenue |
|
|
14,721 |
|
|
|
|
12,804 |
|
|
|
|
41,886 |
|
|
|
|
36,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Noninterest expense |
|
|
7,742 |
|
|
|
|
7,133 |
|
|
|
|
22,390 |
|
|
|
|
20,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
PPNR (Non-GAAP) |
$ |
|
6,979 |
|
|
$ |
|
5,671 |
|
|
$ |
|
19,496 |
|
|
$ |
|
15,811 |
|
TANGIBLE EQUITY
(Unaudited) |
|
September 30, |
|
|
|
September 30, |
|
||
(Dollars in thousands) |
|
2026 |
|
|
|
2025 |
|
||
Total Shareholders' Equity (GAAP) |
$ |
|
134,556 |
|
|
$ |
|
125,190 |
|
Less: Goodwill |
|
|
4,728 |
|
|
|
|
4,728 |
|
Tangible Shareholders' Equity (Non-GAAP) |
$ |
|
129,828 |
|
|
$ |
|
120,462 |
|