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CSB Bancorp, Inc. Reports Third Quarter Earnings

CSB Bancorp, Inc. (OTC Pink: CSBB):

Third Quarter Highlights

 

 

Quarter Ended

September 30, 2021

 

 

 

Quarter Ended

September 30, 2020

 

Diluted earnings per share

 

$

1.06

 

 

 

$

1.02

 

Net Income

 

$

2,901,000

 

 

 

$

2,800,000

 

Return on average common equity

 

 

11.79

%

 

 

 

12.19

%

Return on average assets

 

 

1.03

%

 

 

 

1.14

%

CSB Bancorp, Inc. (OTC Pink: CSBB) today announced third quarter 2021 net income of $2,901,000, or $1.06 per basic and diluted share, as compared to $2,800,000, or $1.02 per basic and diluted share, for the same period in 2020. Income before federal income tax amounted to $3,590,000, an increase of 3% over the same quarter in the prior year. For the nine-month period ended September 30, 2021, net income totaled $8,531,000 compared to $7,889,000 for the same period last year, an increase of 8%.

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 11.79% and 1.03%, respectively, compared with 12.19% and 1.14% for the third quarter of 2020.

Eddie Steiner, President and CEO stated, “Economic recovery from the COVID-19 pandemic continues, aided by significant levels of remaining liquidity from government stimulus. Almost 90% of the Paycheck Protection Program (“PPP”) loan balances we facilitated have received SBA forgiveness, and we expect the majority of remaining balances will also be forgiven. Organic loan demand has not rebounded to pre-pandemic levels, as borrower liquidity, uncertainty about the pace of recovery, supply chain disruptions, and waning refinance advantages are all affecting borrower appetite. The Federal Reserve has signaled it may begin tapering its large-scale purchases of treasuries and mortgage-backed securities before year-end, and the potential for short-term rates beginning to rise by the end of 2022. The job market remains strong in many sectors, with worker shortages and significant worker mobility widely reported.”

Net interest income and noninterest income totaled $9.1 million during the quarter, an increase of $190 thousand from the prior-year third quarter. Net interest income increased $284 thousand, or 4%, in the third quarter of 2021 compared to the same period in 2020.

Loan interest income including fees decreased $293 thousand, or 4%, during third quarter 2021 as compared to the same quarter in 2020. The decrease was mainly due to average total loan balances declining $90 million below the year ago quarter including average Paycheck Protection Program loans (“PPP”) declining $66 million from the prior year quarter. Loan yields for third quarter 2021 averaged 5.02%, an increase of 51 basis points from the 2020 third quarter average of 4.51%, The loan yield increase partially resulted from interest recovery on pay-offs of nonaccrual loans during the third quarter 2021 as related loan interest of $363 thousand was recognized compared to $21 thousand during the comparable third quarter 2020. Recognition of PPP loan interest and fee income was $125 thousand greater during the third quarter 2021 as compared to the prior year quarter.

The net interest margin was 2.77% compared to 3.04% for third quarter 2020. As discussed above, loan volume declined, offset with the positive impact from loan yield, volume increases within the securities account, and cost decreases on liabilities. Liquidity continues to affect the margin as the growth of lower yielding average overnight funds rose $104 million during the quarter over prior year quarter. The tax equivalency effect on the margin was 0.02% in the comparable third quarters.

With the decrease in outstanding loan balances and continuing improvement in credit quality, a reversal of $210 thousand was recognized to the provision for loan losses for the quarter ended September 30, 2021, as compared to $377 thousand loss provision for the prior year third quarter when the effect of Covid on future credit losses was not discernable. COVID factors have not significantly affected the Bank’s loan portfolio quality to date, and local businesses are beginning or restarting construction projects previously sidelined by a significant degree of COVID-related uncertainty.

Noninterest income decreased 5%, compared to third quarter of 2020. The decrease was primarily the result of a 52% decline in gain on sale of mortgages to the secondary market, as refinancing of mortgages slowed and home purchases were limited by a lack of housing inventory for sale. Offsetting increases were recognized in increases in debit and credit card fee income, earnings from bank owned life insurance values, and brokerage and trust income.

Noninterest expense increased 13% from third quarter 2020. Salary and employee benefit costs increased $269 thousand, or 9%, compared to the prior year quarter, primarily resulting from increases in base compensation and volume-based commissions. The provision for unfunded loan commitments increased $193 thousand compared to the prior year quarter primarily due to unfunded commercial loan construction commitments in the senior/assisted living sector of $5.2 million at September 30, 2021. Marketing and public relations increased by $51 thousand, or 53%, reflecting a return to normalized levels after the pandemic-related curtailment of activities in 2020. Software expense increased by $49 thousand, or 18%, reflecting investment in new platforms. FDIC insurance expense increased $39 thousand as the prior year quarter reflected the use of Small Bank Assessment Credits. Professional and directors’ fees decreased $52 thousand, or 22%, primarily reflecting a recovery of legal and collection costs, as a long-standing nonperforming collateral dependent loan exited the bank. The Company’s third quarter efficiency ratio increased to 62.5% compared to 56.3%.

Federal income tax expense totaled $689 thousand in third quarter 2021, as compared to $676 thousand tax expense for the same quarter in 2020. The effective tax rate approximated 19% in both periods.

Average total assets during the quarter rose to $1.12 billion, an increase of $136 million, or 14%, above the same quarter of the prior year. Liquidity increased as the Company’s average interest-bearing balances with banks increased $104 million, to $277 million, as compared to the third quarter in 2020. Average loan balances of $545 million decreased $90 million, or 14%, from the prior year third quarter while average securities balances of $234 million increased $115 million, or 98%, as compared to third quarter 2020.

Average commercial loan balances for the quarter, including commercial real estate, decreased $78 million, or 18%, from prior year levels. Excluding a $66 million decrease in average PPP loan balances, commercial loans decreased $12 million year over year as borrowers reduced outstanding commercial balances and delayed further borrowings, partially through use of stimulus monies. Average residential mortgage balances decreased $1 million, or 1%, below the prior year’s quarter, while home equity lines of credit decreased $7 million from the prior year’s quarter as balances were paid down or refinanced into low-rate term mortgages. Average consumer credit balances decreased $2 million, or 11%, versus the same quarter of the prior year. Increased organic loan demand continues to be largely dependent on the pace at which excess liquidity is absorbed by businesses and households and restoration of borrower confidence as pandemic uncertainty diminishes.

Nonperforming assets decreased $2.8 million from September 30, 2020 to $1.3 million, or 0.24%, of total loans plus other real estate on September 30, 2021. Delinquent loan balances as of September 30, 2021 decreased to 0.30% of total loans as compared to 0.71% on September 30, 2020.

Net loan charge-offs recognized during third quarter 2021 were $20 thousand, or 0.01% annualized, compared to third quarter 2020 net loan recoveries of $143 thousand. The allowance for loan losses amounted to 1.40% of total loans on September 30, 2021 as compared to 1.33% on September 30, 2020.

Average deposit balances grew on a quarter over prior year quarter comparison by $139 million, or 17%. For the third quarter 2021, the average cost of deposits amounted to 0.18%, as compared to 0.30% for the third quarter 2020. During the third quarter 2021, increases in average deposit balances over the prior year quarter included noninterest-bearing demand accounts of $51 million and interest-bearing demand and savings accounts of $88 million, while time deposits decreased less than $1 million. The average balance of securities sold under repurchase agreement during the third quarter of 2021 decreased by $3 million, or 7%, compared to the average for the same period in the prior year.

Shareholders’ equity totaled $97.1 million on September 30, 2021 with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 8.75% on September 30, 2021 and 9.33% on September 30, 2020. The Company declared a third quarter dividend of $0.31 per share, producing an annualized yield of 3.2% based on the September 30, 2021 closing price of $39.25.

Cares Act and related events

A third major stimulus bill was signed into law on March 11, 2021 adding additional emergency relief to the March 2020 Cares Act and to the Consolidated Appropriations Act, 2021. The American Rescue Plan Act of 2021 also expanded eligibility and added an additional $7 billion in funds to the SBA’s PPP emergency relief programs.

CSB facilitated and funded $129 million of these government assistance loans in 2020 and 2021. As of September 30, 2021, $112 million has been received from the SBA in forgiveness. and approximately $620 thousand remains in unearned fees.

During 2020, the Company also extended loan modifications to qualifying commercial and consumer loan customers to deal with the uncertainty of the economy. Customers could request relief from their total payment or place their obligation on interest-only for a period of 3-4 months, with maturities extended on these modified loans. All loans granted relief during 2020 and 2021 have entered repayment.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.1 billion as of September 30, 2021. 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, 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.

CSB BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

(Unaudited)

 

Quarters

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2021

 

 

2020

 

EARNINGS

 

3rd Qtr

 

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

3rd Qtr

 

 

9 months

 

 

9 months

 

Net interest income FTE (a)

$

 

7,364

 

$

 

6,509

 

$

 

7,046

 

$

 

7,223

 

$

 

7,077

 

$

 

20,919

 

$

 

21,078

 

Provision (credit) for loan losses

 

 

(210

)

 

 

(475

)

 

 

30

 

 

 

378

 

 

 

377

 

 

 

(655

)

 

 

1,272

 

Other income

 

 

1,768

 

 

 

1,843

 

 

 

1,878

 

 

 

2,089

 

 

 

1,862

 

 

 

5,489

 

 

 

4,846

 

Other expenses

 

 

5,713

 

 

 

5,390

 

 

 

5,281

 

 

 

5,576

 

 

 

5,050

 

 

 

16,384

 

 

 

14,766

 

FTE adjustment (a)

 

 

39

 

 

 

38

 

 

 

38

 

 

 

39

 

 

 

36

 

 

 

115

 

 

 

109

 

Net income

 

 

2,901

 

 

 

2,745

 

 

 

2,885

 

 

 

2,679

 

 

 

2,800

 

 

 

8,531

 

 

 

7,889

 

Diluted earnings per share

 

 

1.06

 

 

 

1.00

 

 

 

1.05

 

 

 

0.97

 

 

 

1.02

 

 

 

3.12

 

 

 

2.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROA), annualized

 

 

1.03

%

 

0.97

%

 

1.10

%

 

1.05

%

 

1.14

%

 

1.03

%

 

1.17

%

Return on average common equity (ROE), annualized

 

 

11.79

 

 

 

11.62

 

 

 

12.33

 

 

 

11.45

 

 

 

12.19

 

 

 

11.91

 

 

 

11.80

 

Net interest margin FTE (a)

 

 

2.77

 

 

 

2.43

 

 

 

2.85

 

 

 

2.97

 

 

 

3.04

 

 

 

2.68

 

 

 

3.31

 

Efficiency ratio

 

 

62.49

 

 

 

64.40

 

 

 

59.14

 

 

 

59.75

 

 

 

56.32

 

 

 

61.96

 

 

 

56.76

 

Number of full-time equivalent employees

 

 

178

 

 

 

174

 

 

 

170

 

 

 

171

 

 

 

169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value/common share

$

 

35.62

 

$

 

35.11

 

$

 

33.94

 

$

 

34.23

 

$

 

33.49

 

 

 

 

 

 

 

 

 

Period-end common share mkt value

 

 

39.25

 

 

 

38.00

 

 

 

37.50

 

 

 

35.00

 

 

 

30.00

 

 

 

 

 

 

 

 

 

Market as a % of book

 

 

110.19

%

 

108.23

%

 

110.49

%

 

102.25

%

 

89.58

%

 

 

 

 

 

 

 

Price-to-earnings ratio

 

 

9.62

 

 

 

9.41

 

 

 

9.40

 

 

 

9.09

 

 

 

7.83

 

 

 

 

 

 

 

 

 

Cash dividends/common share

$

 

0.31

 

$

 

0.30

 

$

 

0.30

 

$

 

0.29

 

$

 

0.28

 

$

 

0.91

 

$

 

0.84

 

Common stock dividend payout ratio

 

 

29.25

%

 

30.00

%

 

28.57

%

 

29.90

%

 

27.45

%

 

29.26

%

 

29.17

%

Average basic common shares

 

 

2,729,410

 

 

 

2,740,390

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,737,336

 

 

 

2,742,350

 

Average diluted common shares

 

 

2,729,410

 

 

 

2,740,390

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,737,336

 

 

 

2,742,350

 

Period end common shares outstanding

 

 

2,725,524

 

 

 

2,734,244

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

 

 

 

 

 

 

Common stock market capitalization

$

 

106,977

 

$

 

103,901

 

$

 

102,838

 

$

 

95,982

 

$

 

82,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

 

39

 

$

 

20

 

$

 

5

 

$

 

511

 

$

 

28

 

$

 

64

 

$

 

131

 

Net charge-offs (recoveries)

 

 

20

 

 

 

(12

)

 

 

(34

)

 

 

459

 

 

 

(143

)

 

 

(26

)

 

 

(66

)

Allowance for loan losses

 

 

7,645

 

 

 

7,875

 

 

 

8,338

 

 

 

8,274

 

 

 

8,355

 

 

 

 

 

 

 

 

 

Nonperforming assets (NPAs)

 

 

1,320

 

 

 

2,786

 

 

 

3,089

 

 

 

4,497

 

 

 

4,102

 

 

 

 

 

 

 

 

 

Net charge-off (recovery) / average loans ratio

 

 

0.01

%

 

(0.01

)%

 

(0.02

)%

 

0.29

%

 

(0.09

)%

 

(0.01

)%

 

(0.01

)%

Allowance for loan losses / period-end loans

 

 

1.40

 

 

 

1.43

 

 

 

1.43

 

 

 

1.36

 

 

 

1.33

 

 

 

 

 

 

 

 

 

NPAs/loans and other real estate

 

 

0.24

 

 

 

0.50

 

 

 

0.53

 

 

 

0.74

 

 

 

0.65

 

 

 

 

 

 

 

 

 

Allowance for loan losses/nonperforming loans

 

 

579.07

 

 

 

282.61

 

 

 

269.92

 

 

 

183.99

 

 

 

203.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end tangible equity to assets

 

 

8.34

%

 

8.12

%

 

7.99

%

 

8.68

%

 

8.86

%

 

 

 

 

 

 

 

Average equity to assets

 

 

8.75

 

 

 

8.38

 

 

 

8.95

 

 

 

9.13

 

 

 

9.33

 

 

 

 

 

 

 

 

 

Average equity to loans

 

 

17.89

 

 

 

16.78

 

 

 

15.92

 

 

 

15.02

 

 

 

14.39

 

 

 

 

 

 

 

 

 

Average loans to deposits

 

 

56.09

 

 

 

57.18

 

 

 

64.95

 

 

 

70.81

 

 

 

76.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

1,115,814

 

$

 

1,131,251

 

$

 

1,060,485

 

$

 

1,018,770

 

$

 

979,806

 

$

 

1,102,707

 

$

 

901,994

 

Earning assets

 

 

1,056,424

 

 

 

1,073,865

 

 

 

1,004,521

 

 

 

966,304

 

 

 

926,377

 

 

 

1,045,128

 

 

 

849,893

 

Loans

 

 

545,420

 

 

 

564,998

 

 

 

596,319

 

 

 

619,455

 

 

 

635,124

 

 

 

568,726

 

 

 

605,767

 

Deposits

 

 

972,409

 

 

 

988,017

 

 

 

918,063

 

 

 

874,820

 

 

 

833,288

 

 

 

959,696

 

 

 

760,056

 

Shareholders' equity

 

 

97,584

 

 

 

94,786

 

 

 

94,929

 

 

 

93,042

 

 

 

91,409

 

 

 

95,776

 

 

 

89,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

1,111,696

 

$

 

1,128,922

 

$

 

1,110,157

 

$

 

1,031,632

 

$

 

987,978

 

 

 

 

 

 

 

 

 

Earning assets

 

 

1,054,141

 

 

 

1,072,286

 

 

 

1,043,016

 

 

 

977,092

 

 

 

936,323

 

 

 

 

 

 

 

 

 

Loans

 

 

546,095

 

 

 

552,030

 

 

 

582,714

 

 

 

609,159

 

 

 

628,084

 

 

 

 

 

 

 

 

 

Deposits

 

 

968,629

 

 

 

986,668

 

 

 

968,569

 

 

 

891,562

 

 

 

840,656

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

97,089

 

 

 

96,012

 

 

 

93,085

 

 

 

93,859

 

 

 

91,853

 

 

 

 

 

 

 

 

 

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)

 

September 30,

 

 

 

September 30,

 

(Dollars in thousands, except per share data)

 

2021

 

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

 

17,929

 

 

$

 

18,269

 

Interest-earning deposits in other banks

 

 

265,692

 

 

 

 

179,875

 

Total cash and cash equivalents

 

 

283,621

 

 

 

 

198,144

 

Securities

 

 

 

 

 

 

 

 

 

Available-for-sale, at fair-value

 

 

185,454

 

 

 

 

112,279

 

Held-to-maturity

 

 

51,317

 

 

 

 

9,901

 

Equity securities

 

 

107

 

 

 

 

82

 

Restricted stock, at cost

 

 

4,614

 

 

 

 

4,614

 

Total securities

 

 

241,492

 

 

 

 

126,876

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

862

 

 

 

 

1,488

 

Loans

 

 

546,095

 

 

 

 

628,084

 

Less allowance for loan losses

 

 

7,645

 

 

 

 

8,355

 

Net loans

 

 

538,450

 

 

 

 

619,729

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

13,713

 

 

 

 

12,685

 

Goodwill and core deposit intangible

 

 

4,739

 

 

 

 

4,787

 

Bank owned life insurance

 

 

23,873

 

 

 

 

19,284

 

Accrued interest receivable and other assets

 

 

4,946

 

 

 

 

4,985

 

TOTAL ASSETS

$

 

1,111,696

 

 

$

 

987,978

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Noninterest-bearing

$

 

304,345

 

 

$

 

252,891

 

Interest-bearing

 

 

664,284

 

 

 

 

587,765

 

Total deposits

 

 

968,629

 

 

 

 

840,656

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

38,130

 

 

 

 

41,645

 

Other borrowings

 

 

3,489

 

 

 

 

9,765

 

Accrued interest payable and other liabilities

 

 

4,359

 

 

 

 

4,059

 

Total liabilities

 

 

1,014,607

 

 

 

 

896,125

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

Common stock, $6.25 par value. Authorized

 

 

 

 

 

 

 

 

 

9,000,000 shares; issued 2,980,602 shares

 

 

 

 

 

 

 

 

 

in 2021 and 2020

 

 

18,629

 

 

 

 

18,629

 

Additional paid-in capital

 

 

9,815

 

 

 

 

9,815

 

Retained earnings

 

 

75,252

 

 

 

 

67,325

 

Treasury stock at cost - 255,078 shares in 2021

 

 

 

 

 

 

 

 

 

and 238,252 shares in 2020

 

 

(5,424

)

 

 

 

(4,780

)

Accumulated other comprehensive (loss) income

 

 

(1,183

)

 

 

 

864

 

Total shareholders' equity

 

 

97,089

 

 

 

 

91,853

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

 

1,111,696

 

 

$

 

987,978

 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Quarter ended

 

 

 

Nine months ended

 

(Unaudited)

 

September 30,

 

 

 

September 30,

 

 

 

September 30,

 

 

 

September 30,

 

(Dollars in thousands, except per share data)

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

 

6,897

 

 

$

 

7,190

 

 

$

 

19,993

 

 

$

 

21,145

 

Taxable securities

 

 

677

 

 

 

 

372

 

 

 

 

1,840

 

 

 

 

1,462

 

Nontaxable securities

 

 

117

 

 

 

 

110

 

 

 

 

339

 

 

 

 

343

 

Other

 

 

114

 

 

 

 

42

 

 

 

 

228

 

 

 

 

312

 

Total interest and dividend income

 

 

7,805

 

 

 

 

7,714

 

 

 

 

22,400

 

 

 

 

23,262

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

450

 

 

 

 

636

 

 

 

 

1,496

 

 

 

 

2,139

 

Other

 

 

30

 

 

 

 

37

 

 

 

 

100

 

 

 

 

154

 

Total interest expense

 

 

480

 

 

 

 

673

 

 

 

 

1,596

 

 

 

 

2,293

 

Net interest income

 

 

7,325

 

 

 

 

7,041

 

 

 

 

20,804

 

 

 

 

20,969

 

Provision (credit) for loan losses

 

 

(210

)

 

 

 

377

 

 

 

 

(655

)

 

 

 

1,272

 

Net interest income after provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(credit) for loan losses

 

 

7,535

 

 

 

 

6,664

 

 

 

 

21,459

 

 

 

 

19,697

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposits accounts

 

 

250

 

 

 

 

252

 

 

 

 

676

 

 

 

 

753

 

Trust services

 

 

252

 

 

 

 

236

 

 

 

 

798

 

 

 

 

662

 

Debit card interchange fees

 

 

515

 

 

 

 

433

 

 

 

 

1,512

 

 

 

 

1,209

 

Gain on sale of loans

 

 

270

 

 

 

 

567

 

 

 

 

1,174

 

 

 

 

1,189

 

Market value change in equity securities

 

 

8

 

 

 

 

(1

)

 

 

 

20

 

 

 

 

(10

)

Other

 

 

473

 

 

 

 

375

 

 

 

 

1,309

 

 

 

 

1,043

 

Total noninterest income

 

 

1,768

 

 

 

 

1,862

 

 

 

 

5,489

 

 

 

 

4,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,228

 

 

 

 

2,959

 

 

 

 

9,301

 

 

 

 

8,603

 

Occupancy expense

 

 

270

 

 

 

 

246

 

 

 

 

771

 

 

 

 

711

 

Equipment expense

 

 

170

 

 

 

 

172

 

 

 

 

519

 

 

 

 

505

 

Professional and director fees

 

 

180

 

 

 

 

232

 

 

 

 

831

 

 

 

 

843

 

Software expense

 

 

318

 

 

 

 

269

 

 

 

 

954

 

 

 

 

755

 

Marketing and public relations

 

 

147

 

 

 

 

96

 

 

 

 

324

 

 

 

 

289

 

Debit card expense

 

 

181

 

 

 

 

165

 

 

 

 

524

 

 

 

 

451

 

Other expenses

 

 

1,219

 

 

 

 

911

 

 

 

 

3,160

 

 

 

 

2,609

 

Total noninterest expenses

 

 

5,713

 

 

 

 

5,050

 

 

 

 

16,384

 

 

 

 

14,766

 

Income before income tax

 

 

3,590

 

 

 

 

3,476

 

 

 

 

10,564

 

 

 

 

9,777

 

Federal income tax provision

 

 

689

 

 

 

 

676

 

 

 

 

2,033

 

 

 

 

1,888

 

Net income

$

 

2,901

 

 

$

 

2,800

 

 

$

 

8,531

 

 

$

 

7,889

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

$

 

1.06

 

 

$

 

1.02

 

 

$

 

3.12

 

 

$

 

2.88

 

 

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