CSB Bancorp, Inc. reports earnings for third quarter 2009
CSB Bancorp, Inc. recently announced third quarter 2009 net income of $858 thousand, or $.31 per basic and diluted share, as compared to $890 thousand, or $.37 per basic and diluted share for the same period in 2008.On a year to date basis, total revenue is 13.5 percent ahead of the prior year, while net income is 11 percent below the prior year’s nine month period.
Total revenue amounted to $4.8 million during the quarter, compared with $4.1 million in the third quarter of 2008, an increase of 15.5 percent.
Non-interest expense totaled $3.2 million during the quarter, an increase of $526 thousand or 19.8 percent from third quarter 2008. The majority of the increase in revenue and non-interest expense reflects the larger scale of the company’s operations following the Indian Village acquisition during fourth quarter 2008.
Higher FDIC insurance premiums assessed on all member financial institutions also accounted for $85 thousand of the quarterly expense difference.
Average loan balances of $315 million declined 1.0 percent during the quarter, primarily attributable to consumer refinancing from existing in-house mortgages to the secondary mortgage market given favorable prevailing secondary market rates. Average deposit balances declined 1.4 percent during the quarter, mostly due to maturities of brokered CDs acquired as part of last year’s Indian Village transaction. The company’s present funding strategy does not rely on brokered CDs.
CSB is a financial holding company headquartered in Millersburg, with approximate assets of $427 million as of Sept. 30. 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 14 banking centers in Holmes, Tuscarawas, Wayne and Stark counties and trust offices located in Millersburg and Wooster.