CSB Bancorp reports fourth quarter and full year earnings

  • February 4, 2010
  • 651
                        
CSB Bancorp, Inc., recently announced fourth quarter 2009 net income of $931,000 or $0.34 per basic and diluted share, as compared to $767,000 or $0.29 per basic and diluted share for the same period in 2008. For the full year of 2009, the company reported net income of $3.39 million or $1.24 per basic and diluted share, as compared to $3.54 million or $1.43 per basic and diluted share in 2008. Full year Return on Average Equity (ROE) and Return on Average Assets (ROA) were 7.51 percent and 0.79 percent, respectively, compared to 9.23 percent and 0.99 percent in 2008. Eddie Steiner, president and CEO, commented, “We are pleased that fourth quarter net income was higher than each of the preceding six quarters in spite of continuing difficult economic and interest rate environments. Full year earnings declined 4 percent from last year’s results, primarily due to increased provisioning for loan losses and higher FDIC assessments for deposit insurance. “Net interest margin improved to 4.01 percent during the quarter,” continued Steiner, “partially due to higher than expected cash collections on previously impaired loans. However, further improvement in net interest margin will be limited in the near term by economic conditions that are suppressing demand for new loans and by low interest rates which are expected to remain through at least the first half of 2010.” Revenue totaled $5 million for the fourth quarter of 2009, an increase of 10.2 percent over the prior-year fourth quarter. Revenue increased 12.6 percent for the full year of 2009 to $19.2 million as compared to $17 million in 2008. Average deposits of $313 million for the quarter were 9.5 percent above the prior year’s fourth quarter average. Average loan balances of $315 million reflect an increase of $21 million or 7.3 percent over the prior year fourth quarter, while average securities balances of $78 million increased $1.5 million or 2 percent as compared to fourth quarter 2008. Net charge-offs equated to 0.21 percent of average loans during 2009 as compared to a net recovery of 0.06 percent during 2008. Nonperforming assets totaled $4.3 million or 1.37 percent of total loans plus other real estate at Dec. 31, 2009, compared to $2.7 million or 0.86 percent at the prior year-end. Delinquent loan balances as of year-end 2009 amounted to 1.92 percent of total loans as compared to 1.82 percent at the end of 2008. Shareholders’ equity totaled $45.8 million on Dec. 31, 2009, with 2.7 million common shares outstanding at year-end. The company’s capital position remains strong, with tangible equity to assets approximating 9.7 percent on Dec. 31, 2009, compared to 9.8 percent on Dec. 31, 2008. The company declared a common dividend of $.18 per share during the quarter. Total dividends declared during 2009 were $0.72 per share, or 58 percent, of reported earnings per share.


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