In This Story
CSB Bancorp, Inc. (CSBB0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a total asset increase to $1.21 billion from $1.18 billion as of December 31, 2023. This increase is attributed to a rise in net loans and cash equivalents.
Net loans increased by $18 million, or 3%, with commercial and real estate loans showing a slight increase, while residential real estate loans increased by 5%. Construction loans increased by 16% from December 31, 2023.
The allowance for credit losses increased to $7.2 million, with a significant charge-off of $4.1 million related to a commercial lending relationship.
Nonperforming loans increased to $3.4 million, representing 0.47% of total loans, compared to $396 thousand, or 0.06%, at the end of the previous year.
Deposits increased by $43 million, or 4%, with interest-bearing deposit accounts showing a significant increase, while noninterest-bearing deposits decreased.
Short-term borrowings decreased by $17 million, or 46%, as customers moved funds to higher interest rate accounts. Other borrowings decreased by $458 thousand due to repayment of FHLB advances.
Total shareholders' equity increased to $115 million, or 9.5% of total assets. This increase was driven by net income, other comprehensive income, and treasury stock repurchases.
For the quarter ended September 30, 2024, CSB Bancorp reported net income of $3.1 million, down from $3.5 million in the same quarter of 2023. The decrease was primarily due to an increase in the provision for credit losses.
Interest income increased by 13% due to higher interest rates and loan volumes, while interest expense rose by 38% due to increased rates and volumes of deposits.
Noninterest income increased by 6% due to gains on mortgage loan sales and higher trust service fees, while noninterest expenses rose by 6%, primarily due to higher salaries and benefits.
The company maintains a strong capital position, with a total capital to risk-weighted assets ratio of 16.5% as of September 30, 2024.
CSB Bancorp does not have any off-balance sheet arrangements likely to affect its financial condition.
The company continues to monitor interest rate risk and believes its liquidity sources are adequate to meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CSB Bancorp, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.