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CSB Bancorp, Inc. (CSBB0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, with total assets reported at $1.2 billion, an increase from the previous year. Net loans increased by $35 million, while investment securities decreased by $37 million.
Net income for 2024 was $10 million, down from $14.8 million in 2023. The decrease in net income was attributed to a higher provision for credit losses, which increased to $7 million from $442 thousand in the prior year.
Total revenue, comprising net interest income and noninterest income, rose by $1.1 million to a total of $44 million. Noninterest expense increased by $529 thousand.
The company's return on average assets was 0.85% in 2024, compared to 1.27% in 2023. Return on average equity was 8.96%, down from 14.69% in the previous year.
Total deposits increased to $1.04 billion, with a shift from noninterest-bearing demand deposits to higher-yielding time deposits.
The filing also highlights the company's capital adequacy, with CSB Bancorp and its subsidiary bank meeting or exceeding all regulatory capital requirements.
CSB Bancorp's board of directors approved a stock repurchase program, under which 19,849 shares were repurchased in 2024.
The company does not anticipate any significant environmental impact from its operations and expects no material capital expenditures for environmental control facilities.
CSB Bancorp's primary market area includes Holmes, Stark, Tuscarawas, Wayne, and surrounding Ohio counties, where it competes with other financial institutions for deposits and loans.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.