CSB Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014
January 26, 2015 at 05:24 pm
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CSB Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income FTE (fully-taxable equivalent basis) of $5,060,000 against $5,000,000 for the same period in the last year. Total interest and dividend income was $5,401,000 against $5,430,000 for the same period in the last year. Net interest income was $4,987,000 against $4,922,000 for the same period in the last year. Net interest income improved by $65,000 as compared to fourth quarter 2013, while other income increased $37,000 attributable primarily to an increase in debit card interchange fees. Income before income tax was $2,076,000 against $1,744,000 for the same period in the last year. Net income was $1,439,000 or $0.53 per basic and diluted share against $1,224,000 or $0.45 per basic and diluted share for the same period in the last year. Book value per common share was $20.97 as at December 31, 2014 against $19.15 as at December 31, 2013. Return on average assets was 0.92% against 0.82% for the same period in the last year. Return on average common equity was 9.99% against 9.19% for the same period in the last year.
For the year, the company reported net interest income FTE of $20,212,000 against $19,190,000 for the same period in the last year. Total interest and dividend income was $21,656,000 against $21,138,000 for the same period in the last year. Net interest income was $19,927,000 against $18,883,000 for the same period in the last year. Income before income tax was $8,452,000 against $7,513,000 for the same period in the last year. Net income was $5,884,000 or $2.15 per basic and diluted share against $5,240,000 or $1.91 per basic and diluted share for the same period in the last year. Return on average assets was 0.97% against 0.90% for the same period in the last year. Return on average common equity was 10.60% against 9.93% for the same period in the last year
The company reported net charge-offs of $992,000 for the fourth quarter of 2014 against $202,000 for the same period in the last year.
CSB Bancorp, Inc. is a financial holding company. The Company operates through its wholly owned subsidiary, Commercial and Savings Bank of Millersburg, Ohio (the Bank). The Company operates primarily through the Bank and CSB Investment Services, LLC, providing a wide range of banking, trust, financial, and brokerage services to corporate, institutional, and individual customers throughout northeast Ohio. The Bank provides retail and commercial banking services to its customers, including checking and savings accounts, time deposits, individual retirement accounts (IRAs), safe deposit facilities, personal loans, commercial loans, real estate mortgage loans, installment loans, night depository facilities, brokerage, and trust services. The Bank provides residential real estate, commercial real estate, commercial, and consumer loans to customers located primarily in Holmes, Stark, Tuscarawas, Wayne, and portions of surrounding counties in Ohio.
CSB Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014