CSB Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Net Charge-Offs for the Fourth Quarter 2011
January 31, 2012 at 09:22 pm
Share
CSB Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income of $820,000 or $0.30 per basic and diluted share, as compared to net income of $956,000 or $0.35 per basic and diluted share for the same period a year ago. Annualized returns on average common equity and average assets for the quarter were 6.58% and 0.61%, respectively, compared with 7.95% and 0.83% for the fourth quarter of 2010. Total interest and dividend income was $5,111,000 and net interest income was $4,212,000 and income before income tax was $1,144,000 against total interest and dividend income of $5,047,000, net interest income of $3,900 and income before income tax of $1,396,000 for the same period a year ago. Book value per common share as on December 31, 2011 was $18.07 compared to $17.24 as on December 31, 2010.
For the full year, the company reported total interest and dividend income of $20,018,000, net interest income of $16,340,000 and income before income tax of $5,289,000 against total interest and dividend income of $20,390,000, net interest income of $15,570,000 and income before income tax of $5,064,000 for the same period a year ago. Net income was $3,687,000 or $1.35 per diluted share against net income of $3,496,000 or $1.28 per diluted share for the same period a year ago. Return on average common equity was 7.57% against 7.43% a year ago. Return on average assets was 0.78% against 0.78% a year ago.
Net charge-offs for the quarter totaled $275,000 as compared to net charge-offs of $615,000 for the same period a year ago.
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, 2011; Reports Net Charge-Offs for the Fourth Quarter 2011