Exhibit 99.2
FINANCIAL HIGHLIGHTS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
AT OR FOR THE THREE MONTHS | |||||||||
ENDED MARCH 31 | |||||||||
2010 | 2009 | ||||||||
Assets | $ | 435,622 | $ | 422,390 | |||||
Net loans | $ | 306,543 | $ | 316,023 | |||||
Securities | $ | 73,727 | $ | 70,514 | |||||
Deposits | $ | 326,204 | $ | 304,591 | |||||
Shareholders’ equity | $ | 46,171 | $ | 44,392 | |||||
Net income | $ | 737 | $ | 896 | |||||
Earnings per share | $ | 0.27 | $ | 0.33 | |||||
Book value per outstanding share | $ | 16.88 | $ | 16.23 |
KEY RATIOS
AT OR FOR THE THREE MONTHS | |||||||||
ENDED MARCH 31 | |||||||||
2010 | 2009 | ||||||||
Return on average assets | 0.67 | % | 0.86 | % | |||||
Return on average equity | 6.44 | % | 8.20 | % | |||||
Net interest margin (tax equivalent) | 3.78 | % | 3.99 | % | |||||
Net loans to deposits | 93.97 | % | 103.75 | % | |||||
Allowance for loan loss to total loans | 1.40 | % | 1.07 | % | |||||
Period-end tangible equity to assets | 10.15 | % | 10.09 | % | |||||
Efficiency ratio | 64.83 | % | 67.37 | % |
DIRECTORS
Robert K. Baker | Jeffery A. Robb, Sr. | |
Ronald E. Holtman | Eddie L. Steiner | |
J. Thomas Lang | John R. Waltman | |
Daniel J. Miller | Chairman |
EXECUTIVE OFFICERS
Eddie L. Steiner
President and Chief Executive Officer
President and Chief Executive Officer
Rick L. Ginther
President,
The Commercial & Savings Bank
President,
The Commercial & Savings Bank
Paul D. Greig
Chief Operations/Information Officer
Chief Operations/Information Officer
Paula J. Meiler
Chief Financial Officer
Chief Financial Officer
STOCK PERFORMANCE & DIVIDENDS
CASH | ||||||||||||||||||||
QUARTER | TRADE PRICE | CLOSING | DIVIDEND | |||||||||||||||||
ENDING | HIGH | LOW | PRICE | DECLARED | ||||||||||||||||
6/30/08 | 18.00 | 15.75 | 15.75 | 0.18 | ||||||||||||||||
9/30/08 | 16.25 | 14.40 | 15.25 | 0.18 | ||||||||||||||||
12/31/08 | 16.00 | 14.00 | 15.00 | 0.18 | ||||||||||||||||
3/31/09 | 14.50 | 12.25 | 14.00 | 0.18 | ||||||||||||||||
6/30/09 | 17.00 | 13.26 | 16.00 | 0.18 | ||||||||||||||||
9/30/09 | 16.00 | 14.25 | 15.20 | 0.18 | ||||||||||||||||
12/31/09 | 15.50 | 14.57 | 15.25 | 0.18 | ||||||||||||||||
3/31/10 | 15.95 | 14.05 | 14.60 | 0.18 |
![(CSB GRAPHIC)](https://capedge.com/proxy/8-K/0000950123-10-036139/l39442l3944201.gif)
ADDITIONAL STOCK INFORMATION
STOCK LISTING
Common:
Symbol — CSBB.OB
Common:
Symbol — CSBB.OB
STOCK TRANSFER
Registrar & Transfer Company
Attn: Investor Relations
10 Commerce Drive
Cranford, NJ 07016
(800) 368-5948
Registrar & Transfer Company
Attn: Investor Relations
10 Commerce Drive
Cranford, NJ 07016
(800) 368-5948
Copies of CSB Bancorp, Inc.
S.E.C. Filings may be obtained by writing:
S.E.C. Filings may be obtained by writing:
Paula J. Meiler, CFO
CSB Bancorp, Inc.
91 North Clay Street
Millersburg, OH 44654
(330) 674-9015 or
(800) 654-9015
CSB Bancorp, Inc.
91 North Clay Street
Millersburg, OH 44654
(330) 674-9015 or
(800) 654-9015
“Remember to call CSB for all your financial needs,
whether to borrow, save or invest.”
whether to borrow, save or invest.”
![(CSB GRAPHIC)](https://capedge.com/proxy/8-K/0000950123-10-036139/l39442l3944202.gif)
DEAR FELLOW SHAREHOLDER
We are pleased to enclose with this letter a first quarter dividend of $0.18 per share. CSB has sustained this dividend level for the past three years, while many banks have reduced or suspended the payment of dividends.
The Company remains profitable, and our capital and liquidity levels are strong. However, revenue generation has been impacted by soft loan demand in our markets, and by the prevailing environment of low interest rates on loans and investment securities. Higher provisions for potential loan losses also curtailed this quarter’s earnings.
Signs of improvement in national economic conditions are becoming apparent. Still, the overall pace of recovery may be frustratingly slow during 2010 because of very high levels of unemployment, mortgage delinquencies and home foreclosures.
The regulatory structure that oversees banking activities is under intense government scrutiny in an effort to preclude any repeat of the recent financial crisis. Additional regulations are a virtual certainty, along with increases in the cost of doing business as a bank.
The good news about this public policy review is there seems to be growing recognition in Congress and the media that community banks did not cause the economic crisis, and further, community banks are vital to keeping local economies viable and growing. We have a deep appreciation for our shareholders and customers, who share this recognition, and who actively support our community banking efforts. We strive to provide high value in return for that support.
Our business model depends to a large extent on sustainable economic activity within the markets we serve. Local economic activity provides our primary source of funding through customer deposits, and is a key determinant of loan demand and credit quality. Many households and businesses in our markets have been adversely impacted by the recession. Loan delinquencies have increased and we are doing what we can to assist struggling borrowers. We expect that it will take some time for loan demand and credit conditions to return to pre-recession levels.
Overall, we are cautiously optimistic that 2010 will transition into better economic conditions. We remain focused on excellence in customer service, safe and sound banking practices, and increasing value for our shareholders. It is through these efforts that we act responsibly as a corporate citizen, doing our part in restoring the American economy and helping to build and maintain strong communities.
On behalf of the Board of Directors,
EDDIE L. STEINER | JOHN R. WALTMAN | |
President and CEO | Chairman | |
CSB Bancorp, Inc. | CSB Bancorp, Inc. |
CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
MARCH 31 | |||||||||
2010 | 2009 | ||||||||
ASSETS: | |||||||||
Cash and due from banks | $ | 36,682 | $ | 19,551 | |||||
Securities | 73,727 | 70,514 | |||||||
Loans held for sale | 670 | 0 | |||||||
Net loans | 306,543 | 316,023 | |||||||
Premises & equipment, net | 8,224 | 8,369 | |||||||
Other assets | 9,776 | 7,933 | |||||||
TOTAL ASSETS | $ | 435,622 | $ | 422,390 | |||||
LIABILITIES: | |||||||||
Deposits | $ | 326,204 | $ | 304,591 | |||||
Securities sold under agreements to repurchase | 29,621 | 20,417 | |||||||
Other borrowings | 32,210 | 50,590 | |||||||
Other liabilities | 1,416 | 2,400 | |||||||
TOTAL LIABILITIES | $ | 389,451 | $ | 377,998 | |||||
SHAREHOLDERS’ EQUITY: | |||||||||
Common stock | $ | 18,629 | $ | 18,629 | |||||
Additional paid-in capital | 9,994 | 9,988 | |||||||
Retained earnings | 21,391 | 20,128 | |||||||
Treasury stock | (5,015 | ) | (5,015 | ) | |||||
Accumulated other comprehensive income | 1,172 | 662 | |||||||
TOTAL SHAREHOLDERS’ EQUITY | $ | 46,171 | $ | 44,392 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 435,622 | $ | 422,390 | |||||
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) | |||||||||
THREE MONTHS ENDED MARCH 31 | |||||||||
2010 | 2009 | ||||||||
INTEREST INCOME: | |||||||||
Interest and fees on loans | $ | 4,302 | $ | 4,621 | |||||
Interest on securities | 835 | 956 | |||||||
Other interest income | 19 | 3 | |||||||
TOTAL INTEREST INCOME | 5,156 | 5,580 | |||||||
INTEREST EXPENSE: | |||||||||
Interest on deposits | 876 | 1,163 | |||||||
Other interest expense | 399 | 523 | |||||||
TOTAL INTEREST EXPENSE | 1,275 | 1,686 | |||||||
Net interest income | 3,881 | 3,894 | |||||||
Provision for loan losses | 519 | 241 | |||||||
Net interest income after provision for loan losses | 3,362 | 3,653 | |||||||
Noninterest income | 731 | 796 | |||||||
Noninterest expense | 3,041 | 3,129 | |||||||
Net income before federal income taxes | 1,052 | 1,320 | |||||||
Federal income tax provision | 315 | 424 | |||||||
NET INCOME | $ | 737 | $ | 896 | |||||
EARNINGS PER SHARE | $ | 0.27 | $ | 0.33 | |||||