0000950170-24-126930.txt : 20241114 0000950170-24-126930.hdr.sgml : 20241114 20241114143512 ACCESSION NUMBER: 0000950170-24-126930 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20240930 FILED AS OF DATE: 20241114 DATE AS OF CHANGE: 20241114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CSB Bancorp, Inc. CENTRAL INDEX KEY: 0000880417 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 341687530 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21714 FILM NUMBER: 241460492 BUSINESS ADDRESS: STREET 1: 91 NORTH CLAY ST CITY: MILLERSBURG STATE: OH ZIP: 44654 BUSINESS PHONE: 3306749015 MAIL ADDRESS: STREET 1: 91 NORTH CLAY ST CITY: MILLERSBURG STATE: OH ZIP: 44654 FORMER COMPANY: FORMER CONFORMED NAME: CSB BANCORP INC /OH DATE OF NAME CHANGE: 19930511 10-Q 1 csbb-20240930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-21714

 

CSB Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Ohio

34-1687530

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

91 North Clay Street, P.O. Box 232

Millersburg, OH

44654

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (330) 674-9015

 

Securities registered pursuant to Section 12(g) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Shares, $6.25 par value

 

CSBB

 

OTCPink

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No

As of November 1, 2024, the registrant had 2,654,445 shares of common stock, $6.25 par value per share, outstanding.

 

 


 

CSB BANCORP, INC.

FORM 10-Q

QUARTER ENDED September 30, 2024

Table of Contents

 

 

Part I - Financial Information

 

 

 

Page

ITEM 1 –

FINANCIAL STATEMENTS (Unaudited)

 

 

Consolidated Balance Sheets

3

 

Consolidated Statements of Income

4

 

Consolidated Statements of Comprehensive Income

5

 

Consolidated Statements of Changes in Shareholders' Equity

6

 

Condensed Consolidated Statements of Cash Flows

7

 

Notes to Consolidated Financial Statements

8

ITEM 2 –

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

28

ITEM 3 –

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

36

ITEM 4 –

CONTROLS AND PROCEDURES

37

 

 

 

 

Part II - Other Information

 

ITEM 1 –

Legal Proceedings

38

ITEM 1A –

Risk Factors

38

ITEM 2 –

Unregistered Sales of Equity Securities and Use of Proceeds

38

ITEM 3 –

Defaults upon Senior Securities

38

ITEM 4 –

Mine Safety Disclosures

38

ITEM 5 –

Other Information

38

ITEM 6 –

Exhibits

39

 

Signatures

40

 

2


 

CSB BANCORP, INC.

PART I – FINANCIAL INFORMATION

ITEM 1. – FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

(Dollars in thousands, except per share data)

 

2024

 

 

2023

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

Cash and due from banks

 

$

26,108

 

 

$

24,463

 

Interest-earning deposits in other banks

 

 

69,108

 

 

 

39,614

 

Federal funds sold

 

 

427

 

 

 

 

Total cash and cash equivalents

 

 

95,643

 

 

 

64,077

 

Securities

 

 

 

 

 

 

Available-for-sale, at fair value

 

 

131,718

 

 

 

140,080

 

Held-to-maturity; fair value of $185,647 in 2024 and $194,730 in 2023 ($0 credit loss allowance)

 

 

211,655

 

 

 

226,279

 

Equity securities

 

 

247

 

 

 

259

 

Restricted stock, at cost

 

 

1,520

 

 

 

1,535

 

Total securities

 

 

345,140

 

 

 

368,153

 

Loans held for sale

 

 

509

 

 

 

 

Loans

 

 

719,602

 

 

 

701,404

 

Less allowance for credit losses

 

 

7,224

 

 

 

6,607

 

Net loans

 

 

712,378

 

 

 

694,797

 

Premises and equipment, net

 

 

13,994

 

 

 

13,002

 

Bank-owned life insurance

 

 

27,996

 

 

 

25,410

 

Goodwill

 

 

4,728

 

 

 

4,728

 

Accrued interest receivable and other assets

 

 

8,793

 

 

 

8,522

 

TOTAL ASSETS

 

$

1,209,181

 

 

$

1,178,689

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Noninterest-bearing

 

$

286,525

 

 

$

301,697

 

Interest-bearing

 

 

784,006

 

 

 

725,730

 

Total deposits

 

 

1,070,531

 

 

 

1,027,427

 

Short-term borrowings

 

 

19,224

 

 

 

35,843

 

Other borrowings

 

 

1,296

 

 

 

1,754

 

Allowance for credit losses on off-balance sheet commitments

 

 

532

 

 

 

736

 

Accrued interest payable and other liabilities

 

 

2,590

 

 

 

4,990

 

TOTAL LIABILITIES

 

 

1,094,173

 

 

 

1,070,750

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Common stock, $6.25 par value. Authorized 9,000,000 shares; issued
   
2,980,602 shares; outstanding 2,659,324 shares in 2024 and 2,669,938 in 2023

 

 

18,629

 

 

 

18,629

 

Additional paid-in capital

 

 

9,815

 

 

 

9,815

 

Retained earnings

 

 

101,847

 

 

 

97,297

 

Treasury stock at cost: 321,278 shares in 2024 and 310,664 shares in 2023

 

 

(7,929

)

 

 

(7,532

)

Accumulated other comprehensive loss

 

 

(7,354

)

 

 

(10,270

)

TOTAL SHAREHOLDERS' EQUITY

 

 

115,008

 

 

 

107,939

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

1,209,181

 

 

$

1,178,689

 

 

See notes to unaudited consolidated financial statements.

3


 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(Dollars in thousands, except per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

10,531

 

 

$

9,175

 

 

$

30,959

 

 

$

25,855

 

Taxable securities

 

 

1,782

 

 

 

1,910

 

 

 

5,489

 

 

 

5,867

 

Nontaxable securities

 

 

88

 

 

 

102

 

 

 

264

 

 

 

305

 

Other

 

 

789

 

 

 

531

 

 

 

1,537

 

 

 

1,520

 

Total interest and dividend income

 

 

13,190

 

 

 

11,718

 

 

 

38,249

 

 

 

33,547

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

3,898

 

 

 

2,772

 

 

 

10,687

 

 

 

6,484

 

Short-term borrowings

 

 

71

 

 

 

100

 

 

 

252

 

 

 

236

 

Other borrowings

 

 

7

 

 

 

9

 

 

 

23

 

 

 

31

 

Total interest expense

 

 

3,976

 

 

 

2,881

 

 

 

10,962

 

 

 

6,751

 

NET INTEREST INCOME

 

 

9,214

 

 

 

8,837

 

 

 

27,287

 

 

 

26,796

 

CREDIT LOSS EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit loss expense - loans

 

 

645

 

 

 

13

 

 

 

4,945

 

 

 

287

 

Provision (recovery) for credit loss expense - off-balance sheet commitments

 

 

55

 

 

 

164

 

 

 

(204

)

 

 

(1

)

Total provision for credit loss expense

 

 

700

 

 

 

177

 

 

 

4,741

 

 

 

286

 

NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE

 

 

8,514

 

 

 

8,660

 

 

 

22,546

 

 

 

26,510

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

301

 

 

 

332

 

 

 

872

 

 

 

924

 

Trust services

 

 

274

 

 

 

259

 

 

 

951

 

 

 

769

 

Debit card interchange fees

 

 

535

 

 

 

525

 

 

 

1,570

 

 

 

1,579

 

Credit card fees

 

 

162

 

 

 

166

 

 

 

484

 

 

 

535

 

Gain on sale of loans, net

 

 

106

 

 

 

47

 

 

 

215

 

 

 

106

 

Earnings on bank owned life insurance

 

 

203

 

 

 

179

 

 

 

585

 

 

 

520

 

Unrealized gain (loss) on equity securities

 

 

17

 

 

 

(11

)

 

 

(12

)

 

 

2

 

Other income

 

 

211

 

 

 

208

 

 

 

657

 

 

 

631

 

Total noninterest income

 

 

1,809

 

 

 

1,705

 

 

 

5,322

 

 

 

5,066

 

NONINTEREST EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,656

 

 

 

3,429

 

 

 

10,181

 

 

 

10,112

 

Occupancy expense

 

 

295

 

 

 

290

 

 

 

872

 

 

 

856

 

Equipment expense

 

 

224

 

 

 

199

 

 

 

649

 

 

 

595

 

Professional and director fees

 

 

391

 

 

 

366

 

 

 

1,160

 

 

 

1,073

 

Financial institutions tax

 

 

216

 

 

 

192

 

 

 

648

 

 

 

576

 

Marketing and public relations

 

 

162

 

 

 

124

 

 

 

432

 

 

 

383

 

Software expense

 

 

421

 

 

 

408

 

 

 

1,263

 

 

 

1,228

 

Debit card expense

 

 

186

 

 

 

179

 

 

 

568

 

 

 

494

 

FDIC insurance expense

 

 

132

 

 

 

131

 

 

 

396

 

 

 

380

 

Other expenses

 

 

739

 

 

 

716

 

 

 

2,209

 

 

 

2,105

 

Total noninterest expenses

 

 

6,422

 

 

 

6,034

 

 

 

18,378

 

 

 

17,802

 

Income before income taxes

 

 

3,901

 

 

 

4,331

 

 

 

9,490

 

 

 

13,774

 

FEDERAL INCOME TAX PROVISION

 

 

756

 

 

 

850

 

 

 

1,797

 

 

 

2,715

 

NET INCOME

 

$

3,145

 

 

$

3,481

 

 

$

7,693

 

 

$

11,059

 

Basic and diluted net earnings per share

 

$

1.18

 

 

$

1.30

 

 

$

2.89

 

 

$

4.12

 

 

 

 

 

See notes to unaudited consolidated financial statements

4


 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(Dollars in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

3,145

 

 

$

3,481

 

 

$

7,693

 

 

$

11,059

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 Unrealized gain (loss) arising during the period

 

 

3,409

 

 

 

(1,127

)

 

 

3,556

 

 

 

(1,722

)

 Amortization of discount on securities transferred to held-to-maturity

 

 

48

 

 

 

50

 

 

 

135

 

 

 

143

 

Income tax effect

 

 

(726

)

 

 

226

 

 

 

(775

)

 

 

331

 

Other comprehensive income (loss)

 

 

2,731

 

 

 

(851

)

 

 

2,916

 

 

 

(1,248

)

Total comprehensive income

 

$

5,876

 

 

$

2,630

 

 

$

10,609

 

 

$

9,811

 

 

 

 

See notes to unaudited consolidated financial statements.

5


 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

(Dollars in thousands, except per share data)

 

Common
stock

 

 

Additional
paid-in
capital

 

 

Retained
earnings

 

 

Treasury
stock

 

 

Accumulated
other
comprehensive
loss

 

 

Total

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

18,629

 

 

$

9,815

 

 

$

99,766

 

 

$

(7,757

)

 

$

(10,085

)

 

$

110,368

 

Net income

 

 

 

 

 

 

 

 

3,145

 

 

 

 

 

 

 

 

 

3,145

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,731

 

 

 

2,731

 

Purchase of 4,600 treasury shares

 

 

 

 

 

 

 

 

 

 

 

(172

)

 

 

 

 

 

(172

)

Cash dividends declared, $0.40 per share

 

 

 

 

 

 

 

 

(1,064

)

 

 

 

 

 

 

 

 

(1,064

)

Balance at September 30, 2024

 

$

18,629

 

 

$

9,815

 

 

$

101,847

 

 

$

(7,929

)

 

$

(7,354

)

 

$

115,008

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

$

18,629

 

 

$

9,815

 

 

$

97,297

 

 

$

(7,532

)

 

$

(10,270

)

 

$

107,939

 

Net income

 

 

 

 

 

 

 

 

7,693

 

 

 

 

 

 

 

 

 

7,693

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,916

 

 

 

2,916

 

Purchase of 10,614 treasury shares

 

 

 

 

 

 

 

 

 

 

 

(397

)

 

 

 

 

 

(397

)

Cash dividends declared, $1.18 per share

 

 

 

 

 

 

 

 

(3,143

)

 

 

 

 

 

 

 

 

(3,143

)

Balance at September 30, 2024

 

$

18,629

 

 

$

9,815

 

 

$

101,847

 

 

$

(7,929

)

 

$

(7,354

)

 

$

115,008

 

Three Months Ended
September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

18,629

 

 

$

9,815

 

 

$

92,149

 

 

$

(7,137

)

 

$

(13,316

)

 

$

100,140

 

Net income

 

 

 

 

 

 

 

 

3,481

 

 

 

 

 

 

 

 

 

3,481

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(851

)

 

 

(851

)

Purchase of 9,012 treasury shares

 

 

 

 

 

 

 

 

 

 

 

(344

)

 

 

 

 

 

(344

)

Cash dividends declared, $0.38 per share

 

 

 

 

 

 

 

 

(1,016

)

 

 

 

 

 

 

 

 

(1,016

)

Balance at September 30, 2023

 

$

18,629

 

 

$

9,815

 

 

$

94,614

 

 

$

(7,481

)

 

$

(14,167

)

 

$

101,410

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

18,629

 

 

$

9,815

 

 

$

86,502

 

 

$

(6,107

)

 

$

(12,919

)

 

$

95,920

 

Net income

 

 

 

 

 

 

 

 

11,059

 

 

 

 

 

 

 

 

 

11,059

 

Cumulative effect of adoption of ASU 2016-13

 

 

 

 

 

 

 

 

52

 

 

 

 

 

 

 

 

 

52

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,248

)

 

 

(1,248

)

Purchase of 36,263 treasury shares

 

 

 

 

 

 

 

 

 

 

 

(1,374

)

 

 

 

 

 

(1,374

)

Cash dividends declared, $1.12 per share

 

 

 

 

 

 

 

 

(2,999

)

 

 

 

 

 

 

 

 

(2,999

)

Balance, September 30, 2023

 

$

18,629

 

 

$

9,815

 

 

$

94,614

 

 

$

(7,481

)

 

$

(14,167

)

 

$

101,410

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to unaudited consolidated financial statements.

6


 

CSB BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Nine Months Ended
September 30,

 

(Dollars in thousands)

 

2024

 

 

2023

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

$

8,934

 

 

$

8,079

 

CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES

 

 

 

 

 

 

Securities:

 

 

 

 

 

 

Proceeds from repayments, available-for-sale

 

 

17,497

 

 

 

7,088

 

Proceeds from repayments, held-to-maturity

 

 

14,529

 

 

 

16,798

 

Purchases, available-for-sale

 

 

(5,889

)

 

 

(4,458

)

Redemption of FHLB stock

 

 

15

 

 

 

1,869

 

Loan originations, net

 

 

(22,279

)

 

 

(53,895

)

Property, equipment, and software acquisitions

 

 

(1,728

)

 

 

(308

)

Purchase of bank-owned life insurance

 

 

(2,000

)

 

 

 

Net cash provided by (used in) investing activities

 

 

145

 

 

 

(32,906

)

CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES

 

 

 

 

 

 

Net increase (decrease) in deposits

 

 

43,104

 

 

 

(5,342

)

Net decrease in short-term borrowings

 

 

(16,619

)

 

 

(1,816

)

Repayment of other borrowings

 

 

(458

)

 

 

(653

)

Cash dividends paid

 

 

(3,143

)

 

 

(2,999

)

Purchase of treasury shares

 

 

(397

)

 

 

(1,374

)

Net cash provided by (used in) financing activities

 

 

22,487

 

 

 

(12,184

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

31,566

 

 

 

(37,011

)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

 

64,077

 

 

 

86,420

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

95,643

 

 

$

49,409

 

SUPPLEMENTAL DISCLOSURES

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

Interest

 

$

10,865

 

 

$

6,584

 

Income taxes

 

 

2,775

 

 

 

3,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to unaudited consolidated financial statements.

 

7


CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying condensed consolidated financial statements include the accounts of CSB Bancorp, Inc. and its wholly-owned subsidiaries, The Commercial and Savings Bank (the “Bank”) and CSB Investment Services, LLC (together referred to as the “Company” or “CSB”). All significant intercompany transactions and balances have been eliminated in consolidation.

The condensed consolidated financial statements have been prepared without audit. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the Company’s financial position at September 30, 2024, and the results of operations and changes in cash flows for the periods presented have been made.

Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted. The Annual Report for CSB for the year ended December 31, 2023, contains Consolidated Financial Statements and related footnote disclosures, which should be read in conjunction with the accompanying condensed Consolidated Financial Statements. The results of operations for the period ended September 30, 2024 are not necessarily indicative of the operating results for the full year or any future interim period.

Certain items in the prior-year financial statements were reclassified to conform to the current-year presentation. Such reclassifications had no effect on net income or shareholders’ equity.

USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS

In preparing the Consolidated Financial Statements, in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Balance Sheets and reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates. The most significant estimates susceptible to change in the near term relate to management’s determination of the allowance for credit losses and the fair value of financial instruments.

RECENTLY ISSUED ACCOUNTING PRONOUNCMENTS

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic740): Improvements to Income Tax Disclosure. This new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this Update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This Update also includes certain other amendments to improve the effectiveness of income tax disclosures. It is effective for public business entities for annual periods beginning after December 15, 2024. This update is not expected to have a significant impact on the Company's financial statements.

8


CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

Note 2 – SECURITIES

Securities consisted of the following on September 30, 2024 and December 31, 2023:

 

(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Credit Losses

 

 

Fair
Value

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

13,461

 

 

$

16

 

 

$

(124

)

 

$

 

 

$

13,353

 

U.S. Government agencies

 

 

14,000

 

 

 

 

 

 

(382

)

 

 

 

 

 

13,618

 

Mortgage-backed securities of government agencies

 

 

63,785

 

 

 

94

 

 

 

(5,715

)

 

 

 

 

 

58,164

 

Asset-backed securities of government agencies

 

 

410

 

 

 

 

 

 

(3

)

 

 

 

 

 

407

 

State and political subdivisions

 

 

17,406

 

 

 

 

 

 

(689

)

 

 

 

 

 

16,717

 

Corporate bonds

 

 

30,568

 

 

 

25

 

 

 

(1,134

)

 

 

 

 

 

29,459

 

Total available-for-sale