CSB Bancorp Inc. reports earnings for first quarter 2009
MILLERSBURG -- CSB Bancorp Inc. (OTCBB: CSBB.ob) announced first quarter 2009 net income of $896 thousand, or $.33 per basic and diluted share, as compared to $1.0 million, or $.41 per basic and diluted share for the same period in 2008.
Annualized returns on average common equity ("ROE") and average assets ("ROA") for the quarter were 8.20 percent and 0.86 percent, respectively, compared with 10.89 percent and 1.17 percent for the first quarter of 2008.
Eddie Steiner, president and CEO, said, "The first quarter results reflect a solid start to what we anticipate will be a difficult year for bank earnings. Both revenue and net income increased over the prior quarter. Additionally, the results reflect an increase over the prior year's first quarter core revenue and income after excluding last year's nonrecurring gain from sale of the Company's credit card portfolio. All of this was accomplished during the first full quarter of operations after acquiring Indian Village Bancorp Inc. That transaction increased our balance sheet by 20 percent and added three new banking centers in Tuscarawas and Stark counties. Customer and shareholder response in these new markets has been favorable, and the acquired group of banking centers posted a positive contribution to Company earnings during the quarter."
About CSB Bancorp, Inc.
CSB is a financial holding company headquartered in Millersburg with approximate assets of $422 million as of March 31, 2009. CSB provides a complete range of banking and other financial services to consumers and businesses through its wholly owned subsidiary, The Commercial and Savings Bank, with thirteen banking centers in Holmes, Tuscarawas, Wayne and Stark counties and Trust offices located in Millersburg and Wooster.