# CSB Bancorp, Inc.: Form 10-Q for the period ended Jun 30, 2011

- Company: [CSB Bancorp, Inc.](/companies/csbb.md) (CIK 880417)
- Form: 10-Q
- Filed: 2011-08-12
- Accepted by EDGAR: Aug 12, 2011, 14:25 ET
- Period: 2011-06-30
- Accession: 0000950123-11-076714
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/880417/000095012311076714/l42454e10vq.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/880417/000095012311076714/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2011-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Interest expense | 3 months, 2011-04-01 to 2011-06-30 | $906.0k | us-gaap:InterestExpense |
| Interest expense | 6 months, 2011-01-01 to 2011-06-30 | $1.9m | us-gaap:InterestExpense |
| Net income | 3 months, 2011-04-01 to 2011-06-30 | $972.0k | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2011-01-01 to 2011-06-30 | $1.9m | us-gaap:NetIncomeLoss |
| Diluted EPS | 6 months, 2011-01-01 to 2011-06-30 | $0.68 | us-gaap:EarningsPerShareBasicAndDiluted |
| Operating cash flow | 6 months, 2011-01-01 to 2011-06-30 | $2.7m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 6 months, 2011-01-01 to 2011-06-30 | $158.0k | us-gaap:PaymentsToAcquireProductiveAssets |
| Dividends paid | 6 months, 2011-01-01 to 2011-06-30 | $492.0k | us-gaap:PaymentsOfDividendsCommonStock |
| Cash and equivalents | at 2011-06-30 | $33.2m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Total assets | at 2011-06-30 | $449.6m | us-gaap:Assets |
| Total liabilities | at 2011-06-30 | $401.0m | us-gaap:Liabilities |
| Short-term borrowings | at 2011-06-30 | $32.4m | us-gaap:ShortTermBorrowings |
| Shareholders' equity | at 2011-06-30 | $48.5m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 21,535 characters.

The following discussion focuses on the consolidated financial condition of CSB Bancorp, Inc. and its subsidiaries (the “Company”) at June 30, 2011 as compared to December 31, 2010, and the consolidated results of operations for the three and six month periods ended June 30, 2011 compared to the same periods in 2010. The purpose of this discussion is to provide the reader with a more thorough understanding of the consolidated financial statements. This discussion should be read in conjunction with the interim consolidated financial statements and related footnotes.

### FORWARD-LOOKING STATEMENTS

Certain statements contained in this report are not historical facts but rather are forward-looking statements that are subject to certain risks and uncertainties. When used herein, the terms “anticipates”, “plans”, “expects”, “believes”, and similar expressions as they relate to the Company or its management are intended to identify such forward-looking statements. The Company’s actual results, performance or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, general economic conditions, interest rate environment, competitive conditions in the financial services industry, changes in law, governmental policies and regulations, and rapidly changing technology affecting financial services.

The Company does not undertake, and specifically disclaims any obligation, to publicly revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

### FINANCIAL CONDITION

Total assets were $450.0 million at June 30, 2011, compared to $457.1 million at December 31, 2010, representing a decrease of $7.5 million, or 1.6%. Cash and cash equivalents decreased $15.1 million, or 31.3%, during the six-month period ending June 30, 2011, primarily as a result of increases in securities and loans. Securities increased $6.8 million, or 7.8%, during the first six months of 2011 as purchases were made within the US Government Agency portfolio, mortgage-backed securities issued by government sponsored agencies and tax free political subdivisions. Net loans increased $911 thousand, or 0.3%, while deposits decreased $6.2 million, or 1.8%, during the six-month period. Short-term borrowings of securities sold under repurchase agreement increased $368 thousand and Federal Home Loan Bank advances decreased $3.4 million, during the period as advances matured and required amortized payments were made on outstanding advances at the Federal Home Loan Bank.

Net loans increased $911 thousand, or 0.3%, during the six-month period ended June 30, 2011. Commercial loans increased $7.1 million, or 9.0%, commercial real estate loans decreased $968 thousand, or 1.0%, and home equity lines increased $1.5 million, or 4.4%, over December 31, 2010. Decreases were recognized in real estate mortgage loans of $6.0 million, or 8.0% and consumer installment loans of $285 thousand, or 4.2%. Consumers continued to refinance their mortgage loans for lower long-term rates offered in the secondary market.

The allowance for loan losses as a percentage of total loans was 1.28% at June 30, 2011 and December 31, 2010. Outstanding loan balances increased 0.3% to $317 million at June 30, 2011 while net charge-offs of $447 thousand were offset by a provision of $470 thousand to the allowance for the six months ended June 30, 2011. Non-performing loans decreased $1 million or 22% from December 31, 2010, with improvement in both the past-due 90 days and still accruing and the non accrual loan categories.

*(Dollars in thousands)*

|  | June 30, 2011 | December 31, 2010 | June 30, 2010 |
| --- | ---: | ---: | ---: |
| Non-performing loans | $3,559 | $4,589 | $6,088 |
| Other real estate | 415 | 36 | 247 |
| Allowance for loan losses | 4,054 | 4,031 | 4,608 |
| Total loans | 316,581 | 315,647 | 311,857 |
| Allowance: loans | 1.28% | 1.28% | 1.48% |
| Allowance: non-performing loans | 1.1 x | 0.9 x | 0.8 x |

The ratio of gross loans to deposits was 91.2% at June 30, 2011, compared to 89.3% at December 31, 2010. The increase in this ratio is the result of increases in loan volume and decreases in deposits during the six months ended June 30, 2011.

The Company had net unrealized gains of $2.1 million within its securities portfolio at June 30, 2011, compared to net unrealized gains of $1.3 million at December 31, 2010. The Company has no exposure to government-sponsored enterprise preferred stocks, collateralized debt obligations or trust preferred securities. The Company holds 2 issues of nonagency collateralized mortgage obligations that have paid down to $872 thousand outstanding from an original face of $5.5 million. The Company has the ability and intent to hold the bonds until the recovery of their cost and there is no significant evidence to support an adverse change in the expected cash flows. Management has considered industry analyst reports, sector credit reports and the volatility within the bond market in concluding that the gross unrealized losses of $96 thousand within the total portfolio as of June 30, 2011, were primarily the result of customary and expected fluctuations in the bond market and not necessarily the expected cash flows of the individual securities. As a result, all security impairments detailed above on June 30, 2011, are considered temporary and no impairment loss relating to these securities has been recognized.

Short-term borrowings increased $369 thousand from December 31, 2010 and other borrowings decreased $3.4 million as the Company used cash from interest-earning deposits in other banks to repay required maturities and monthly payments on advances from the Federal Home Loan Bank (“FHLB”).

Deposits decreased $6.2 million or 1.8% from December 31, 2010 with non-interest bearing deposits decreasing $4.5 million and interest-bearing deposit accounts decreasing $1.7 million. By deposit type, increases were recognized in statement savings and passbooks and money market savings accounts for the period ended June 30, 2011.

Total shareholders’ equity amounted to $48.5 million, or 10.8%, of total assets, at June 30, 2011, compared to $47.2 million, or 10.3% of total assets, at December 31, 2010. The increase in shareholders’ equity during the six-months ended June 30, 2011 was due to net income of $1.9 million and an increase in other comprehensive income of $501 thousand. Dividends declared of $985 thousand partially offset the above increases. The Company and its subsidiary bank met all regulatory capital requirements at June 30, 2011.

### RESULTS OF OPERATIONS

### Three months ended June 30, 2011 and 2010

For the quarter ended June 30, 2011, the Company recorded net income of $972 thousand or $0.35 per share, as compared to net income of $921 thousand, or $0.34 per share for the quarter ended June 30, 2010. The $51 thousand increase in net income for the quarter was a result of a decrease in the provision for loan losses of $49 thousand and net interest income increasing $263 thousand. These gains were partially offset by an increase in noninterest expense of $133 thousand, a decrease in noninterest income of $105 thousand and an increase in the federal income tax provision of $23 thousand. Return on average assets and return on average equity were 0.87% and 8.06%, respectively, for the three-month period of 2011, compared to 0.85% and 7.90%, respectively for 2010.

### Average Balance Sheets and Net Interest Margin Analysis

*(Dollars in thousands)*

| ASSETS | 2011 Average balance | For the three months ended June 30, Average rate | 2010 Average balance | Average rate |
| --- | ---: | ---: | ---: | ---: |
| Due from banks-interest bearing | $19,025 | 0.23% | $25,451 | 0.23% |
| Federal funds sold | 89 | 0.11 | 282 | 0.14 |
| Taxable securities | 73,771 | 3.33 | 67,336 | 3.86 |
| Tax-exempt securities | 12,134 | 5.07 | 9,421 | 5.28 |
| Loans | 319,906 | 5.37 | 311,647 | 5.53 |
| Total earning assets | 424,925 | 4.78% | 414,137 | 4.92% |
| Other assets | 23,280 |  | 22,645 |  |
| **TOTAL ASSETS** | $448,205 |  | $436,782 |  |
| **LIABILITIES AND SHAREHOLDERS’ EQUITY** |  |  |  |  |
| Interest bearing demand deposits | $52,617 | 0.08% | $51,300 | 0.08% |
| Savings deposits | 84,867 | 0.25 | 72,785 | 0.38 |
| Time deposits | 145,874 | 1.76 | 148,621 | 2.15 |
| Other borrowed funds | 49,880 | 1.62 | 61,545 | 2.09 |
| Total interest bearing liabilities | 333,238 | 1.09% | 334,251 | 1.44% |
| Non-interest bearing demand deposits | 65,243 |  | 54,509 |  |
| Other liabilities | 1,335 |  | 1,298 |  |
| Shareholders’ Equity | 48,389 |  | 46,724 |  |
| **TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY** | $448,205 |  | $436,782 |  |
| Taxable equivalent net interest spread |  | 3.69% |  | 3.48% |
| Taxable equivalent net interest margin |  | 3.93% |  | 3.76% |

Interest income for the quarter ended June 30, 2011, was $5.0 million representing a $27 thousand decrease, or 0.5% decline, compared to the same period in 2010. This decrease was primarily due to a decline in the average taxable investment yield of 0.53% to 3.33% for the quarter ended June 30, 2011 as compared to a taxable investment yield of 3.86% for the second quarter ended June 30, 2010. Additionally, average loan yields declined by 0.16% to 5.37% from 5.53% for the quarter ended June 30, 2011 as compared the second quarter 2010. Interest expense for the quarter ended June 30, 2011 was $906 thousand, a decrease of $290 thousand or 24%, from the same period in 2010. The decrease in interest expense occurred primarily due to decrease of 0.47% in interest rates paid on other borrowed funds representing FHLB advances combined with the maturity and payback of $12.5 million of average FHLB advances from the previous year.

The provision for loan losses for the quarter ended June 30, 2011, was $190 thousand, compared to a $239 thousand provision for the same quarter in 2010. The provision for loan losses is determined based on management’s calculation of the adequacy of the allowance for loan losses, which includes provisions for classified loans as well as for the remainder of the portfolio based on historical data including past charge-offs and current economic trends.

Non-interest income for the quarter ended June 30, 2011, was $784 thousand, a decrease of $105 thousand, or 11.8%, compared to the same quarter in 2010. Fees from Trust and Brokerage services increased $66 thousand to $190 thousand for second quarter 2011 as compared to the same quarter in 2010. Service charges on deposit accounts decreased $7 thousand or 2.4%, as consumers decreased their usage of overdraft products and maintained higher average deposit balances. Debit card interchange income rose $26 thousand or 20.6% as consumers increased their usage of the product. The gain on the sale of mortgage loans to the secondary market decreased to $29 thousand for the three month period ended June 30, 2011, from $45 thousand in the three-month period ended June 30, 2010. Refinancing activity has declined from the first quarter of 2011 and may continue to decline for the rest of 2011.

The Company sold no securities during the second quarter of 2011. A gain of $148 thousand was recognized during the second quarter of 2010.

Non-interest expenses for the quarter ended June 30, 2011 increased $133 thousand, or 4.2%, compared to the second quarter of 2010. Salaries and employee benefits increased $49 thousand, or 2.8%. Occupancy and equipment expenses increased $7 thousand in 2011 over the second quarter of 2010. Other expenses rose $154 thousand or 38% compared to the second quarter 2010. Included in other expense are loan and tax settlement expenses as a loan secured by real estate completes foreclosure and either becomes other real estate owned or is sold. These costs increased by $89 thousand for second quarter 2011 as compared to second quarter 2010.

Federal income tax expense increased $23 thousand, or 5.6% for the quarter ended June 30, 2011 as compared to the second quarter of 2010. The provision for income taxes was $435 thousand (effective rate of 30.9%) for the quarter ended June 30, 2011, compared to $412 thousand (effective rate of 30.9%) for the quarter ended June 30, 2010. The increase in the expense resulted from improved income.

### RESULTS OF OPERATIONS

### Six months ended June 30, 2011 and 2010

Net income for the six months ending June 30, 2011, was $1.9 million or $0.68 per share, as compared to $1.7 million or $0.61 per share during the same period in 2010. Return on average assets and return on average equity were 0.84% and 7.86%, respectively, for the six-month period of 2011, compared to 0.76% and 7.18%, respectively for 2010.

Comparative net income increased as net interest income improved to $8.0 million for the six months ended June 30, 2011, an increase of $316 thousand or 4.1% from the same period last year. The provision for loan losses decreased $288 thousand or 38% during the same comparative period. These improvements were partially offset by lower noninterest income and higher noninterest expenses for the six month period ending in 2011 as compared to 2010.

Interest income on loans decreased $76 thousand, or 0.9%, for the six months ended June 30, 2011, as compared to the same period in 2010. This decrease was primarily due to an interest rate decrease of 19 basis points for the comparable six-month periods. Interest income on securities decreased $156 thousand, or 10%, as the yield on taxable securities decreased 82 basis points due to the sale of mortgage- backed securities at a gain in 2010, accelerated payments within the mortgage-backed securities portfolio and calls within the Agency portfolio. The average investment balances increased by $7.7 million with new purchases being added in a low interest rate market. Interest income on fed funds sold and interest bearing deposits decreased $5 thousand for the six months ended June 30, 2011 as the average fed funds sold volume decreased $7.3 million, compared to the same period in 2010.

### Average Balance Sheet and Net Interest Margin Analysis

*(Dollars in thousands)*

| ASSETS | 2011 Average balance | For the six months ended June 30, Average rate | 2010 Average balance | Average rate |
| --- | ---: | ---: | ---: | ---: |
| Due from banks-interest bearing | $21,161 | 0.27% | $28,302 | 0.24% |
| Federal funds sold | 89 | 0.08 | 234 | 0.13 |
| Taxable securities | 73,855 | 3.30 | 68,488 | 4.12 |
| Tax-exempt securities | 11,913 | 5.13 | 9,549 | 5.30 |
| Loans | 319,777 | 5.38 | 311,717 | 5.57 |
| Total earning assets | 426,795 | 4.76% | 418,290 | 4.96% |
| Other assets | 23,206 |  | 22,548 |  |
| **TOTAL ASSETS** | $450,001 |  | $440,838 |  |
| **LIABILITIES AND SHAREHOLDERS’ EQUITY** |  |  |  |  |
| Interest bearing demand deposits | $52,480 | 0.08% | $52,615 | 0.08% |
| Savings deposits | 83,562 | 0.26 | 72,392 | 0.39 |
| Time deposits | 147,848 | 1.86 | 148,643 | 2.16 |
| Other borrowed funds | 51,477 | 1.68 | 65,700 | 2.21 |
| Total interest bearing liabilities | 335,367 | 1.15% | 339,350 | 1.47% |
| Non-interest bearing demand deposits | 65,199 |  | 53,442 |  |
| Other liabilities | 1,506 |  | 1,455 |  |
| Shareholders’ Equity | 47,929 |  | 46,591 |  |
| **TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY** | $450,001 |  | $440,838 |  |
| Taxable equivalent net interest spread |  | 3.61% |  | 3.49% |
| Taxable equivalent net interest margin |  | 3.85% |  | 3.77% |

Interest expense decreased $553 thousand to $1.9 million for the six months ended June 30, 2011, compared to the six months ended June 30, 2010. Interest expense on deposits decreased $261 thousand, or 14.9%, from the same period as last year, while interest expense on other borrowings decreased $292 thousand or 40.6%. The decrease in interest expense has been caused by lower interest rates being paid across the board on interest-bearing deposit accounts and borrowings. Additionally, during the comparable six month periods, the Company grew non-interest bearing deposits in 2011. Time deposits continue to renew at lower interest rates, and some depositors have moved monies to savings instruments anticipating higher rate time deposits. Competition for deposits appears to be decreasing from a year ago with larger money center banks reducing the premium paid for term deposits. The net interest margin increased by 8 basis points for the six-month period ended June 30, 2011, to 3.85%, from 3.77% for the same period in 2010.

The provision for loan losses was $470 thousand during the first six months of 2011, compared to $758 thousand in the same six-month period of 2010. The provision or credit for loan losses is determined based on management’s calculation of the adequacy of the allowance for loan losses, which includes provisions for classified loans as well as for the remainder of the portfolio based on historical data including past charge-offs and current economic trends.

Non-interest income decreased $75 thousand, or 4.6%, during the six months ended June 30, 2011, as compared to the same period in 2010. The decrease in non-interest income was primarily due a $148 thousand gain on securities sold in 2010 that did not reoccur in 2011. Increases in Trust fees were due to increases in market values of the custodial assets as well as increases in brokerage fee commissions in 2011. Debit card interchange income increased $56 thousand or 23.9% a result of increased card usage in 2011. Service charges on deposits decreased $31 thousand from the same period in 2010 as deposit customers curtailed their use of overdraft privilege products in 2011 and have maintained higher average deposit balances offsetting monthly service fees.

Decreases were recognized in gains on mortgage loans sold in the secondary market for the first half of 2011 as refinancing activity stalled and new housing sales remained extremely slow in 2011.

Non-interest expenses increased $212 thousand, or 3.4%, for the six months ended June 30, 2011, compared to the same period in 2010. The bank’s FDIC deposit premium decreased $90 thousand from $308 thousand for the six months ended 2010 reflecting a decrease in rate and accrual for the six months ended June 30, 2011 as compared to 2010. Salaries and employee benefits increased $207 thousand, or 6.2%, primarily the result of a full six month accrual of profit sharing and bonus accruals for 2011 as compared to a second quarter recognition of the same benefit accruals in 2010. Professional fees increased of $12 thousand or 3.7%. Occupancy and equipment expense remained stable during the first six-months of 2011 as compared with 2010 increasing $3 thousand or 0.5%. Increases were recognized in other expenses, primarily the result of increased operating costs of a larger company.

The provision for income taxes was $834 thousand (effective rate of 30.9%) for the six months ended June 30, 2011, compared to $727 thousand (effective rate of 30.5%) for the six months ended June 30, 2010. The increase in the effective tax rate resulted from an decrease in tax-exempt interest income as a portion of total income before income taxes.

### CAPITAL RESOURCES

The Federal Reserve Board (FRB) has established risk-based capital guidelines that must be observed by financial holding companies and banks. Failure to meet specified minimum capital requirements could result in regulatory actions by the Federal Reserve or Ohio Division of Financial Institutions that could have a material effect on the Company’s financial condition or results of operations. Management believes there were no material changes to Capital Resources as presented in CSB Bancorp’s annual report on Form 10-K for the year ended December 31, 2010, and as of June 30, 2011 the holding company and its bank meet all capital adequacy requirements to which they are subject.

### LIQUIDITY

Liquidity refers to the Company’s ability to generate sufficient cash to fund current loan demand, meet deposit withdrawals, pay operating expenses and meet other obligations. The Company’s primary sources of liquidity are cash and cash equivalents, which totaled $33.2 million at June 30, 2011, a decrease of $15.1 million from $42.7 million at December 31, 2010. Net income, securities available-for-sale, and loan repayments also serve as sources of liquidity. Cash and cash equivalents and estimated principal cash flow and maturities on investments maturing within one year represent 13.1% of total assets as of June 30, 2011 compared to 15.0% of total assets at year-end 2010. Other sources of liquidity include, but are not limited to, purchase of federal funds, advances from the FHLB, adjustments of interest rates to attract deposits, and borrowing at the Federal Reserve discount window. Management believes that its sources of liquidity are adequate to meet cash flow obligations for the foreseeable future.

### OFF-BALANCE SHEET ARRANGEMENTS

The company does not have any off-balance sheet arrangements (as such term is defined in applicable Securities and Exchange Commission rules) that are reasonably likely to have a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

## Market risk

As filed, 1,597 characters.

There have been no material changes in the quantitative and qualitative disclosures about market risks as of June 30, 2011, from that presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010. Management performs a quarterly analysis of the Company’s interest rate risk. All positions are currently within the Company’s board-approved policy.

The following table presents an analysis of the estimated sensitivity of the Company’s annual net interest income to sudden and sustained 100 through 400 basis point changes, in 100 basis point changes, in market interest rates at June 30, 2011 and 100 and 200 basis point changes in market interest rates at December 31, 2010. Due to the current low interest rate environment, particularly for short-term rates, the decreasing change is not calculated.

*(Dollars in thousands)*

*June 30, 2011*

|  | Change in interest rates (basis points) | Net interest income | Dollar change | Percentage change |
| --- | ---: | ---: | ---: | ---: |
| + | 400 | 19,061 | $2,788 | 17.1 |
| + | 300 | 18,278 | 2,005 | 12.3 |
| + | 200 | 17,450 | 1,177 | 7.2 |
| + | 100 | 16,621 | 348 | 2.1 |
|  | 0 | 16,273 | — | — |
| - | 100 | N/A | N/A | N/A |
| - | 200 | N/A | N/A | N/A |

*December 31, 2010*

|  | Change in interest rates (basis points) | Net interest income | Dollar change | Percentage change |
| --- | ---: | ---: | ---: | ---: |
| + | 200 | 16,073 | 241 | 1.5 |
| + | 100 | 15,906 | 74 | 0.5 |
|  | 0 | 15,832 | — | — |
| - | 100 | N/A | N/A | N/A |

29

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

## Controls and procedures

As filed, 1,788 characters.

With the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that:

(a) information required to be disclosed by the Company in this Quarterly Report on Form 10-Q would be accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure;

(b) information required to be disclosed by the Company in this Quarterly Report on Form 10-Q would be recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and

(c) the Company’s disclosure controls and procedures are effective as of the end of the period covered by this Quarterly Report on Form 10-Q to ensure that material information relating to the Company and its consolidated subsidiary is made known to them, particularly during the period for which our periodic reports, including this Quarterly Report on Form 10-Q, are being prepared.

### CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes during the period covered by this Quarterly Report on Form 10-Q in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

FORM 10-Q

Quarter ended June 30, 2011

## Risk factors

As filed, 501 characters.

There are no matters required to be reported under this item.

**ITEM 2-** On July 7, 2005 CSB Bancorp, Inc. filed Form 8-k with the Securities and Exchange Commission announcing that its Board of Directors approved a Stock Repurchase Program authorizing the repurchase of up to 10% of the Company’s common shares then outstanding. Repurchases will be made from time to time as market and business conditions warrant, in the open market, through block purchases and in negotiated private transactions.

Filed Aug 12, 2011.
Source: SEC EDGAR, the filing index for accession 0000950123-11-076714. Last ingested by Listed: Nov 2, 2026, 09:27 ET. No prices; not investment advice.