CSB Bancorp, Inc. reported a net income of $10.0 million for the fiscal year ending December 31, 2024, a decrease of 32% from the previous year's net income of $14.8 million. The company's total revenue, which includes net interest income and noninterest income, increased by 2.5% to $44 million. The provision for credit losses rose significantly to $7.0 million, compared to $442,000 in 2023, reflecting a more cautious outlook on credit quality amid changing economic conditions. Basic and diluted earnings per share were reported at $3.76, down from $5.51 in the prior year.
In terms of operational performance, CSB's total assets increased by 1% to $1.2 billion, with net loans rising by 5% to $730 million. The bank's loan portfolio saw growth in several categories, including commercial real estate and construction loans, while commercial and industrial loans experienced a decline. The allowance for credit losses also increased to $7.6 million, representing 1.03% of total loans, up from 0.94% the previous year. The bank's nonperforming loans increased to $1.7 million, or 0.23% of total loans, compared to $396,000, or 0.06%, in 2023.
Strategically, CSB Bancorp has focused on enhancing its service offerings and expanding its market presence. The bank operates 16 banking centers and a loan production office in Medina, Ohio, serving primarily the northeast Ohio region. The company has also implemented a stock repurchase program, repurchasing 19,849 shares in 2024, which reflects its commitment to returning value to shareholders. The bank's employee headcount remained stable at 181 as of December 31, 2024.
Looking ahead, CSB anticipates modest economic growth in its service areas, which may support further improvements in loan demand. However, management remains cautious due to potential economic uncertainties and the impact of rising interest rates on consumer behavior. The bank's management continues to monitor credit quality closely, particularly in light of the increased provision for credit losses, and is committed to maintaining a strong capital position to support future growth.
About CSB Bancorp, Inc.
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