CSB Bancorp Q2 net income drops 56% to $1.6M; nonperforming assets surge to 0.93%

CSB Bancorp, Inc.

2024-Q2 EPS reported $1.71

Diluted EPS $0.61 vs $1.36 YoY; net income $1.6M down 56% from $3.6M.
Credit loss provision jumped $2.7M on a $6.4M commercial loan placed on nonaccrual; $4.1M specific reserve booked.
Nonperforming assets rose to $6.7M (0.93% of loans) from $255K (0.04%) a year ago.
Net interest margin FTE 3.28% (vs 3.33% Q2'23); loan yields up 44 bps to 5.74%.
PPNR increased 4% to $4.85M; dividend maintained at $0.39/share (4% annualized yield).

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