CSB Bancorp, Inc. (CSBB) has reported 8.87 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $1.69 million, or $0.61 a share in the quarter, compared with $1.56 million, or $0.57 a share for the same period last year.

Revenue during the quarter grew 3.90 percent to $6.43 million from $6.19 million in the previous year period. Net interest income for the quarter rose 8.46 percent over the prior year period to $5.50 million. Non-interest income for the quarter fell 2.14 percent over the last year period to $1.10 million.

Net interest margin improved 18 basis points to 3.61 percent in the quarter from 3.43 percent in the last year period. Efficiency ratio for the quarter improved to 59.23 percent from 62.42 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Eddie Steiner, president and chief executive officer stated, "We are pleased to report strong third quarter earnings. As part of our commitment to generate returns for our shareholders, we have increased the quarterly dividend by 5% to $.20 per share. We expect to pay approximately $2.1 million in dividends this year, bringing total dividends paid to shareholders over the past 10 years to more than $19 million."
 

Deposits stood at $522.24 million as on Sep. 30, 2016, up 3.40 percent compared with $505.09 million on Sep. 30, 2015.

Noninterest-bearing deposit liabilities were $160.95 million or 30.82 percent of total deposits on Sep. 30, 2016, compared with $146 million or 28.91 percent of total deposits on Sep. 30, 2015.

Investments stood at $140.50 million as on Sep. 30, 2016, down 10.20 percent or $15.96 million from year-ago. Shareholders equity was at $65.75 million as on Sep. 30, 2016.

Return on average assets moved up 5 basis points to 1.03 percent in the quarter from 0.98 percent in the last year period. At the same time, return on average equity increased 2 basis points to 10.29 percent in the quarter from 10.27 percent in the last year period.

Nonperforming assets moved up 41.18 percent or $0.83 million to $2.85 million on Sep. 30, 2016 from $2.02 million on Sep. 30, 2015.

Average equity to average assets ratio was 10.02 percent for the quarter, up from 9.50 percent for the previous year quarter. Book value per share was $23.98 for the quarter, up 8.56 percent or $1.89 compared to $22.09 for the same period last year.