(MSRP) of an automobile. Loans for used RVs and automobiles do not exceed 120% of the clean
trade-in
value as reported in the current
NADA used guides. Overdraft protection loans are unsecured personal lines of credit to individuals who have demonstrated good credit character with reasonably assured sources of income and satisfactory credit histories. Consumer loans
generally involve more risk than residential mortgage loans because of the type and nature of collateral and, in certain types of consumer loans, absence of collateral. Since these loans are generally repaid from ordinary income of the individual or
family unit, repayment may be adversely affected by job loss, divorce, ill health, or by a general decline in economic conditions. The Bank assesses the borrowers ability and willingness to repay through a review of credit history, credit
ratings,
debt-to-income
ratios, and other measures of repayment ability.
While CSBs chief decision-makers monitor the revenue streams of the various financial products and services, operations are managed and
financial performance is evaluated on a Company-wide basis. Accordingly, all of the Companys banking operations are considered by management to be aggregated in one reportable operating segment. For a discussion of the Companys financial
performance for the fiscal year ended December 31, 2018, see the Consolidated Financial Statements and Notes to the Consolidated Financial Statements found in Item 8 of this Annual Report on Form
10-K.
Employees
At December 31,
2018, the Company had 190 employees, 153 of which were employed on a full-time basis. CSB has no separate employees not also employed by the Bank. No employees are covered by collective bargaining agreements. Employees are provided benefit programs,
some of which are contributory. Management considers its employee relations to be good.
Competition
The financial services industry is highly competitive. In its primary market area of Holmes, Stark, Tuscarawas, Wayne and surrounding Ohio
counties, the Bank competes for new deposit dollars and loans with other commercial banks, including both large regional banks and smaller community banks, as well as savings and loan associations, credit unions, finance companies, insurance
companies, brokerage firms, investment companies, and technology-based providers of financial services (sometimes referred to as fintech companies).
Competition within the financial service industry continues to increase as a result of mergers between, and expansion of, financial service
providers within and outside of the Companys primary market areas. In addition, securities firms and insurance companies that have elected to become financial holding companies may acquire commercial banks and other financial institutions,
which can create additional competitive pressure.
Management believes the primary factors in competing for loans and deposits are
interest rates, availability of services, quality of customer service, convenience, and name recognition. Some of the Companys competitors may have greater resources and as such, higher lending limits, or fewer regulatory constraints and lower
cost structures, all of which may adversely affect the Companys ability to compete.
Investor Relations
The Companys website address is
www.csb1.com
. The Company makes available its Annual Report on Form
10-K,
Quarterly Reports on Form
10-Q,
Current Reports on Form
8-K,
and all amendments to those reports, free of charge on its
website as soon as reasonably practicable after such material is electronically filed with the Securities and Exchange Commission (the SEC). The Company also makes available through its website, other reports filed with the SEC under the
Securities Exchange Act of 1934, as amended (the Exchange Act), including its proxy statements and reports filed by officers and directors under Section 16(a) of the Exchange Act, as well as the Companys Code of Ethics. The
Company does not intend for information contained in its website to be incorporated by reference into this Annual Report on Form
10-K.
In addition, the Companys filings are available on the SECs website at
www.sec.gov
free of charge as soon as reasonably
practicable after the Company has filed the above referenced reports.
Supervision and Regulation of CSB and the Bank
CSB and the Bank are subject to extensive regulation by federal and state regulatory agencies. The regulation of financial holding companies
and their subsidiaries by bank regulatory agencies is intended primarily for the protection of consumers, depositors, federal deposit insurance funds, and the banking system as a whole and not for the protection of shareholders.
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