COMMERCIAL BANCSHARES INC \OH\

CIK:0001009976|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest income
Interest and fees on loans	$ 3,620	$ 3,529	$ 10,902	$ 10,501
Interest on investment securities:
Taxable	45	46	131	142
Tax exempt	48	71	145	207
Federal funds sold	23	8	61	39
Total interest income	3,736	3,654	11,239	10,889
Interest expense
Interest on deposits	222	204	643	631
Interest on borrowings	8	10	29	28
Total interest expense	230	214	672	659
Net interest income	3,506	3,440	10,567	10,230
Provision for loan losses	53	86	70	138
Net interest income after provision for loan losses	3,453	3,354	10,497	10,092
Noninterest income
Service fees and overdraft charges	362	362	1,063	1,044
Income from death benefit recognized on bank-owned life insurance	0	0	677	0
Loss on security sales, net	0	0	(8)	0
Loss on repossessed asset sales, net	(4)	(2)	(36)	(34)
Other income	149	152	461	474
Total noninterest income	507	512	2,157	1,484
Noninterest expense
Salaries and employee benefits	1,633	1,520	4,706	4,456
Premises and equipment	277	269	816	866
Other real estate owned and miscellaneous loan expense	62	66	157	479
Professional fees	93	87	306	293
Data processing	41	49	117	148
Software maintenance	106	111	331	338
Advertising and promotional	70	59	201	191
FDIC deposit insurance	30	64	104	184
Franchise tax	57	57	194	181
Merger related expense	515	0	515	0
Other operating expense	338	288	982	844
Total noninterest expense	3,222	2,570	8,429	7,980
Income before income taxes	738	1,296	4,225	3,596
Income tax expense	302	351	1,195	1,058
Net income	$ 436	$ 945	$ 3,030	$ 2,538
Basic earnings per common share	$ 0.36	$ 0.79	$ 2.54	$ 2.12
Diluted earnings per common share	$ 0.36	$ 0.77	$ 2.5	$ 2.08

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
Net income	$ 3,030	$ 2,538
Adjustments	1,048	162
Changes in:
Net cash from operating activities	4,078	2,700
Securities available for sale:
Purchases	0	(1,040)
Maturities, calls and repayments	331	1,276
Proceeds from sales	8	0
Securities held to maturity:
Purchases	0	(740)
Net change in loans	(3,383)	(4,604)
Proceeds from sale of OREO and other repossessed assets	157	2,121
Proceeds from the disposition of premises and equipment	0	1,237
Bank premises and equipment expenditures	(251)	(98)
Net cash used in investing activities	(3,138)	(1,848)
Cash flows from financing activities
Net change in deposits	8,644	(6,277)
FHLB advances	7,000	5,000
Repayment of FHLB advances	(12,091)	(5,089)
Cash dividends paid	(893)	(757)
Purchase of treasury stock	(454)	(156)
Issuance of treasury stock under stock option plan	580	24
Issuance of common stock under stock option plan	0	45
Issuance of treasury stock for deferred compensation plan	75	0
Issuance of common stock for deferred compensation plan	0	111
Net cash used in (provided by) financing activities	2,861	(7,099)
Net change in cash equivalents and federal funds sold	3,801	(6,247)
Cash equivalents and federal funds sold at beginning of period	18,895	27,151
Cash equivalents and federal funds sold at end of period	22,696	20,904
Supplemental disclosures
Cash paid for interest	621	630
Cash paid for income taxes	1,606	960
Non-cash transfer of loans to foreclosed/repossessed assets	$ 48	$ 241

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 4,569	$ 4,753
Federal funds sold	18,127	14,142
Cash equivalents and federal funds sold	22,696	18,895
Securities available for sale	8,280	8,711
Securities held to maturity	666	666
Other investment securities	2,194	2,209
Total loans	300,264	296,933
Allowance for loan losses	(3,884)	(3,861)
Loans, net	296,380	293,072
Premises and equipment, net	5,475	5,678
Accrued interest receivable	1,386	1,302
Bank-owned life insurance	8,083	9,145
Other real estate owned and other repossessed assets	3	193
Other assets	1,876	1,219
Total assets	347,039	341,090
Deposits
Noninterest-bearing demand	51,027	55,574
Interest-bearing demand	117,986	118,919
Savings and time deposits less than $250,000	126,451	114,203
Savings and time deposits $250,000 and greater	9,806	7,930
Total deposits	305,270	296,626
FHLB advances	1,483	6,574
Accrued interest payable	96	45
Other liabilities	1,615	1,709
Total liabilities	308,464	304,954
SHAREHOLDERS’ EQUITY
Common stock, no par value; 4,000,000 shares authorized, 1,209,788 shares issued and 1,206,812 outstanding in 2016 1,209,788 shares issued and 1,186,018 outstanding in 2015	13,000	12,815
Retained earnings	27,067	25,349
Unearned compensation	(161)	(268)
Deferred compensation plan shares; at cost 66,837 shares in 2016 and 62,067 shares in 2015	(1,353)	(1,206)
Treasury stock; 2,976 shares in 2016 and 23,770 shares in 2015	(90)	(711)
Accumulated other comprehensive income	112	157
Total shareholders' equity	38,575	36,136
Total liabilities and shareholders' equity	$ 347,039	$ 341,090