CSB Bancorp Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of CSB Bancorp for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0 | + | 0.528 * 1 | + | 0.404 * 1.0496 | + | 0.892 * 1.1019 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9324 | + | 4.679 * -0.000737 | - | 0.327 * 0.9296 |
| = | -3.26 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $0.00 Mil.
Revenue was 10.835 + 10.363 + 10.558 + 10.447 = $42.20 Mil.
Gross Profit was 10.835 + 10.363 + 10.558 + 10.447 = $42.20 Mil.
Total Current Assets was $204.16 Mil.
Total Assets was $1,178.69 Mil.
Property, Plant and Equipment(Net PPE) was $13.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $14.74 Mil.
Total Current Liabilities was $35.84 Mil.
Long-Term Debt & Capital Lease Obligation was $1.75 Mil.
Net Income was 3.697 + 3.481 + 3.644 + 3.934 = $14.76 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 7.546 + 1.885 + 3.41 + 2.784 = $15.63 Mil.
|
Total Receivables was $8.31 Mil.
Revenue was 10.696 + 10.034 + 9.227 + 8.343 = $38.30 Mil.
Gross Profit was 10.696 + 10.034 + 9.227 + 8.343 = $38.30 Mil.
Total Current Assets was $244.80 Mil.
Total Assets was $1,159.11 Mil.
Property, Plant and Equipment(Net PPE) was $13.41 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $14.34 Mil.
Total Current Liabilities was $37.31 Mil.
Long-Term Debt & Capital Lease Obligation was $2.46 Mil.
|
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (0 / 42.203) | / | (8.308 / 38.3) |
| = | 0 | / | 0.216919 |
| | = | 0 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (38.3 / 38.3) | / | (42.203 / 42.203) |
| = | 1 | / | 1 |
| | = | 1 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (204.157 + 13.002) / 1178.689) | / | (1 - (244.797 + 13.414) / 1159.108) |
| = | 0.815762 | / | 0.777233 |
| | = | 1.0496 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 42.203 | / | 38.3 |
| | = | 1.1019 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (0 / (0 + 13.414)) | / | (0 / (0 + 13.002)) |
| = | 0 | / | 0 |
| | = | 1 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (14.736 / 42.203) | / | (14.342 / 38.3) |
| = | 0.349169 | / | 0.374465 |
| | = | 0.9324 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((1.754 + 35.843) / 1178.689) | / | ((2.461 + 37.31) / 1159.108) |
| = | 0.031897 | / | 0.034312 |
| | = | 0.9296 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (14.756 - 0 | - | 15.625) | / | 1178.689 |
| | = | -0.000737 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
CSB Bancorp has a M-score of -3.26 suggests that the company is unlikely to be a manipulator.
CSB Bancorp (CSB Bancorp) Business Description
Traded in Other Exchanges
N/A
Address
91 North Clay Street, P.O. Box 232, Millersburg, OH, USA, 44654
CSB Bancorp Inc is a registered financial holding company that operates through the Bank and CSB Investment Services LLC, providing a wide range of banking, trust, financial, and brokerage services to corporate, institutional, and individual customers throughout northeast Ohio. The Bank provides retail and commercial banking services to its customers, including checking and savings accounts, time deposits, IRAs, safe deposit facilities, personal loans, commercial loans, real estate mortgage loans, installment loans, night depository facilities, brokerage, and trust services. The Bank provides residential real estate, commercial real estate, and commercial, and consumer loans to customers located in Holmes, Stark, Tuscarawas, Wayne, and portions of surrounding counties in Ohio.
Executives
| Eddie L Steiner |
director |
14950 HACKETT ROAD, APPLE CREEK OH 44606 |
| Brett A. Gallion |
officer: SVP/COO/CIO |
91 N. CLAY STREET, MILLERSBURG OH 44654 |
| Julian L Coblentz |
director |
91 NORTH CLAY STREET, MILLERSBURG OH 44654 |
| Vikki G Briggs |
director |
91 N CLAY STREET, MILLERSBURG OH 44654 |
| Robert K Baker |
director, other: Chairman of the Board |
P.O. BOX 913, KILLBUCK OH 44637 |
| Cheryl M Kirkbride |
director |
91 N CLAY STREET, MILLERSBURG OH 44654 |
| Jeffery A Robb |
director |
4700 JAEGER DR, THORNVILLE OH 43076 |
| Daniel J Miller |
director |
P.O. BOX 143, WALNUT CREEK OH 44687 |
| John R Waltman |
director |
24 HILLSIDE DRIVE, MILLERSBURG OH 44654 |
| Margaret L Conn |
officer: Corporate Secretary |
105 MARK AVENUE, KILLBUCK OH 44637 |
| Steven R Bailey |
officer: SVP/COO/CIO |
91 NORTH CLAY STREET, MILLERSBURG OH 44654 |
| J Thomas Lang |
director |
7109 STATE ROUTE 514, BIG PRAIRIE OH 44611 |
| Manning William R Jr |
officer: SVP/COO/CIO |
91 NORTH CLAY STREET, MILLERSBURG OH 44654 |
| Paula J Meiler |
officer: Senior Vice President |
30186 MOUNTZ RD, SALEM OH 44460 |
| A Lee Miller |
officer: Senior Vice President |
5046 TOWNSHIP ROAD 376, MILLERSBURG OH 44654 |
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