SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
April 18, 2003
CSB Bancorp, Inc.
(Exact name of Registrant as specified in its Charter)
Ohio | 0-21714 | 34-1687530 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File No.) | Identification Number) |
6 West Jackson Street, P.O. Box 232, Millersburg, Ohio | 44654 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (330) 674-9015
N/A
(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits
(a) | Exhibits | |
99.1 | Quarterly report to shareholders for the period ended March 31, 2003. | |
Item 9.
The information contained in this Item 9 of this Current Report is being furnished pursuant to "Item 12. Results of Operations and Financial Condition" of Form 8-K in accordance with SEC Release Nos. 33-8216; 34-47583.
The information in this Current Report is being furnished and shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
On April 18, 2003, CSB Bancorp, Inc. released a quarterly report to shareholders that included its financial statements for the period ended March 31, 2003. A copy of the quarterly report to shareholders is attached to this report as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CSB BANCORP, INC. | |||||||
Date: April 28, 2003 | By: /s/ C. JAMES BESS | ||||||
C. James Bess Chairman, President and CEO | |||||||
Exhibit 99.1
To our Shareholders:
The Company's unaudited net income for the first quarter of 2003 totaled $598,000, or $.23 per share. This compares to net income of $376,000, or $.14 per share for the same period in 2002. This represents a 59% increase quarter over quarter. Net interest income increased by $324,000, or 13.4%. At the same time, operating expenses decreased by $106,000, or 3.9%. Total assets grew to $301.8 million, an increase of $13.6 million. This was spurred by a growth in the loan portfolio, where net loans increased by $39.8 million, or 24% since March 31, 2002.
As a result of the continuing progress, the Company recently increased its quarterly dividend to $.12 per share, a 20% increase from the previous $.10 per share. The book value per share is now $12.93.
The strategic problem solving and rebuilding objectives that were established 2 1/2 years ago to secure a prudent, safe and sound, profitable result for the Company's business activities have been achieved. We believe the Company is now appropriately positioned to move on toward our objectives of continuing to improve earnings, efficiency, asset base, non-interest income, non-interest expense reduction, products and services enhancements, and market share; all aimed at enhancing shareholder value.
As a reminder, the Annual Meeting of Shareholders will be held at the Company's Operations Center on Wednesday, April 23, 2003 at 7:00 p.m.
Thank you for your ongoing loyalty and support.
/s/ C. JAMES BESS
C. James Bess
Chairman, President and CEO
QUARTERLY REPORT
MARCH 31, 2003
CSB
CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)
(000 OMITTED) EXCEPT SHARE DATA
MARCH 31 2003 2002 | ||
ASSETS: | ||
Cash and due from banks | $14,200 | $8,917 |
Federal funds sold | - | 12,387 |
Securities | 69,240 | 85,175 |
Net loans | 206,154 | 166,305 |
Premises & equipment, net | 8,980 | 9,091 |
Other assets | 3,204 | 6,279 |
TOTAL ASSETS | $301,778 | $288,154 |
LIABILITIES: | ||
Deposits | $233,617 | $234,699 |
Securities sold under agreements to repurchase | 13,276 | 13,841 |
Federal funds purchased | 4,601 | - |
Other borrowings | 15,045 | 5,975 |
Other liabilities | 1,198 | 796 |
TOTAL LIABILITIES | $267,737 | $255,311 |
SHAREHOLDERS’ EQUITY: | ||
Common stock | $16,674 | $16,674 |
Additional paid-in capital | 6,414 | 6,414 |
Retained earnings | 11,853 | 10,947 |
Treasury stock | (997) | (1,204) |
Accumulated other comprehensive income | 97 | 12 |
TOTAL SHAREHOLDERS’ EQUITY | $34,041 | $32,843 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $301,778 | $288,154 |
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(000 OMITTED) EXCEPT SHARE DATA
THREE MONTHS ENDED MARCH 31 2003 2002 | ||
INTEREST INCOME: | ||
Interest & fees on loans | $3,173 | $3,151 |
Interest on securities | 777 | 1,102 |
Other interest income | 9 | 61 |
TOTAL INTEREST INCOME | 3,959 | 4,314 |
INTEREST EXPENSE: | ||
Interest on deposits | 1,027 | 1,794 |
Other interest expense | 199 | 111 |
TOTAL INTEREST EXPENSE | 1,226 | 1,905 |
Net interest income | 2,733 | 2,409 |
Less provision (credit) for loan losses | (71) | - |
Net interest income after provision for loan losses | 2,804 | 2,409 |
Total other income | 468 | 582 |
Total other expense | 2,593 | 2,699 |
Federal income tax provision (credit) | 81 | (84) |
NET INCOME | $598 | $376 |
EARNINGS PER SHARE | $.23 | $.14 |
FINANCIAL HIGHLIGHTS
(000 OMITTED) EXCEPT SHARE DATA
MARCH 31 2003 2002 | ||
Assets | $301,778 | $288,154 |
Net loans | 206,154 | 166,305 |
Securities | 69,240 | 85,175 |
Deposits | 233,617 | 234,699 |
Shareholders’ equity | 34,041 | 32,843 |
Net income | 598 | 376 |
Earnings per share | .23 | .14 |
Book value per | 12.93 | 12.49 |
*Quarterly price per share: High Low | 18.50 16.50 | 20.00 16.75 |
*Includes transactions reported by market makers and private transactions known to the Company.
KEY RATIOS
MARCH 31 2003 2002 | ||
Return on average assets | .82% | .52% |
Return on average equity | 7.11% | 4.65% |
Loan to deposit | 89.34% | 72.21% |
Equity to assets | 11.28% | 11.40% |
Copies of
CSB BANCORP, INC.
S.E.C. Filings may be obtained by writing:
A. Lee Miller, CFO
CSB BANCORP, INC.
6 West Jackson Street
Millersburg, Ohio 44654
(800) 654-9015 or 330-674-9015
Stock Symbol: CSBB.OB
Website: www.csb1.com