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)
January 23, 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 5. Other Events and Regulation FD Disclosure
On January 23, 2003, CSB Bancorp, Inc. released a quarterly report to shareholders that included its financial statements for the period ended December 31, 2002. A copy of the quarterly report to shareholders is attached to this report as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(a) | Exhibits | |
99.1 | Quarterly report to shareholders for the period ended December 31, 2002. | |
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: January 23, 2003 | By: /s/ C. JAMES BESS | ||||||
C. James Bess Chairman, President and CEO | |||||||
Exhibit 99.1
To our Shareholders:
The Company experienced a successful fourth quarter with earnings of $406,000. This compares to 2001 earnings for the same period of $253,000; a 60% increase. Unaudited earnings totaled $1,923,000 for 2002, compared to 2001 earnings of $1,059,000; an 82% increase. As a result of our dramatically improved earnings, the Company declared a fourth quarter dividend of $0.10 per share.
Preparations for continuing to improve the Company's operating performance in 2003 are well underway. The Board and Management are currently evaluating various strategic options to build the Company, improve efficiency, and enhance franchise and shareholder value.
Although we cannot predict the future, and in spite of uncertain Federal Reserve monetary policy as well as pending national and international economic and security issues, we current expect 2003 earnings to outperform 2002. Earnings growth in 2003 is expected to stem from continuing improvement in the Bank's net interest margin and bank-wide operating efficiencies.
Thank you for your continuing confidence and support.
/s/ C. JAMES BESS
C. James Bess
Chairman, President and CEO
QUARTERLY REPORT
DECEMBER 31, 2002
CSB
CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)
(000 OMITTED) EXCEPT SHARE DATA
DECEMBER 31 2002 2001 | ||
ASSETS: | ||
Cash and due from banks | $12,272 | $10,695 |
Federal funds sold | 10,293 | 23,853 |
Securities | 73,088 | 92,607 |
Net loans | 197,109 | 164,916 |
Premises & equipment, net | 8,362 | 9,041 |
Other assets | 3,589 | 5,233 |
TOTAL ASSETS | $304,713 | $306,345 |
LIABILITIES: | ||
Deposits | $239,976 | $251,430 |
Securities sold under agreements to repurchase | 14,448 | 14,957 |
Other borrowings | 15,380 | 6,360 |
Other liabilities | 1,167 | 877 |
TOTAL LIABILITIES | $270,971 | $273,624 |
SHAREHOLDERS’ EQUITY: | ||
Common stock | $16,674 | $16,674 |
Additional paid-in capital | 6,413 | 6,413 |
Retained earnings | 11,621 | 10,571 |
Treasury stock | (1,088) | (1,204) |
Accumulated other comprehensive income | 122 | 266 |
TOTAL SHAREHOLDERS’ EQUITY | $33,742 | $32,721 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $304,713 | $306,345 |
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(000 OMITTED) EXCEPT SHARE DATA
TWELVE MONTHS ENDED DECEMBER 31 2002 2001 | ||
INTEREST INCOME: | ||
Interest & fees on loans | $12,639 | $16,465 |
Interest on securities | 3,849 | 4,629 |
Other interest income | 212 | 562 |
TOTAL INTEREST INCOME | $16,700 | $21,656 |
INTEREST EXPENSE: | ||
Interest on deposits | $5,764 | $10,717 |
Other interest expense | 703 | 754 |
TOTAL INTEREST EXPENSE | $6,467 | $11,471 |
Net interest income | $10,233 | $10,185 |
Less provision (credit) for loan losses | (587) | 35 |
Net interest income after provision for loan losses | $10,820 | $10,150 |
Total other income | 2,037 | 1,976 |
Total other expense | 10,999 | 11,604 |
Benefit from income taxes | 65 | 537 |
NET INCOME | $1,923 | $1,059 |
EARNINGS PER SHARE | $.73 | $.40 |
FINANCIAL HIGHLIGHTS
(000 OMITTED) EXCEPT SHARE DATA
DECEMBER 31 2002 2001 | ||
Assets | $304,713 | $306,345 |
Net loans | 197,109 | 164,916 |
Securities | 73,088 | 92,607 |
Deposits | 239,976 | 251,430 |
Shareholders’ equity | 33,742 | 32,721 |
Net income | 1,923 | 1,059 |
Earnings per share | .73 | .40 |
Book value per | 12.83 | 12.45 |
*Quarterly price per share: High Low | 17.50 16.05 | 16.00 13.25 |
*Includes transactions reported by market makers and private transactions known to the Company.
KEY RATIOS
DECEMBER 31 2002 2001 | ||
Return on average assets | .65% | .34% |
Return on average equity | 5.76% | 3.32% |
Loan to deposit | 83.26% | 67.19% |
Equity to assets | 11.07% | 10.68% |
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