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)
March 31, 2002
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 April 19, 2002, CSB Bancorp, Inc. released a quarterly report to shareholders that included its financial statements for the period ended March 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 March 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: March 31, 2002 | By: /s/ C. James Bess | ||||||
C. James Bess Chairman, President and CEO | |||||||
Exhibit 99.1
To our Shareholders:
The Company’s earnings for the first quarter of 2002 exceeded budget projections and we expect the second quarter to outperform the first. Improvements in operating efficiencies and asset quality has had a positive impact on interest margins and profitability. We expect interest margins to continue to improve at least through mid-year.
Net income for the quarter was $376,000, an increase of $68,000, or 22%, over the same period last year. Earnings per share were $.14 for the first three months of 2002 compared to $.12 for those same three months of 2001. While net interest income decreased due to actions of the Federal Reserve and the contraction of the balance sheet to manage asset quality and to control interest expense, net income improved due to lower operating expenses, higher non-interest income, and no provision for loan loss in the first three months. CSB’s capital-to-asset ratio reached a record high 11.40% at March 31, 2002. The book value per share was $12.49 at the end of the quarter.
Deposit interest rates have been increased to provide CSB customers with the best return possible and still provide competitive interest rates for loan customers. The Company’s overall performance continues to improve based on prudent, safe and sound community banking fundamentals and diminishing regulatory undertakings. As a result, the Company is now able to more fully concentrate on moving the Bank toward further growth and profitability opportunities.
We expect 2002 to be a good year for the Company and ask you to assist us make it even better by referring new customers to CSB.
Thank you for your ongoing loyalty and support.
/s/ C. James Bess
C. James Bess
Chairman, President and CEO
QUARTERLY REPORT
MARCH 31, 2002
CSB
CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)
(000 OMITTED) EXCEPT SHARE DATA
MARCH 31 2002 2001 | ||
ASSETS: | ||
Cash and due from banks | $8,917 | $15,408 |
Federal funds sold | 12,387 | 8,548 |
Securities | 85,175 | 84,003 |
Net loans | 166,305 | 193,443 |
Premises & equipment, net | 9,091 | 9,538 |
Other assets | 6,279 | 5,635 |
TOTAL ASSETS | $288,154 | $316,575 |
LIABILITIES: | ||
Deposits | $234,699 | $263,624 |
Securities sold under agreements to repurchase | 13,841 | 12,117 |
Other borrowings | 5,975 | 8,024 |
Other liabilities | 796 | 850 |
TOTAL LIABILITIES | $255,311 | $284,615 |
SHAREHOLDERS’ EQUITY: | ||
Common stock | $16,674 | $16,674 |
Additional paid-in capital | 6,414 | 6,414 |
Retained earnings | 10,947 | 10,148 |
Treasury stock | (1,204) | (1,339) |
Accumulated other comprehensive income | 12 | 63 |
TOTAL SHAREHOLDERS’ EQUITY | $32,843 | $31,960 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $288,154 | $316,575 |
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(000 OMITTED) EXCEPT SHARE DATA
TWELVE MONTHS ENDED MARCH 31 2002 2001 | ||
INTEREST INCOME: | ||
Interest & fees on loans | $3,151 | $4,785 |
Interest on securities | 1,102 | 1,223 |
Other interest income | 61 | 23 |
TOTAL INTEREST INCOME | $4,314 | $6,031 |
INTEREST EXPENSE: | ||
Interest on deposits | $1,794 | $2,903 |
Other interest expense | 111 | 258 |
TOTAL INTEREST EXPENSE | $1,905 | $3,161 |
Net interest income | $2,409 | $2,870 |
Less provision for loan losses | 0 | 298 |
Net interest income after provision for loan losses | 2,409 | 2,572 |
Total other income | 582 | 474 |
Total other expense | 2,699 | 2,849 |
Benefit from income taxes | (84) | (111) |
NET INCOME | $376 | $308 |
Earnings per Share | $.14 | $.12 |
FINANCIAL HIGHLIGHTS
(000 OMITTED) EXCEPT SHARE DATA
MARCH 31 2002 2001 | ||
Assets | $288,154 | $316,575 |
Net loans | 166,305 | 193,443 |
Securities | 85,175 | 84,003 |
Deposits | 234,699 | 263,624 |
Shareholders’ equity | 32,843 | 31,960 |
Net income | 376 | 308 |
Earnings per share | .14 | .12 |
Book value per outstanding share | 12.49 | 12.18 |
*Quarterly price per share: High Low | 20.00 16.75 | 16.75 15.00 |
*Includes transactions reported by market makers and private transactions known to the Company.
KEY RATIOS
MARCH 31 2002 2001 | ||
Return on average assets | .52% | .40% |
Return on average equity | 4.65% | 3.92% |
Loan to deposit | 72.21% | 75.57% |
Equity to assets | 11.40% | 10.10% |
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