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)
February 16, 2001
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
On February 16, 2001, CSB Bancorp, Inc. released a quarterly report to shareholders that included its financial statements for the period ended December 31, 2000. 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 dated February 16, 2001 |
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: February 16, 2001 | By: /s/ C. James Bess | ||||||
C. James Bess Interim President and Chief Executive Officer | |||||||
Exhibit 99.1
QUARTERLY REPORT
DECEMBER 31, 2000
CSB
CSB BANCORP, INC.
Stock Symbol csbb.ob
TO OUR SHAREHOLDERS
CSB Bancorp, Inc. completed the year 2000 with net income of $321,000. Although this represents a significant decrease from recent years, CSB has been confronted with, and successfully addressed, several issues during the year. One of the issues confronting financial institutions is managing the spread between asset yields and costs of deposits. CSB is pleased to report net interest income totaled $12.7 million, an increase of $690,000 over the previous year.
Management completed an extensive analysis of the $198.4 million loan portfolio during the year and, based on the results, has set aside an additional $6.1 million provision for potential loan losses. As you know in the letter I sent you dated January 4, 2001, we reported an increase in the allowance for loan and lease losses of $2.0 million for the fourth quarter. Based on our continuing review of the loan portfolio, the total provision for loan loss for the fourth quarter was $2.6 million, which resulted in an after tax effect on earnings of $1.7 million. These precautionary measures had a major impact on year 2000 earnings. However, Management believes this was necessary to maintain reserves sufficient to cover potential weaknesses in the portfolio.
Total assets amounted to $325.2 million at December 31, 2000. Deposits totaled $268.6 million and shareholders' equity ended the year at $31.5 million. The capital-to-asset ratio was 9.70%.
In reference to the Written Agreement, Management and the Board believe substantial progress has and is being made toward complying with the Agreement and improving the Company. You may be assured that Management and the Board will continue to work diligently for you, our Shareholders, to make CSB stronger and better than ever.
The Annual Meeting is scheduled for Wednesday, May 23, 2001, at 7 p.m. at the new Operations Building in Millersburg. We will look forward to seeing you there.
Thank you for your continuing support. If you should have any questions, please do not hesitate to contact me.
/s/ C. James Bess
C. James Bess
Interim President and Chief Executive Officer
CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)
(000 OMITTED) EXCEPT SHARE DATA
DECEMBER 31 | |||
2000 -------- | 1999 -------- | ||
Cash and due | $13,192 | $10,783 | |
Federal funds sold | 2,660 | 2,484 | |
Securities | 96,550 | 105,387 | |
Net loans | 198,358 | 194,861 | |
Premises & equipment, net | 9,250 | 8,942 | |
Other assets | 5,202 -------- | 4,089 -------- | |
TOTAL ASSETS | $325,212 ======= | $326,546 ======= | |
Deposits | $268,583 | $269,939 | |
Securities sold under agreements to repurchase | 15,583 | 12,835 | |
Other borrowings | 8,465 | 9,710 | |
Other liabilities | 1,041 -------- | 860 -------- | |
TOTAL LIABILITIES | $293,672 ----------- | $293,344 ----------- | |
SHAREHOLDERS' EQUITY: | |||
Common stock | $16,674 | $16,674 | |
Additional paid-in capital | 6,414 | 6,388 | |
Retained earnings | 9,840 | 10,703 | |
Treasury stock | (1,339) | (174) | |
Accumulated other comprehensive income | (49) -------- | (389) -------- | |
TOTAL SHAREHOLDERS' EQUITY | $31,540 ---------- | $33,202 ---------- | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $325,212 ======= | $326,546 ======= |
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(000 OMITTED) EXCEPT SHARE DATA
TWELVE MONTHS ENDED DECEMBER 31 | |||
2000 -------- | 1999 -------- | ||
INTEREST INCOME: | |||
Interest & fees on loans | $20,116 | $17,715 | |
Interest on securities | 5,348 | 5,387 | |
Other interest income | 33 ---------- | 605 --------- | |
TOTAL INTEREST INCOME | $25,497 ---------- | $23,707 --------- | |
INTEREST EXPENSE: | |||
Interest on deposits | $11,221 | $10,869 | |
Other interest expense | 1,561 --------- | 813 --------- | |
TOTAL INTEREST EXPENSE | $12,782 --------- | $11,682 --------- | |
Net interest income | $12,715 | $12,025 | |
Less provision for loan losses | 6,142 --------- | 1,100 --------- | |
Net interest income after provision for loan losses | 6,573 | 10,925 | |
Total other income | 2,019 | 2,064 | |
Total other expense | 9,191 | 7,574 | |
Provision for (benefit from) income taxes | (920) --------- | 1,149 --------- | |
NET INCOME | $321 ===== | $4,266 ===== | |
EARNINGS PER SHARE | $.12 ===== | $1.61 ===== |
FINANCIAL HIGHLIGHTS
(000 OMITTED) EXCEPT SHARE DATA
DECEMBER 31 | |||
2000 -------- | 1999 -------- | ||
Assets | $325,212 | $326,546 | |
Net loans | 198,358 | 194,861 | |
Securities | 96,550 | 105,387 | |
Deposits | 268,583 | 269,939 | |
Shareholders' equity | 31,540 | 33,202 | |
Net income | 321 | 4,266 | |
Earnings per share | .12 | 1.61 | |
Book value per outstanding share | 12.02 | 12.45 | |
*Quarterly price per share: High Low | 23.00 15.00 | 36.00 30.75 |
*Includes transactions reported by market makers and private transactions, known to the Company.
KEY RATIOS
DECEMBER 31 | |||
2000 -------- | 1999 -------- | ||
Return on average assets | .10% | 1.32% | |
Return on average equity | .98% | 13.14% | |
Loan to deposit | 76.63% | 73.45% | |
Capital to assets | 9.70% | 10.17% |
Copies of
CSB BANCORP, INC.
SEC 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