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Previous: CSB BANCORP INC /OH, 8-K, EX-99, 2000-12-01 |
Next: SEPARATE ACCOUNT VA-K OF ALLMERICAN FN LF INS & AN CO, 497, 2000-12-01 |
FINANCIAL HIGHLIGHTS
(000 OMITTED) EXCEPT SHARE DATA
|
SEPTEMBER 30 2000 1999 | ||
| Assets | $332,607 | $318,584 |
| Net loans | 208,539 | 187,803 |
| Securities | 97,777 | 106,451 |
| Deposits | 265,508 | 264,692 |
| Shareholders' equity | 32,038 | 32,932 |
| Net income | 1,081 | 3,150 |
| Earnings per share | 0.41 | 1.19 |
| Book value per outstanding share | 12.21 | 12.42 |
| *Quarterly price per share:
High Low |
34.00 18.50 |
45.00 33.50 |
*Includes transactions reported by market makers and private transactions, known to the Company.
KEY RATIOS
|
SEPTEMBER 30 2000 1999 | ||
| Return on average assets | 0.44% | 1.31% |
| Return on average equity | 4.42% | 13.16% |
| Loan to deposit | 80.52% | 72.22% |
| Capital to assets | 9.63% | 10.34% |
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
QUARTERLY REPORT
SEPTEMBER 30, 2000
CSB
CSB BANCORP, INC.
Stock Symbol csbb.ob
CSB Bancorp has experienced a challenging year in 2000. Many changes have occurred throughout the year. Most recently, on November 16, 2000, Mr. Douglas D. Akins resigned his position as President and Chief Executive Officer of CSB Bancorp, Inc. and The Commercial and Savings Bank. Mr. Akins also resigned as a Director of each company. We want to thank Mr. Akins for his fifteen years of faithful service. A search committee of the Board of Directors has been formed to locate both an interim and permanent President and Chief Executive Officer.
Also, the Company has entered into a written agreement with the Federal Reserve Bank of Cleveland and the Ohio Division of Financial Institutions that will require CSB to engage in activities designed to strengthen the Company, and ensure that practices and procedures meet all banking requirements. CSB believes that compliance with this agreement will result in a stronger company, and has already begun to implement some of the new policies and procedures.
As of September 30, 2000, the Company's total assets had grown to over $332 million, and net income totaled nearly $1 .1 million through the nine month period. Loan demand remained strong as the total amount of loans increased 11% since December 31, 1999. Due to this increase in loans, particularly in commercial loans, and management's analysis of the loan portfolio, CSB provided $3.5 million, from earnings during the nine month period, into the allowance for loan losses.
Thank you for your support of CSB. If you have any questions, please feel free to contact me.
A. Lee Miller
CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)
(000 OMITTED) EXCEPT SHARE DATA
|
SEPTEMBER 30 2000 1999 | ||
| ASSETS: | ||
| Cash and due | $12,014 | $8,652 |
| Federal funds sold | 0 | 2,611 |
| Securities | 97,777 | 106,451 |
| Net loans | 208,539 | 187,803 |
| Premises & equipment, net | 9,097 | 8,657 |
| Other assets | 5,180 | 4,410 |
| TOTAL ASSETS | $332,607 | $318,584 |
| LIABILITIES: | ||
| Deposits | $265,508 | $264,692 |
| Securities sold under agreements to repurchase | 13,095 | 11,074 |
| Federal funds purchased | 12,100 | -- |
| Other borrowings | 8,654 | 8,918 |
| Other liabilities | 1,212 | 968 |
| TOTAL LIABILITIES | $300,569 | $285,652 |
| SHAREHOLDERS' EQUITY: | ||
| Common stock | $16,674 | $16,630 |
| Additional paid-in capital | 6,422 | 6,216 |
| Retained earnings | 10,600 | 10,488 |
| Treasury stock | (1,377) | (174) |
| Accumulated other comprehensive income | (281) | (228) |
| TOTAL SHAREHOLDERS' EQUITY | $32,038 | $32,932 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $332,607 | $318,584 |
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(000 OMITTED) EXCEPT SHARE DATA
|
NINE MONTHS ENDED SEPTEMBER 30 2000 1999 | ||
| INTEREST INCOME: | ||
| Interest & fees on loans | $14,887 | $13,098 |
| Interest on securities | 4,048 | 3,958 |
| Other interest income | 20 | 560 |
| TOTAL INTEREST INCOME | $18,955 | $17,616 |
| INTEREST EXPENSE: | ||
| Interest on deposits | $8,303 | $8,205 |
| Other interest expense | 1,163 | 546 |
| TOTAL INTEREST EXPENSE | $9,466 | $8,751 |
| Net interest income | $9,489 | $8,865 |
| Less provision for loan losses | 3,536 | 949 |
| Net interest income after provision for loan losses | 5,953 | 7,916 |
| Total other income | 1,461 | 1,587 |
| Total other expense | 6,647 | 5,482 |
| Provision for (benefit from) income taxes | (314) | 871 |
| NET INCOME | $1,081 | $3,150 |
| EARNINGS PER SHARE | $0.41 | $1.19 |
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