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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q



  X  

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended:  JUNE 30, 2003


OR


        

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

           SECURITIES EXCHANGE ACT OF 1934


Commission file number:

0-21714


CSB Bancorp, Inc.


(Exact name of registrant as specified in its charter)


Ohio

34-1687530


(State or other jurisdiction of

(I.R.S. Employer Identification Number)

incorporation or organization)


6 W. Jackson Street, P.O. Box 232, Millersburg, Ohio  44654

(Address of principal executive offices)


(330) 674-9015


(Registrant's telephone number)


Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Yes

  (X)

No  (  )


Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

 Yes  (   )

No  (X)


Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.


Common stock, $6.25 par value

Outstanding at July 25, 2003:

 2,640,588 common shares







CSB BANCORP, INC.

FORM 10-Q

QUARTER ENDED June 30, 2003




Table of Contents



Part I - Financial Information



 

Page

ITEM 1 - FINANCIAL STATEMENTS

 
  

Consolidated Balance Sheets

3

  

Consolidated Statements of Income

4

  

Consolidated Statements of Changes in Shareholders' Equity

5

  

Condensed Consolidated Statements of Cash Flows

6

  

Note to the Consolidated Financial Statements

7

  
  

ITEM 2 -  MANAGEMENT'S DISCUSSION AND ANALYSIS

     OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


8


 

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT

     MARKET RISK


12

  

ITEM 4 – CONTROLS AND PROCEDURES

13

  

Part II - Other Information

 
  

Other Information

14

  

Signatures

16





CSB BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)


 

June 30,

2003

December 31,

2002

ASSETS

  

Cash and due from banks

$16,459,506

$12,079,581

Interest-bearing deposits with other banks

125,848

192,115

Federal funds sold

---

10,293,000

  Total cash and cash equivalents

16,585,354

22,564,696

   

Securities available-for-sale, at fair value

21,736,251

22,671,668

Securities held-to-maturity (fair value of

  $46,748,342 in 2003 and $56,685,008 in 2002)


43,591,579


47,822,882

Restricted stock, at cost

2,642,900

2,593,500

  Total securities

67,970,730

73,088,050

   

Loans, net of allowance for loan losses of

  $2,554,859 in 2003 and $2,700,643 in 2002


209,436,947


197,109,272

Premises and equipment, net

8,844,494

9,070,238

Accrued interest receivable and other assets

2,253,873

2,880,868

   

  Total assets

$305,091,398

$304,713,124

   

LIABILITIES

  

Deposits

  

  Noninterest-bearing

$28,941,879

$32,397,210

  Interest-bearing

204,322,401

207,578,723

  Total deposits

233,264,280

239,975,933

Securities sold under repurchase agreements

11,401,923

14,448,384

Federal funds purchased

4,800,000

---

Federal Home Loan Bank borrowings

19,820,507

15,380,060

Accrued interest payable and other liabilities

1,400,689

1,166,463

  Total liabilities

270,687,399

270,970,840

   

SHAREHOLDERS' EQUITY

  

Common stock, $6.25 par value:  Authorized 9,000,000

  shares; issued 2,667,786 shares


16,673,667


16,673,667

Additional paid-in capital

6,413,915

6,413,915

Retained earnings

12,060,039

11,621,292

Treasury stock at cost: 31,132 shares in 2003 and

  37,456 shares in 2002


(881,891)


(1,088,312)

Accumulated other comprehensive income

138,269

121,722

Total shareholders' equity

34,403,999

33,742,284

   

Total liabilities and shareholders' equity

$305,091,398

$304,713,124

See note to consolidated financial statements.







CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


 

Three Months Ended

June 30,

Six Months Ended

June 30,

 

2003

2002

2003

2002

Interest income

    

Loans, including fees

$3,189,639

$3,121,386

$6,362,738

$6,272,381

Taxable securities

267,573

440,348

560,505

967,032

Non-taxable securities

480,284

557,862

964,061

1,132,966

Other

287

51,827

9,627

113,494

Total interest income

3,937,783

4,171,423

7,896,931

8,485,873

     

Interest expense

    

Deposits

972,039

1,515,159

1,999,407

3,309,749

Other

216,415

168,993

415,361

279,740

Total interest expense

1,188,454

1,684,152

2,414,768

3,589,489

     

Net interest income

2,749,329

2,487,271

5,482,163

4,896,384

Provision (credit) for loan losses

20,000

(241,521)

(51,000)

(241,521)

     

Net interest income after provision for loan losses


2,729,329


2,728,792


5,533,163


5,137,905

     

Non-interest income

    

Service charges on deposit accounts

204,836

198,702

390,196

407,827

Gain on sale of securities

---

---

---

114,822

Trust and financial services

94,217

104,164

187,358

197,482

Other income

260,084

189,790

449,277

354,816

Total non-interest income

559,137

492,656

1,026,831

1,074,947

     

Non-interest expenses

    

Salaries and employee benefits

1,341,189

1,348,246

2,649,900

2,700,814

Occupancy expense

161,844

139,123

330,446

288,490

Equipment expense

130,968

129,716

260,002

268,424

State franchise tax

98,498

94,536

202,593

186,832

Professional and director fees

226,984

232,272

409,795

438,603

Other expenses

704,369

774,918

1,403,812

1,534,348

Total non-interest expenses

2,663,852

2,718,811

5,256,548

5,417,511

     

Income before income taxes

624,614

502,637

1,303,446

795,341

Federal income tax provision (credit)

53,000

(2,221)

134,000

(85,906)

     

Net income

$571,614

$504,858

$1,169,446

$881,247

     

Basic and diluted earnings per share

$ 0.21

$ 0.19

$ 0.44

$ 0.33

See note to consolidated financial statements



CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)



 

Three Months Ended

June 30,

Six Months Ended

June 30,

 

2003

2002

2003

2002

     

Balance at beginning of period

$34,040,707

$32,842,970

$33,742,284

$32,721,137

     

Net income

571,614

504,858

1,169,446

881,247

Other comprehensive income

  (loss), net of income tax


41,090


162,312


16,547


(92,164)

Total comprehensive income

612,704

667,170

1,185,993

789,083

     

Issuance of shares from treasury

  under dividend reinvestment

  program (3,848 and 7,402

  shares in 2003 and 1,630

  shares in 2002)





67,063





31,190





126,169





31,190

     

Purchase of treasury shares

  (4 and 1,006 shares in 2003

  and 5 and 9 shares in 2002



(76)



(82)



(18,111)



(162)

     

Cash dividends declared

  ($0.12 and $0.24 per share in

  2003 and $0.10 per share

  in 2002)




(316,399)




(262,952)




(632,336)




(262,952)

     

Balance at end of period

$34,403,999

$33,278,296

$34,403,999

$33,278,296


See note to consolidated financial statements.







CSB BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



 

Six Months Ended

June 30,

 

2003

2002

   

Net cash from operating activities

$2,265,046

$1,406,782

   

Cash flows from investing activities

  

Securities available-for-sale

  

  Proceeds from maturities, calls and repayments

15,751,000

13,282,306

Proceeds from sales

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