Letter to Shareholders

April 22, 2014

Dear Fellow Shareholder:

We are pleased to enclose a first quarter dividend remittance of $0.18 per share.  This amount equates to an annualized dividend yield of 3.6% based on CSB’s $20.00 stock price at the time of this writing (April 16). 

CSB’s first quarter 2014 net income increased to $1.4 million, generating an annualized rate of return on equity of 10.70%.   Average loan balances increased 5% during the quarter, while average deposit balances declined 2%. 

We are encouraged by the sustained strengthening of economic conditions in the Company’s primary market area.  Commercial loan demand has increased and some improvement is visible in the pace of new home construction and sales of existing housing units.  Additionally, unemployment levels have generally stabilized.  While the pace of economic growth remains modest overall, both consumer spending and business investment are on the upswing, and there are no significant inflationary pressures at this time. 

CSB Bancorp, Inc. and The Commercial and Savings Bank remain well-positioned to continue growing and providing excellent financial services for the customers and communities we serve.  We thank you for your support as a shareholder of CSB.


Eddie Steiner                                                           John Waltman
President and Chief Executive Officer                    Chairman of the Board


This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934.  We have based these forward-looking statements on the Company’s current expectations and projections about future events.  These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us and the Company’s affiliate companies, that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.  In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions.  Factors that might cause or contribute to such a discrepancy include, but are not limited to those identified in the Company’s Securities and Exchange Commission filings, including the Company’s 2013 Annual Report on Form 10-K, filed on March 25, 2014.  The discussion should be read in conjunction with the Company’s Financial Statements and related Notes thereto included in the Company’s Form 10-K and Form 10-Q filings.

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