Letter to Shareholders

April 21, 2015

Dear Fellow Shareholder:

We are pleased to enclose a first quarter dividend remittance of $0.19 per share.  This amount equates to an annualized dividend yield of 3.3% based on CSB’s $23.00 stock price at the time of this writing (April 16). 

CSB’s first quarter 2015 net income amounted to $1.3 million, generating an annualized return on equity of 9.33% for the quarter.   Average loan balances increased 1% during the quarter, while average deposit balances held steady.  Total loans at the end of the quarter are 3% higher than a year ago, while deposits are about 7% higher.  The balance sheet now stands at $625 million, with equity above $58 million.

Economic conditions in the Company’s markets continue to improve and new capital investment is occurring in moderate levels.  Unemployment is lower than a year ago and near historical norms.  Consumer confidence is improved, both locally and across the nation, helped by comparatively lower fuel costs at the gas pump and for home heating.  Interest rates remain very low and no significant increase in rates is foreseeable at the present 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.



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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