Press Release  |  July 19, 2005


CSB Bancorp Inc. Announces Second Quarter 2005 Financial Results

MILLERSBURG, OH – (BUSINESS WIRE) – July 19, 2005 – CSB Bancorp, Inc., (CSBB.OB), parent company of The Commercial and Savings Bank, announced a 13.5% percent increase in net income for the first half of 2005 compared to the same period last year.

For the most recent six-month period, net income totaled $1,280,000, or $0.48 per share, compared to $1,128,000, or $0.43 per share a year earlier, an 11.6% increase.

Net income for the three-month period ending June 30, 2005, stood at $613,000, compared to $607,000 for the Second Quarter of 2004. Quarterly earnings per share of $0.23 were equal to the $0.23 per share in 2004.

Key earnings barometers performed as follows:

· For the quarter just ended, net interest income was $3,028,000, up 9.1% from $2,776,000 in 2004. For the six-month period net interest income was $5,957,000, an increase of 8.9% over the $5,472,000 of the prior year. The increase was bolstered by the growth in business loans and rate increases from variable rate loans exceeding the cost of funding.

· Noninterest income for the quarter stood at $554,000, down from $572,000 a year earlier. The Company however recorded $1,087,000 for the six months ended through June 30, 2005 as compared to $1,045,000 the year before. The Company’s exit from merchant credit card servicing reduced quarterly and six-month year-to-date noninterest income by $57,000 and $97,000 respectively, which was offset by increases in deposit service charges, gains on loans and other assets sold, and increases in Trust department revenues.

· Noninterest expenses for the quarter stood at $2,634,000, up from $2,535,000 a year earlier, and $5,311,000 at the half-year mark, versus $5,050,000 the year before. The increase in noninterest expense is attributed to personnel benefits, the additional expense to comply with Sarbanes-Oxley legislation, and the rising costs of expanding the Trust Department assets, that have more than doubled from a year ago.


“We remained focused on controlling noninterest expense and this is evidenced by the lower expenses of $2,634,000 in the second quarter compared to $2,677,000 for the first quarter of 2005,” stated John J. Limbert, President and Chief Executive Officer of CSB Bancorp, Inc.

Total assets at June 30, 2005 stood at $311,171,000, down from $317,340,000 at December 31, 2004 and $320,510,000 a year earlier.

Limbert continued, “we were pleased with the growth in deposits, from $239 million a year ago to $245 million this year, a 2.6% increase. We elected to use this growth to repay bank borrowings, the net result being a lower balance sheet, but improved earnings.”

Based in Millersburg, Ohio, CSB Bancorp, Inc., is the parent company of The Commercial and Savings Bank, an Ohio banking corporation chartered in 1879 serving consumers and businesses through nine banking centers in Holmes, Tuscarawas and Wayne counties. CSB is located on the web at www.csb1.com.

Shares of CSB Bancorp, Inc. stock are traded through broker/dealers under the symbol “CSBB.OB” and through private transactions.

Forward-looking Statement. The information in this press release contains forward-looking statements including certain projections, plans and forecasts of expected future performance that are not historical facts and that are subject to a number of risk and uncertainties. Actual results and performance could differ materially from those contemplated or implied by these forward-looking statements.


NEWS EDITOR: for further information, please contact Paula Meiler, Senior Vice President and Chief Financial Officer of CSB Bancorp, Inc. at (330) 763-2873 or (800) 654-9015.

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