CFSB BANCORP, INC. ANNOUNCES FISCAL THIRD QUARTER AND YEAR-TO-DATE 2024 FINANCIAL RESULTS

Citizens First Finl Corp Com +2.26%

Citizens First Finl Corp Com

CFSB

6.70

+2.26%

QUINCY, Mass., April 29, 2024 /PRNewswire/ -- CFSB Bancorp, Inc. (the "Company") (NASDAQ Capital Market: CFSB), the holding company for Colonial Federal Savings Bank (the "Bank"), today announced a net loss of $40,000, or $0.01 per basic and diluted share, for the three months ended March 31, 2024 compared to a net loss of $210,000, or $0.03 per basic and diluted share, for the three months ended December 31, 2023 and net income of $355,000, or $0.06 per basic and diluted share, for the three months ended March 31, 2023.

For the nine months ended March 31, 2024, the net loss was $127,000, or $0.02 per basic and diluted share, compared to net income of $1.3 million, or $0.21 per basic and diluted share, for the nine months ended March 31, 2023.

Michael E. McFarland, President and Chief Executive Officer, stated, "Liabilities continue to reprice at a faster rate than assets. These short- term rates over the last twenty-four months have continued to challenge our residential and commercial lending. A slight realignment of the yield curve will assist us moving forward."

Third Quarter Operating Results

Net interest income, on a fully tax-equivalent basis, remained unchanged at $1.7 million for the three months ended March 31, 2024, and December 31, 2023. The net interest margin decreased by six basis points to 1.96% for the three months ended March 31, 2024, from 2.02% for the three months ended December 31, 2023. Net interest income reflected a $19,000 increase in interest and fees on loans, a $56,000 increase in interest and dividends on debt securities and a $127,000 increase in interest on short-term investments, offset by an increase of $146,000 in interest expense on interest-bearing deposits and a $57,000 increase in interest expense on FHLB advances. These increases were primarily due to the rising rate environment as well as increases in the average balance of cash and short-term investments of $10.4 million, or 232.51%, interest-bearing deposits of $4.1 million, or 1.8%, and FHLB advances of $5.9 million, or 70.4%, for the three months ending March 31, 2024 compared to the three months ended December 31, 2023.

Net interest income, on a fully tax-equivalent basis, decreased by $514,000, or 23.6%, to $1.7 million for the three months ended March 31, 2024, from $2.2 million for the three months ended March 31, 2023. The net interest margin decreased by 63 basis points to 1.96% for the three months ended March 31, 2024, from 2.59% for the three months ended March 31, 2023. The decline was primarily due to a 200 basis point increase in the average rate for certificates of deposit, partially offset by an $8.9 million decrease in the average balance of interest-bearing deposits and a 34 basis point increase in the average yield on interest-earning assets. The interest earned on loans increased $77,000, to $1.8 million for the three months ended March 31, 2024, from $1.7 million for the three months ended March 31, 2023. The interest earned on securities increased $116,000, to $1.1 million for the three months ended March 31, 2024, from $938,000 for the three months ended March 31, 2023. The interest earned on cash and short-term investments increased $123,000, to $176,000 for the three months ended March 31, 2024, from $53,000 for the three months ended March 31, 2023. The interest earned on interest-earning assets was due to higher average cash balances as well as rising interest rates.

The Company recorded reversals of the provision for credit losses of $20,000 and $104,000 for the three months ended March 31, 2024 and December 31, 2023, respectively. The reversals of the provision for credit losses were recorded due to improved forecasted economic conditions, lower loan balances and continued strong asset quality. The Company did not record a provision for loan losses during the three months ended March 31, 2023. The allowance for credit losses as a percentage of total loans was 0.90%, 0.93% and 0.98% at March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

Non-interest income decreased $5,000, or 2.9%, to $167,000 for the three months ended March 31, 2024, from $172,000 for the three months ended December 31, 2023, primarily due to a decrease of $8,000 in other income, offset by an increase of $4,000 in customer service fees.

Non-interest income increased $19,000, or 12.8%, to $167,000 for the three months ended March 31, 2024, from $148,000 for the three months ended March 31, 2023, primarily due to an increase in customer service fees of $4,000, or 10.8%, and an increase in other income of $12,000, or 25.5%.

Non-interest expense decreased $201,000, or 9.5%, to $1.9 million for the three months ended March 31, 2024, from $2.1 million for the three months ended December 31, 2023. The decrease was due to a decrease in salaries and employee benefits of $150,000, or 11.8%, due to a reduced headcount and a decrease in other general and administrative expenses of $59,000, or 13.7%, primarily due to decreases in printing, legal and annual meeting expenses.

Non-interest expense increased $7,000, or 0.4%, to $1.9 million for the three months ended March 31, 2024, from the three months ended March 31, 2023. The increase was primarily due to an increase in salaries and employee benefits of $14,000, or 1.3%, an increase in data processing expense of $13,000, or 15.5%, and an increase in deposit insurance of $13,000, or 65.0%, offset by decreases in advertising expense of $6,000, or 15.8%, and other general and administrative expenses of $27,000, or 6.8%, primarily due to decreases in printing, legal and annual meeting expenses, offset by costs associated with director's stock-based compensation.

The Company recorded an income tax benefit of $42,000 for the three months ended March 31, 2024, compared to a provision for income taxes of $16,000 for the three months ended December 31, 2023 and $47,000 for the three months ended March 31, 2023. The decrease in income tax expense for the three months ended March 31, 2024, compared to the three months ended December 31, 2023 was due to the absence of adjustments to deferred taxes and the valuation allowance of deferred taxes.  The decrease in income tax expense for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was due to a decrease in income before income taxes.

Year-to-Date Operating Results

Net interest income decreased, on a fully tax-equivalent basis, by $1.8 million, or 25.7%, to $5.2 million for the nine months ended March 31, 2024, from $6.9 million for the nine months ended March 31, 2023, due to a $2.3 million increase in interest expense due to an increase in the interest on certificates of deposit of $2.1 million and the increase in interest on FHLB Advances of $332,000 from the prior year. The Company recognized a 132 basis point increase in the cost of interest-bearing liabilities, due to higher interest rates and a greater percentage of interest-bearing liabilities in higher-costing certificates of deposit and borrowings. The increase in interest expense was offset by an increase in interest income of $556,000 due to higher average yields on loans, securities and cash and short-term investments. A 25 basis point increase in the average yield on loans, offset by a decrease in the average balance of loans of $1.9 million, or 1.09%, contributed to a $281,000 increase in loan income. A 29 basis point increase in the average yield on securities, offset by a decrease in the average balance of securities of $1.0 million, or 0.7%, contributed to a $308,000 increase in securities income. The interest earned on cash and short-term investments decreased $33,000 from the prior year, due to a $5.7 million decrease in the average balance of cash and short-term investments offset by a 166 basis point increase in the average yield. The net interest margin decreased 65 basis points for the nine months ended March 31, 2024, to 2.06%, from 2.71% in the prior year period.

The Company recognized a reversal of the provision for credit losses of $290,000 for the nine months ended March 31, 2024, compared to no provision for loan losses in the prior year period. The reversal of the provision for credit losses for the nine months ended March 31, 2024  was recorded due to improved forecasted economic conditions, lower loan balances and continued strong asset quality.

Non-interest income decreased $1,000, or 0.2%, to $499,000 for the nine months ended March 31, 2024, from $500,000 for the nine months ended March 31, 2023. The decrease was primarily due to a decrease of $19,000 in safe deposit box fees as we now recognize fees over the rental period, offset by increases in customer service fees of $8,000 and income on bank-owned life insurance of $10,000.

Non-interest expenses increased $197,000, or 3.4%, to $5.9 million for the nine months ended March 31, 2024, from $5.7 million for the nine months ended March 31, 2023. Salaries and benefits increased $157,000, or 4.7%, to $3.5 million, due to annual increases to salaries and health insurance of employees and employee stock-based compensation expense, deposit insurance increased $36,000, data processing costs increased $25,000 and other general and administrative expenses increased $25,000, offset by a $42,000 decrease in advertising costs.

Income tax expense decreased $215,000 to $67,000 for the nine months ended March 31, 2024, compared to income tax expense of $282,000 for the nine months ended March 31, 2023, due to the decrease in income before income taxes, partially offset by an increase in the deferred tax valuation allowance.

Balance Sheet

Assets: At March 31, 2024, total assets amounted to $358.1 million, compared to $349.0 million at June 30, 2023, an increase of $9.1 million, or 2.6%, due to a $14.8 million increase in cash and cash equivalents, a $346,000 increase in prepaid items and a $323,000 increase in FHLB of Boston (FHLBB) stock, offset by a $5.0 million decrease in net loans and a $1.4 million decrease in securities. The increase in cash and cash equivalents was due to increases in deposits and FHLBB advances, and decreases in loans was a result of borrower principal payments exceeding new origination, due to the higher interest rate environment.

Asset Quality: At March 31, 2024, there were four current loans rated substandard with a provision for credit loss of $1,000 and no loans rated special mention, doubtful or loss. The reversal of the provision for credit losses for the three and nine months ended March 31, 2024 reflected continued strong asset quality

Liabilities: Deposits increased by $2.3 million, or 0.9%, during the nine months ended March 31, 2024, due to increases in higher-yielding term certificates. FHLBB advances were $10.4 million at March 31, 2024 compared to $3.7 million at June 30, 2023, as we implemented a leverage strategy that increased liquidity and interest income.  

Stockholders' Equity. Total stockholders' equity decreased $27,000, to $75.9 million at March 31, 2024, from June 30, 2023. The decrease was primarily due to the net loss of $127,000 and the effect of the adoption of ASU 2016-13, net of taxes, of $223,000, offset by the change in unearned ESOP compensation of $77,000, and stock-based compensation of $269,000, for the nine months ended March 31, 2024.

On July 1, 2023, the Company adopted ASU 2016-13, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans receivable and securities held to maturity. In addition, ASC 326 made changes to the accounting for securities available for sale. It also applies to off-balance sheet credit exposures not accounted for as insurance, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. The following table illustrates the impact of ASC 326:





Pre-ASC Adoption





As Reported Under ASC 326









(In thousands)



June 30, 2023





July 1, 2023





Impact of ASC 326 Adoption



Assets



















Allowance for credit losses on

securities held to maturity



$

-





$

(276)





$

(276)



Allowance for credit losses on loans





(1,747)







(1,759)







(12)



Deferred tax asset on allowance for

credit losses





466







378







(88)























Liabilities



















Allowance for credit losses on off-

balance sheet exposures



$

-





$

23





$

23























Shareholders' Equity



















Retained earnings



$

50,416





$

50,193





$

(223)



 

About CFSB Bancorp, Inc.

CFSB Bancorp, Inc. is the federal mid-tier holding company of Colonial Federal Savings Bank and is the majority-owned subsidiary of 15 Beach, MHC. Colonial Federal Savings Bank is a federally chartered stock savings bank that has served the banking needs of its customers on the south shore of Massachusetts since 1889. It operates from three full-service offices and one limited-service office in Quincy, Holbrook and Weymouth, Massachusetts.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "assume," "plan," "seek," "expect," "will," "may," "should," "indicate," "would," "contemplate," "continue," "target" and words of similar meaning. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, demand for loan products, deposit flows, changes in the interest rate environment, the effects of inflation, potential recessionary conditions, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the FRB, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; changes in asset quality, prepayment speeds, charge-offs and/or credit loss provisions, our ability to access cost-effective funding; changes in demand for our products and services, legislative, accounting, tax and regulatory changes, the current or anticipated impact of military conflict, terrorism or other geopolitical events, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's financial condition and results of operations and the business in which the Company and the Bank are engaged, the failure to maintain current technologies and the failure to retain or attract employees.

You should not place undue reliance on forward-looking statements. CFSB Bancorp, Inc. undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

 

CFSB Bancorp, Inc. and Subsidiary

Consolidated Balance Sheets (Unaudited)

(In thousands, except per share data)



















March 31,





June 30,







2024





2023



Assets:













Cash and due from banks



$

1,182





$

1,486



Short-term investments





20,482







5,375



Total cash and cash equivalents





21,664







6,861



Securities available for sale, at fair value





119







146



Securities held to maturity, at amortized cost, net of allowance for credit losses





146,463







147,902



Loans:













1-4 family





136,430







140,109



Multifamily





11,854







12,638



Second mortgages and home equity lines of credit





3,495







2,699



Construction





-







-



Commercial





18,852







20,323



Total mortgage loans on real estate





170,631







175,769



Consumer





89







49



Home improvement





2,128







2,191



Total loans





172,848







178,009



Allowance for credit losses





(1,561)







(1,747)



Net deferred loan costs and fees, and purchase premiums





(399)







(351)



Loans, net





170,888







175,911



Federal Home Loan Bank of Boston stock, at cost





704







381



Premises and equipment, net





3,267







3,413



Accrued interest receivable





1,400







1,363



Bank-owned life insurance





10,603







10,402



Deferred tax asset





1,129







1,079



Operating lease right of use asset





884







953



Other assets





943







596



Total assets



$

358,064





$

349,007

















Liabilities and Stockholders' Equity:













Deposits:













Non-interest bearing NOW and demand



$

30,789





$

32,760



Interest bearing NOW and demand





28,859







28,778



Regular and other





56,118







64,184



Money market accounts





22,872







26,995



Term certificates





127,000







110,659



Total deposits





265,638







263,376



Federal Home Loan Bank of Boston advances





10,350







3,675



Mortgagors' escrow accounts





1,526







1,596



Operating lease liability





898







962



Accrued expenses and other liabilities





3,790







3,509



Total liabilities





282,202







273,118

















Stockholders' Equity:













Common stock





65







65



Additional paid-in capital





28,058







27,814



Retained earnings





50,066







50,416



Accumulated other comprehensive loss, net of tax





(1)







(3)



Unearned compensation - ESOP





(2,326)







(2,403)



Total stockholders' equity





75,862







75,889



Total liabilities and stockholders' equity



$

358,064





$

349,007



 

CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Net Income (Loss) (Unaudited)

(In thousands, except per share data)



















For the Three Months Ended





For the Nine Months Ended







March 31,





December 31,





March 31,





March 31,





March 31,







2024





2023





2023





2024





2023



Interest and dividend income:































Interest and fees on loans



$

1,777





$

1,758





$

1,700





$

5,257





$

4,976



Interest and dividends on debt securities:































Taxable





965







904







837







2,737







2,383



Tax-exempt





89







93







101







279







315



Interest on short-term investments





176







49







53







270







303



Total interest and dividend income





3,007







2,804







2,691







8,543







7,977



































Interest expense:































Deposits





1,197







1,051







533







3,124







1,115



Borrowings





171







114







3







335







3



Total interest expense





1,368







1,165







536







3,459







1,118



































Net interest income





1,639







1,639







2,155







5,084







6,859



Provision for (reversal of) credit losses





(20)







(104)







-







(290)







-



Net interest income after provision for (reversal of) credit losses





1,659







1,743







2,155







5,374







6,859



































Non-interest income:































Customer service fees





41







37







37







118







110



Income on bank-owned life insurance





67







68







64







201







191



Other income





59







67







47







180







199



Total non-interest income





167







172







148







499







500



































Non-interest expenses:































Salaries and employee benefits





1,117







1,267







1,103







3,528







3,371



Occupancy and equipment





256







240







256







750







754



Advertising





32







36







38







106







148



Data processing





97







101







84







287







262



Deposit insurance





33







33







20







99







63



Other general and administrative





373







432







400







1,163







1,138



Total non-interest expenses





1,908







2,109







1,901







5,933







5,736



































Income (loss) before income taxes





(82)







(194)







402







(60)







1,623



Provision (benefit) for income taxes





(42)







16







47







67







282



Net income (loss)



$

(40)





$

(210)





$

355





$

(127)





$

1,341



































Net income (loss) per share:































Basic



$

(0.01)





$

(0.03)





$

0.06





$

(0.02)





$

0.21



Diluted



$

(0.01)





$

(0.03)





$

0.06





$

(0.02)





$

0.21



































Weighted average shares outstanding:































Basic





6,292,060







6,284,768







6,300,633







6,286,323







6,282,384



Diluted





6,292,060







6,284,768







6,300,721







6,286,323







6,282,413



 

CFSB Bancorp, Inc. and Subsidiary

Average Balances and Yields, Fully Tax-Equivalent Basis (Unaudited)

(Dollars in thousands)









Average Balance and Yields





Three Months Ended





March 31, 2024





December 31, 2023





March 31, 2023





Average





Interest





Average





Average





Interest





Average





Average





Interest





Average





Outstanding





Earned/





Yield/





Outstanding





Earned/





Yield/





Outstanding





Earned/





Yield/



(Dollars in thousands)

Balance





Paid





Rate





Balance





Paid





Rate





Balance





Paid





Rate



Interest-earning assets:





















































Loans

$

175,072





$

1,777







4.06

%



$

176,149





$

1,758







3.99

%



$

179,452





$

1,700







3.79

%

Securities (1)



149,442







1,078







2.89

%





149,187







1,022







2.74

%





150,945







960







2.54

%

Cash and short-term investments



14,933







176







4.71

%





4,491







49







4.36

%





5,287







53







4.01

%

Total interest-earning assets



339,447







3,031







3.57

%





329,827







2,829







3.43

%





335,684







2,713







3.23

%

Noninterest-earning assets



17,082



















16,875



















17,207















Total assets

$

356,529

















$

346,702

















$

352,891















Interest-bearing liabilities:





















































Interest-bearing demand deposits

$

30,261





$

4







0.05

%



$

29,746





$

4







0.05

%



$

32,245





$

4







0.05

%

Savings deposits



57,619







14







0.10

%





58,992







15







0.10

%





68,097







17







0.10

%

Money market deposits



23,396







15







0.26

%





24,153







15







0.25

%





34,377







22







0.26

%

Certificates of deposit



121,108







1,164







3.84

%





115,397







1,017







3.53

%





106,555







490







1.84

%

Total interest-bearing deposits



232,384







1,197







2.06

%





228,288







1,051







1.84

%





241,274







533







0.88

%

FHLB advances



14,186







171







4.82

%





8,323







114







5.48

%





244







3







4.92

%

Total interest-bearing liabilities



246,570







1,368







2.22

%





236,611







1,165







1.97

%





241,518







536







0.89

%

Noninterest-bearing liabilities:





















































  Noninterest-bearing demand deposits



28,530



















28,223



















30,352















  Other noninterest-bearing liabilities



5,650



















5,968



















5,554















Total liabilities



280,750



















270,802



















277,424















Total stockholders' equity



75,779



















75,900



















75,467















Total liabilities and stockholders' equity

$

356,529

















$

346,702

















$

352,891















Net interest income







$

1,663

















$

1,664

















$

2,177









Net interest rate spread(2)















1.35

%

















1.46

%

















2.34

%

Net interest-earning assets(3)

$

92,877

















$

93,216

















$

94,166















Net interest margin(4)















1.96

%

















2.02

%

















2.59

%

Cost of deposits(5)















1.84

%

















1.64

%

















0.78

%

Cost of funds(6)















1.99

%

















1.76

%

















0.79

%

Ratio of interest-earning assets to interest-bearing liabilities



137.67

%

















139.40

%

















138.99

%













 

(1) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $24,000, $25,000, and $22,000 for the three months ended March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

(2) Net interest rate spread represents the difference between the weighted average yield earned on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.

(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4) Net interest margin represents net interest income divided by average total interest-earning assets.

(5) Cost of deposits represents the total interest paid on deposits, divided by total interest-bearing deposits plus total noninterest-bearing deposits.

(6) Cost of funds represents the total interest paid on liabilities, divided by total interest-bearing liabilities plus total noninterest-bearing deposits.

 

CFSB Bancorp, Inc. and Subsidiary

Average Balances and Yields, Fully Tax-Equivalent Basis (Unaudited)

(Dollars in thousands)









Average Balance and Yields





Nine Months Ended





March 31, 2024





March 31, 2023





Average





Interest





Average





Average





Interest





Average





Outstanding





Earned/





Yield/





Outstanding





Earned/





Yield/



(Dollars in thousands)

Balance





Paid





Rate





Balance





Paid





Rate



Interest-earning assets:



































Loans

$

175,966





$

5,257







3.98

%



$

177,898





$

4,976







3.73

%

Securities (1)



149,296







3,090







2.76

%





150,318







2,782







2.47

%

Cash and short-term investments



7,733







270







4.66

%





13,445







303







3.00

%

Total interest-earning assets



332,995







8,617







3.45

%





341,661







8,061







3.15

%

Noninterest-earning assets



16,765



















16,401















Total assets

$

349,760

















$

358,062















Interest-bearing liabilities:



































Interest-bearing demand deposits

$

29,972





$

11







0.05

%



$

32,982





$

12







0.05

%

Savings deposits



59,693







47







0.10

%





72,112







54







0.10

%

Money market deposits



24,611







45







0.24

%





39,956







80







0.27

%

Certificates of deposit



116,087







3,021







3.47

%





100,875







969







1.28

%

Total interest-bearing deposits



230,363







3,124







1.81

%





245,925







1,115







0.60

%

FHLB advances



8,673







335







5.15

%





80







3







5.00

%

Total interest-bearing liabilities



239,036







3,459







1.93

%





246,005







1,118







0.61

%

Noninterest-bearing liabilities:



































  Noninterest-bearing demand deposits



29,244



















31,928















  Other noninterest-bearing liabilities



5,683



















5,044















Total liabilities



273,963



















282,977















Total stockholders' equity



75,797



















75,085















Total liabilities and stockholders' equity

$

349,760

















$

358,062















Net interest income







$

5,158

















$

6,943









Net interest rate spread(2)















1.52

%

















2.54

%

Net interest-earning assets(3)

$

93,959

















$

95,656















Net interest margin(4)















2.07

%

















2.71

%

Cost of deposits(5)















1.60

%

















0.54

%

Cost of funds(6)















1.72

%

















0.54

%

Ratio of interest-earning assets to interest-bearing liabilities



139.31

%

















138.88

%













 

(1)  Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $74,000 and $84,000 for the nine months ended March 31, 2024 and March 31, 2023, respectively.

(2) Net interest rate spread represents the difference between the weighted average yield earned on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.

(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4) Net interest margin represents net interest income divided by average total interest-earning assets.

(5) Cost of deposits represents the total interest paid on deposits, divided by total interest-bearing deposits plus total noninterest-bearing deposits.

(6) Cost of funds represents the total interest paid on liabilities, divided by total interest-bearing liabilities plus total noninterest-bearing deposits.



 

CFSB Bancorp, Inc. and Subsidiary

Reconciliation of Fully Tax-Equivalent Income (Unaudited)

(In thousands)



















For the Three Months Ended





For the Nine Months Ended







March 31,





December 31,





March 31,





March 31,





March 31,







2024





2023





2023





2024





2023



Securities interest income (no tax adjustment)



$

1,054





$

997





$

938





$

3,016





$

2,698



Tax-equivalent adjustment





24







25







22







74







84



Securities (tax-equivalent basis)



$

1,078





$

1,022





$

960





$

3,090





$

2,782



Net interest income (no tax adjustment)



$

1,639





$

1,639





$

2,155





$

5,084







6,859



Tax-equivalent adjustment





24







25







22







74







84



Net interest income (tax-equivalent adjustment)



$

1,663





$

1,664





$

2,177





$

5,158





$

6,943



 

CFSB Bancorp, Inc. and Subsidiary



At or for the Three Months Ended





At or for the Nine Months Ended



Selected Financial Highlights (Unaudited)



March 31,





December 31,





March 31,





March 31,





March 31,



(In thousands, except share and per share amounts)



2024





2023





2023





2024





2023



Performance Ratios































Return (loss) on average assets (GAAP) (1, 4)





(0.04)

%





(0.24)

%





0.40

%





(0.05)

%





0.50

%

Return (loss) on average equity ("ROAE") (GAAP) (1, 5)





(0.21)

%





(1.11)

%





1.88

%





(0.22)

%





2.38

%

Noninterest expense to average assets (GAAP) (1)





2.14

%





2.43

%





2.15

%





2.43

%





2.14

%

Total loans to total deposits





65.07

%





68.62

%





66.32

%





65.07

%





66.32

%

Total loans to total assets





48.27

%





49.30

%





50.92

%





48.27

%





50.92

%

Efficiency ratio (GAAP) (6)





105.65

%





116.45

%





82.54

%





106.27

%





77.95

%

Capital Ratios































Total capital to risk-weighted assets





34.07

%





33.32

%





32.60

%





34.07

%





32.60

%

Common equity tier 1 capital to risk-weighted assets





33.15

%





32.41

%





31.70

%





33.15

%





31.70

%

Tier 1 capital to risk-weighted assets





33.15

%





32.41

%





31.70

%





33.15

%





31.70

%

Tier 1 capital to average assets (2)





17.83

%





18.32

%





17.90

%





17.83

%





17.90

%

Asset Quality Ratios































Allowance for credit losses on loans as a percentage of total loans (3)





0.90

%





0.93

%





0.98

%





0.90

%





0.98

%

Allowance for credit losses on loans as a percentage of non-performing loans



NM







1740.46

%



NM





NM





NM



Net (charge-offs) recoveries to average outstanding loans





-

%





-

%





-

%





-

%





-

%

Non-performing loans as a percentage of total loans





-

%





0.05

%





-

%





-

%





-

%

Non-performing loans as a percentage of total assets





-

%





0.03

%





-

%





-

%





-

%

Informational Items































Fair value of held to maturity securities



$

132,946





$

136,427





$

136,774





$

132,946





$

136,774



Book value per share (7)



$

11.44





$

11.43





$

11.41





$

11.44





$

11.41



Outstanding common shares





6,632,642







6,632,642







6,632,642







6,632,642







6,632,642



 

(1) Annualized.

(2) Average assets calculated on a quarterly basis.

(3) Total loans exclude net deferred loan costs and fees.

(4) Represents net income divided by average assets.

(5) Represents net income divided by average stockholders' equity

(6) Represents total non-interest expenses divided by net interest income and non-interest income.

(7) Represents total stockholders' equity divided by outstanding shares at period end.

 

Cision View original content:https://www.prnewswire.com/news-releases/cfsb-bancorp-inc-announces-fiscal-third-quarter-and-year-to-date-2024-financial-results-302130415.html

SOURCE CFSB Bancorp, Inc.

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