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WKN: A3E4P0 | ISIN: US12530C1071 | Ticker-Symbol:
NASDAQ
19.11.24
19:22 Uhr
6,680 US-Dollar
0,000
0,00 %
1-Jahres-Chart
CFSB BANCORP INC Chart 1 Jahr
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CFSB BANCORP INC 5-Tage-Chart
PR Newswire
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CFSB Bancorp, Inc. Announces Fiscal Fourth Quarter And Full Year 2024 Financial Results

Finanznachrichten News

QUINCY, Mass., July 30, 2024 /PRNewswire/ -- CFSB Bancorp, Inc. (the "Company") (NASDAQ Capital Market: CFSB), the holding company for Colonial Federal Savings Bank (the "Bank"), announced net income of $160,000, or $0.03 per basic and diluted share, for the three months ended June 30, 2024 compared to a net loss of $40,000, or $0.01 per basic and diluted share, for the three months ended March 31, 2024 and net income of $105,000, or $0.02 per basic and diluted share, for the three months ended June 30, 2023.

For the twelve months ended June 30, 2024, net income was $33,000, or $0.01 per basic and diluted share, compared to net income of $1.4 million, or $0.23 per basic and diluted share, for the twelve months ended June 30, 2023.

Michael E. McFarland, President and Chief Executive Officer, stated "Liabilities continue to reprice at a faster pace than assets. Our business model has been strained over the last two years due to continued inversion of the yield curve. As assets reprice upward combined with some reductions from the Federal Reserve on interest rates these challenges should begin to diminish."

Fourth Quarter Operating Results
Net interest income, on a fully tax-equivalent basis, decreased by $20,000, or 1.2%, to $1.6 million for the three months ended June 30, 2024, from $1.7 million for the three months ended March 31, 2024. The net interest margin decreased by three basis points to 1.93% for the three months ended June 30, 2024, from 1.96%, for the three months ended March 31, 2024. Interest income increased $119,000, or 3.9%, due to a $27,000 increase in interest and dividends on debt securities and a $106,000 increase in interest on short-term investments, offset by a $14,000 decrease in interest and fees on loans. These changes reflect an overall increased yield on interest-earning assets of 8 basis points, due to the high rate environment as well as an increase in the average balance of cash and short-term investments of $5.3 million, or 35.7%, and an increase in interest-bearing deposits of $3.9 million, or 1.7%, offset by a decrease in loans of $2.9 million, or 1.7%. Interest expense increased $139,000, or 10.2%, due to an increase of $192,000 in interest expense on interest-bearing deposits, offset by a $53,000 decrease in interest expense on FHLB advances. The increase in interest expense on interest-bearing deposits, reflected a 29 basis point increase in the average cost, primarily due to the higher interest rate environment and a higher percentage of higher costing certificates of deposit in the portfolio, and a $3.9 million increase in the average balance. The decrease in the expense on FHLB advances, was due to a $3.8 million, or 27.0%, decrease in the average balances for the three months ended June 30, 2024 compared to the three months ended March 31, 2024 and a 26 basis point decrease in the average cost.

Net interest income, on a fully tax-equivalent basis, decreased by $274,000, or 14.3%, to $1.6 million for the three months ended June 30, 2024, from $1.9 million for the three months ended June 30, 2023. The net interest margin decreased by 38 basis points to 1.93% for the three months ended June 30, 2024, from 2.31% for the three months ended June 30, 2023. The decline was primarily due to a 161 basis point increase in the average rate for certificates of deposit and an $18.3 million increase in the average balance of certificates of deposit, offset by a 41 basis point increase in the average yield on interest-earning assets and a $9.0 million increase in the average balance of interest-earning assets. The increase in certificates of deposits and a corresponding decrease of $17.0 million in the average balance of other interest-bearing deposits reflected customers desire to seek higher interest-earning accounts. The interest earned on loans increased $44,000, to $1.8 million for the three months ended June 30, 2024, from $1.7 million for the three months ended June 30, 2023. The interest earned on securities increased $137,000, to $1.1 million for the three months ended June 30, 2024, from $968,000 for the three months ended June 30, 2023. The interest earned on cash and short-term investments increased $244,000, to $282,000 for the three months ended June 30, 2024 from $38,000 for the three months ended June 30, 2023. The interest earned on interest-earning assets was due to higher average cash balances as well as higher yields due to the higher interest rate environment, offset by $6.3 million decrease in the average balance of loans and a $1.6 million decrease in the average balance of securities.

The Company recorded reversals of the provision for credit losses of $32,000 and $20,000 for the three months ended June 30, 2024 and March 31, 2024, respectively. The Company did not record a provision for loan losses during the three months ended June 30, 2023. The reversals of the provision for credit losses and the absence of a provision were due to changes in economic conditions, lower loan balances and continued strong asset quality. The allowance for credit losses as a percentage of total loans was 0.90%, 0.90%, and 0.98% at June 30, 2024, March 31, 2024 and June 30, 2023, respectively.

Non-interest income decreased $1,000, or 0.6%, to $166,000 for the three months ended June 30, 2024, from $167,000 for the three months ended March 31, 2024, primarily due to a decrease of $4,000 in customer service fees and a decrease of $1,000 in income on bank-owned life insurance, offset by an increase of $4,000 in other income.

Non-interest income increased $2,000, or 1.2%, to $166,000 for the three months ended June 30, 2024, from $164,000 for the three months ended June 30, 2023, primarily due to an increase in other income of $2,000, or 3.3%.

Non-interest expense decreased $143,000, or 7.5%, to $1.8 million for the three months ended June 30, 2024, from $1.9 million for the three months ended March 31, 2024. The decrease was due to a decrease in salaries and employee benefits of $87,000, or 7.8%, primarily due to the reduced cost of the pension plan, a decrease in occupancy and equipment expense of $31,000, or 12.1%, due to a reduction in service contracts expense and the lack of snow removal costs, a decrease of $15,000, or 15.5%, in data processing fees and a decrease of $13,000, or 3.5% in other general and administrative costs.

Non-interest expense decreased $168,000, or 8.7%, to $1.8 million for the three months ended June 30, 2024, from $1.9 million for the three months ended June 30, 2023. The decrease was due to a decrease in salaries and employee benefits of $116,000, or 10.1%, primarily due to the reduced cost of the pension plan and a decrease in headcount, a decrease in occupancy and equipment expense of $49,000, or 17.9%, due to a reduction in service contracts expense offset by an increase in utilities expense and a decrease of $9,000, or 20.9%, in deposit insurance.

The Company recorded an income tax benefit of $106,000 for the three months ended June 30, 2024, compared to an income tax benefit of $42,000 for the three months ended March 31, 2024 and income tax expense of $19,000 for the three months ended June 30, 2023. The decrease in income tax expense for the three months ended June 30, 2024, compared to the three months ended March 31, 2024 was due to an income tax benefit related to the recognition of a post-retirement benefit and adjustments to the net deferred tax asset. The decrease in income tax expense for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, was due to a decrease in income before income taxes, an income tax benefit related to the recognition of a post-retirement benefit and adjustments to the net deferred tax asset.

Full Year Operating Results
Net interest income decreased, on a fully tax-equivalent basis, by $2.1 million, or 23.3%, to $6.8 million for the twelve months ended June 30, 2024 from $8.9 million for the twelve months ended June 30, 2023, due to a $3.0 million increase in interest expense due to an increase in the interest on certificates of deposit of $2.7 million and the increase in interest on FHLB advances of $399,000. The Company recognized a 127 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 increased borrowings. The increase in interest expense was offset by an increase in interest income of $979,000 due to higher average yields. Interest income on loans increased $325,000 due to a 25 basis point increase in the average yield on loans, offset by a decrease in the average balance of loans of $3.0 million, or 1.7%. Income on securities increased $443,000 due to a 31 basis point increase in the average yield on securities, offset by a decrease in the average balance of securities of $1.1 million, or 0.8%. The interest earned on cash and short-term investments increased $211,000 from the prior year, due to a 197 basis point increase in the average yield, offset by a decrease of $74,000 in the average balance of cash and short-term investments. The net interest margin decreased 58 basis points for the twelve months ended June 30, 2024, to 2.03%, from 2.61% in the prior year.

The Company recognized a reversal of the provision for credit losses of $322,000 for the twelve months ended June 30, 2024, compared to no provision for loan losses in the prior year period. The reversal of the provision for credit losses for the twelve months ended June 30, 2024 was recorded due to improved economic conditions, lower loan balances and continued strong asset quality.

Non-interest income increased $1,000, or 0.2%, to $665,000 for the twelve months ended June 30, 2024, from $664,000 for the twelve months ended June 30, 2023. The decrease was primarily due to increases in customer service fees of $9,000 and income on bank-owned life insurance of $9,000, offset by a decrease of $17,000 in safe deposit box fees as we now recognize fees over the rental period.

Non-interest expense increased $29,000, or 0.4%, to $7.7 million for the twelve months ended June 30, 2024, compared to $7.7 million for the twelve months ended June 30, 2023. Salaries and benefits increased $41,000, or 0.9%, to $4.6 million, due to annual increases to salaries and health insurance of employees and employee stock-based compensation expense. Deposit insurance increased $27,000, data processing costs increased $25,000 and other general and administrative expenses increased $34,000, offset by a decrease of $53,000 in occupancy and equipment expense and a decrease of $45,000 in advertising costs.

Income tax expense decreased $340,000 to an income tax benefit of $39,000 for the twelve months ended June 30, 2024, compared to an income tax expense of $301,000 for the twelve months ended June 30, 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 June 30, 2024, total assets amounted to $363.4 million, compared to $349.0 million at June 30, 2023, an increase of $14.4 million, or 4.1%, primarily due to a $20.1 million increase in cash and cash equivalents, a $323,000 increase in FHLB of Boston stock, a $268,000 increase in bank-owned life insurance, a $166,000 increase in deferred tax asset and a $216,000 increase in other assets, offset by a $5.5 million decrease in net loans, a $941,000 decrease in securities, a $167,000 decrease in premises and equipment and a $93,000 decrease in operating lease right of use asset. The increase in cash and cash equivalents was due to increases in deposits and FHLBB advances. The decrease in loans was a result of borrower principal payments exceeding new originations, due to the higher interest rate environment.

Asset Quality: At June 30, 2024, there were four current loans rated substandard with a provision for credit loss of $10,000. There were no loans rated special mention, doubtful or loss and no non-performing or delinquent loans at June 30, 2024. There were no charge-offs of loans for the three or twelve months ended June 30, 2024 or 2023.

Liabilities: Deposits increased by $7.5 million, or 2.8%, during the twelve months ended June 30, 2024, due to an increase of $21.6 million in higher-yielding term certificates, offset by a decrease of $10.0 million in regular accounts and $5.0 million in money market accounts. FHLBB advances were $10.4 million at June 30, 2024 compared to $3.7 million at June 30, 2023, as we implemented a leverage strategy to increase liquidity and interest income.

Stockholders' Equity: Total stockholders' equity increased $161,000, to $76.1 million at June 30, 2024, from $75.9 million at June 30, 2023. The increase was primarily due to the changes in unearned ESOP compensation of $102,000, and stock-based compensation of $358,000 and net income of $33,000, offset by the effect of the adoption of ASU 2016-13, net of taxes, of $223,000, and the repurchase of company stock of $78,000 for the twelve months ended June 30, 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 326 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, 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, and 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)










June 30,



June 30,




2024



2023


Assets:







Cash and due from banks


$

1,339



$

1,486


Short-term investments



25,620




5,375


Total cash and cash equivalents



26,959




6,861


Securities available for sale, at fair value



113




146


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



146,994




147,902


Loans:







1-4 family



138,005




140,109


Multifamily



12,066




12,638


Second mortgages and home equity lines of credit



3,372




2,699


Construction



-




-


Commercial



16,833




20,323


Total mortgage loans on real estate



170,276




175,769


Consumer



65




49


Home improvement



2,037




2,191


Total loans



172,378




178,009


Allowance for credit losses



(1,553)




(1,747)


Net deferred loan costs and fees, and purchase premiums



(387)




(351)


Loans, net



170,438




175,911


Federal Home Loan Bank of Boston stock, at cost



704




381


Premises and equipment, net



3,246




3,413


Accrued interest receivable



1,398




1,363


Bank-owned life insurance



10,670




10,402


Deferred tax asset



1,245




1,079


Operating lease right of use asset



860




953


Other assets



812




596


Total assets


$

363,439



$

349,007









Liabilities and Stockholders' Equity:







Deposits:







Non-interest bearing NOW and demand


$

34,124



$

32,760


Interest bearing NOW and demand



28,262




28,778


Regular and other



54,192




64,184


Money market accounts



21,956




26,995


Term certificates



132,307




110,659


Total deposits



270,841




263,376


Federal Home Loan Bank of Boston advances



10,350




3,675


Mortgagors' escrow accounts



1,525




1,596


Operating lease liability



877




962


Accrued expenses and other liabilities



3,796




3,509


Total liabilities



287,389




273,118









Stockholders' Equity:







Common stock



65




65


Additional paid-in capital



28,139




27,814


Treasury Stock



(78)




-


Retained earnings



50,226




50,416


Accumulated other comprehensive loss, net of tax



(1)




(3)


Unearned compensation - ESOP



(2,301)




(2,403)


Total stockholders' equity



76,050




75,889


Total liabilities and stockholders' equity


$

363,439



$

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 Year Ended




June 30,



March 31,



June 30,



June 30,



June 30,




2024



2024



2023



2024



2023


Interest and dividend income:
















Interest and fees on loans


$

1,763



$

1,777



$

1,719



$

7,020



$

6,695


Interest and dividends on debt securities:
















Taxable



999




965




845




3,736




3,228


Tax-exempt



84




89




99




363




414


Interest on short-term investments



282




176




38




552




341


Total interest and dividend income



3,128




3,007




2,701




11,671




10,678


















Interest expense:
















Deposits



1,389




1,197




757




4,513




1,872


Borrowings



118




171




51




453




54


Total interest expense



1,507




1,368




808




4,966




1,926


















Net interest income



1,621




1,639




1,893




6,705




8,752


Provision for (reversal of) credit losses



(32)




(20)




-




(322)




-


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



1,653




1,659




1,893




7,027




8,752


















Non-interest income:
















Customer service fees



37




41




36




155




146


Income on bank-owned life insurance



66




67




67




267




258


Other income



63




59




61




243




260


Total non-interest income



166




167




164




665




664


















Non-interest expense:
















Salaries and employee benefits



1,030




1,117




1,146




4,558




4,517


Occupancy and equipment



225




256




274




975




1,028


Advertising



34




32




37




140




185


Data processing



82




97




82




369




344


Deposit insurance



34




33




43




133




106


Other general and administrative



360




373




351




1,523




1,489


Total non-interest expense



1,765




1,908




1,933




7,698




7,669


















Income (loss) before income taxes



54




(82)




124




(6)




1,747


Provision (benefit) for income taxes



(106)




(42)




19




(39)




301


Net income (loss)


$

160



$

(40)



$

105



$

33



$

1,446


















Net income (loss) per share:
















Basic


$

0.03



$

(0.01)



$

0.02



$

0.01



$

0.23


Diluted


$

0.03



$

(0.01)



$

0.02



$

0.01



$

0.23


















Weighted average shares outstanding:
















Basic



6,307,261




6,292,060




6,279,656




6,291,529




6,275,819


Diluted



6,307,261




6,292,060




6,279,790




6,291,529




6,275,874


CFSB Bancorp, Inc. and Subsidiary

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

(Dollars in thousands)





Average Balance and Yields



Three Months Ended



June 30, 2024



March 31, 2024



June 30, 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

$

172,191



$

1,763




4.10

%


$

175,072



$

1,777




4.06

%



178,474




1,719




3.85

%

Securities (1)


148,748




1,105




2.97

%



149,442




1,078




2.89

%



150,383




968




2.57

%

Cash and short-term investments


20,266




282




5.57

%



14,933




176




4.71

%



3,331




38




4.56

%

Total interest-earning assets


341,205




3,150




3.69

%



339,447




3,031




3.57

%



332,188




2,725




3.28

%

Noninterest-earning assets


17,059










17,082










17,118








Total assets

$

358,264









$

356,529









$

349,306








Interest-bearing liabilities:



























Interest-bearing demand deposits

$

29,463



$

4




0.05

%


$

30,261



$

4




0.05

%


$

30,051



$

4




0.05

%

Savings deposits


55,173




14




0.10

%



57,619




14




0.10

%



64,996




16




0.10

%

Money market deposits


22,332




13




0.23

%



23,396




15




0.26

%



28,890




19




0.26

%

Certificates of deposit


129,340




1,358




4.20

%



121,108




1,164




3.84

%



111,041




718




2.59

%

Total interest-bearing deposits


236,308




1,389




2.35

%



232,384




1,197




2.06

%



234,978




757




1.29

%

FHLB advances


10,350




118




4.56

%



14,186




171




4.82

%



3,916




51




5.21

%

Total interest-bearing liabilities


246,658




1,507




2.44

%



246,570




1,368




2.22

%



238,894




808




1.35

%

Noninterest-bearing liabilities:



























Noninterest-bearing demand deposits


29,790










28,530










28,881








Other noninterest-bearing liabilities


6,011










5,650










5,726








Total liabilities


282,459










280,750










273,501








Total stockholders' equity


75,805










75,779










75,805








Total liabilities and stockholders' equity

$

358,264









$

356,529









$

349,306








Net interest income




$

1,643









$

1,663









$

1,917





Net interest rate spread(2)








1.25

%









1.35

%









1.93

%

Net interest-earning assets(3)

$

94,547









$

92,877









$

93,294








Net interest margin(4)








1.93

%









1.96

%









2.31

%

Cost of deposits(5)








2.09

%









1.84

%









1.15

%

Cost of funds(6)








2.18

%









1.99

%









1.21

%

Ratio of interest-earning assets to interest-
bearing liabilities


138.33

%









137.67

%









139.05

%








(1) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $22,000, $24,000, and $24,000 for the three months ended June 30, 2024, March 31, 2024 and June 30, 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



Twelve Months Ended



June 30, 2024



June 30, 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

$

175,028



$

7,020




4.01

%


$

178,044



$

6,695




3.76

%

Securities (1)


149,160




4,195




2.81

%



150,334




3,752




2.50

%

Cash and short-term investments


10,849




552




5.09

%



10,923




341




3.12

%

Total interest-earning assets


335,037




11,767




3.51

%



339,301




10,788




3.18

%

Noninterest-earning assets


16,838










16,701








Total assets

$

351,875









$

356,002








Interest-bearing liabilities:


















Interest-bearing demand deposits

$

29,845



$

14




0.05

%


$

32,252



$

16




0.05

%

Savings deposits


58,569




61




0.10

%



70,338




70




0.10

%

Money market deposits


24,044




59




0.25

%



37,197




98




0.26

%

Certificates of deposit


119,382




4,379




3.67

%



103,410




1,688




1.63

%

Total interest-bearing deposits


231,840




4,513




1.95

%



243,197




1,872




0.77

%

FHLB advances


9,091




453




4.98

%



1,037




54




5.21

%

Total interest-bearing liabilities


240,931




4,966




2.06

%



244,234




1,926




0.79

%

Noninterest-bearing liabilities:


















Noninterest-bearing demand deposits


29,380










31,170








Other noninterest-bearing liabilities


5,765










5,334








Total liabilities


276,076










280,738








Total stockholders' equity


75,799










75,264








Total liabilities and stockholders' equity

$

351,875









$

356,002








Net interest income




$

6,801









$

8,862





Net interest rate spread(2)








1.45

%









2.39

%

Net interest-earning assets(3)

$

94,106









$

95,067








Net interest margin(4)








2.03

%









2.61

%

Cost of deposits(5)








1.73

%









0.68

%

Cost of funds(6)








1.84

%









0.70

%

Ratio of interest-earning assets to interest-bearing liabilities


139.06

%









138.92

%








(1) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $96,000 and $110,000 for the twelve months ended June 30, 2024 and June 30, 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 Year Ended




June 30,



March 31,



June 30,



June 30,



June 30,




2024



2024




2023



2024



2023


Securities interest income (no tax adjustment)


$

1,083



$

1,054



$

944



$

4,099



$

3,642


Tax-equivalent adjustment



22




24




24




96




110


Securities (tax-equivalent basis)


$

1,105



$

1,078



$

968



$

4,195



$

3,752


Net interest income (no tax adjustment)


$

1,621



$

1,639



$

1,893



$

6,705




6,859


Tax-equivalent adjustment



22




24




24




96




110


Net interest income (tax-equivalent adjustment)


$

1,643



$

1,663



$

1,917



$

6,801



$

6,969


CFSB Bancorp, Inc. and Subsidiary


At or for the Three Months Ended



At or for the Twelve Months
Ended


Selected Financial Highlights (Unaudited)


June 30,



March 31,



June 30,



June 30,



June 30,


(In thousands, except share and per share amounts)


2024



2024




2023



2024



2023


Performance Ratios
















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



0.18

%



(0.04)

%



0.12

%



0.01

%



0.41

%

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



0.84

%



(0.21)

%



0.55

%



0.04

%



1.92

%

Noninterest expense to average assets (GAAP) (1)



1.97

%



2.14

%



2.21

%



2.14

%



2.15

%

Total loans to total deposits



63.65

%



65.07

%



67.59

%



63.65

%



67.59

%

Total loans to total assets



47.43

%



48.27

%



51.00

%



47.43

%



51.00

%

Efficiency ratio (GAAP) (6)



98.77

%



105.65

%



93.97

%



104.45

%



81.45

%

Capital Ratios
















Total capital to risk-weighted assets



33.82

%



34.07

%



32.90

%



34.07

%



32.90

%

Common equity tier 1 capital to risk-weighted assets



32.93

%



33.15

%



32.00

%



33.15

%



32.00

%

Tier 1 capital to risk-weighted assets



32.93

%



33.15

%



32.00

%



33.15

%



32.00

%

Tier 1 capital to average assets (2)



17.82

%



17.83

%



18.20

%



17.83

%



18.20

%

Asset Quality Ratios
















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



0.90

%



0.90

%



0.98

%



0.90

%



0.98

%

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


NM



NM



NM



NM



NM


Net (charge-offs) recoveries to average outstanding loans



-

%



-

%



-

%



-

%



-

%

Non-performing loans as a percentage of total loans



-

%



-

%



-

%



-

%



-

%

Non-performing loans as a percentage of total assets



-

%



-

%



-

%



-

%



-

%

Informational Items
















Fair value of held to maturity securities


$

132,946



$

132,946



$

132,273



$

132,946



$

132,273


Book value per share (7)


$

11.47



$

11.44



$

11.44



$

11.44



$

11.44


Outstanding common shares



6,632,642




6,632,642




6,632,642




6,632,642




6,632,642



(1) Annualized, where appropriate..

(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.

SOURCE CFSB Bancorp, Inc.

© 2024 PR Newswire
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