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

QUINCY, Mass., Jan. 26, 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 $210,000, or ($0.03) per basic and diluted share, for the three months ended December 31, 2023 compared to net income of $123,000, or $0.02 per basic and diluted share, for the three months ended September 30, 2023 and net income of $341,000, or $0.05 per basic and diluted share, for the three months ended December 31, 2022.

For the six months ended December 31, 2023, net loss was $87,000, or ($0.01) per basic and diluted share, compared to net income of $986,000, or $0.16 per basic and diluted share, for the six months ended December 31, 2022.

Michael E. McFarland, President and Chief Executive Officer, stated, “A recent pause from the Federal Reserve on interest rate increases provides some optimism going forward that the cost of funds will stabilize, and loan demand will start to show signs of recovery. We remain encouraged that the economy will land softly and we will benefit from a more stable interest rate environment.”

Second Quarter Operating Results
Net interest income, on a fully tax-equivalent basis, decreased by $168,000, or 9.2%, to $1.7 million for the three months ended December 31, 2023, from $1.8 million for the three months ended September 30, 2023. This decrease was primarily due to a 53 basis point increase in the average rate on certificates of deposit, partially offset by a 9 basis point increase in the average yield on loans and a 12 basis point decrease in the average rate on FHLB advances. The interest on loans increased $36,000, for the three months ended December 31, 2023 compared to the three months ended September 30, 2023. The interest on loans benefited from rising interest rates, partially offset by a $517,000 decrease in the average balance of loans to $176.2 million during the three months ended December 31, 2023. The net interest margin decreased by 20 basis points to 2.02% for the three months ended December 31, 2023, from 2.22% for the three months ended September 30, 2023.

Net interest income, on a fully tax-equivalent basis, decreased by $703,000, or 29.7%, to $1.7 million for the three months ended December 31, 2023, from $2.4 million for the three months ended December 31, 2022. The net interest margin decreased by 75 basis points to 2.02% for the three months ended December 31, 2023, from 2.77% for the three months ended December 31, 2022. The decline was primarily due to a 235 basis point increase in the average rate for certificates of deposit, partially offset by a $16.9 million decrease in the average balance of interest-bearing deposits and a 26 basis point increase in the average yield on interest-earning assets. The interest earned on loans increased $101,000, to $1.8 million for the three months ended December 31, 2023, from $1.7 million for the three months ended December 31, 2022. The interest earned on securities increased $96,000, to $997,000 for the three months ended December 31, 2023, from $901,000 for the three months ended December 31, 2022. The interest earned on loans and securities benefited from rising interest rate, offset by decreases in the average balance.

The Company recorded reversals of the provision for credit losses of $104,000 and $166,000 for the three months ended December 31, 2023 and September 30, 2023, respectively. The reversals of the provision for credit losses were recorded due to improved forecasted economic conditions. The Company did not record a provision for loan losses during the three months ended December 31, 2022. The allowance for credit losses as a percentage of total loans was 0.93%, 0.94% and 0.97% at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.

Non-interest income increased $12,000, or 7.5%, to $172,000 for the three months ended December 31, 2023, from $160,000 for the three months ended September 30, 2023, due to an increase of $13,000 in other income.

Non-interest income increased $20,000, or 13.2%, to $172,000 for the three months ended December 31, 2023, from $152,000 for the three months ended December 31, 2022, primarily due to an increase of $14,000 in other income.

Non-interest expenses increased $193,000, or 10.1%, to $2.1 million for the three months ended December 31, 2023, from $1.9 million for the three months ended September 30, 2023. The increase was due to an increase in salaries and employee benefits of $123,000, or 10.8%, due to stock-based compensation expense and increases in other general and administrative expenses of $74,000, or 20.7%, primarily due to increases in printing, postage, legal and annual meeting expenses.

Non-interest expenses increased $22,000, or 1.1%, to $2.1 million for the three months ended December 31, 2023, from $2.1 million for the quarter ended December 31, 2022. The increase was principally due to an increase in other general and administrative expenses of $27,000, or 6.7%, due to costs associated with our annual meeting.

Income tax expense was $16,000 for the three months ended December 31, 2023, compared to $93,000 for the three months ended September 30, 2023 and $65,000 for the three months ended December 31, 2022. The decrease in income tax expense for the three months ended December 31, 2023, compared to the three months ended September 30, 2023 and compared to the three months ended December 31, 2022, was due to decreases in income before income taxes.

Year-to-Date Operating Results
Net interest income decreased, on a fully tax-equivalent basis, by $1.3 million, or 26.6%, to $3.5 million for the six months ended December 31, 2023, from $4.8 million for the six months ended December 31, 2022. Total interest-earning assets income increased $244,000 from the prior year period 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 $734,000, or 0.4%, contributed to a $204,000 increase in loan income. A 28 basis point increase in the average yield on securities, offset by a decrease in the average balance of securities of $788,000, or 0.5%, contributed to a $196,000 increase in securities income. The interest earned on cash and short-term investments decreased $156,000 from the prior year, due to a $13.2 million decrease in the average balance of cash and short-term investments offset by a 164 basis point increase in the average yield. Partially offsetting the increase in interest and dividend income was a $1.5 million increase in interest expense due to an increase in the interest on certificates of deposit of $1.4 million and the increase in interest on FHLB advances of $164,000 from the prior year. The Company recognized a 131 basis point increase in the cost of interest-bearing liabilities. The net interest margin decreased 64 basis points for the six months ended December 31, 2023, to 2.12%, from 2.76% in the prior year period.

The Company recognized a reversal of the provision for credit losses of $270,000 for the six months ended December 31, 2023, compared to no provision for loan losses in the prior year period. For the six months ended December 31, 2023 improvements in the economy were the primary contributor for the reversal of the provision for credit losses.

Non-interest income decreased $20,000, or 5.7%, to $332,000 for the six months ended December 31, 2023 from $352,000 in the prior year period, due to a decrease of $31,000 in other income offset by an increase of $7,000 in income on bank-owned life insurance.

Non-interest expenses increased $190,000, or 5.0%, to $4.0 million for the six months ended December 31, 2023, from $3.8 million for the six months ended December 31, 2022. Salaries and benefits increased $143,000, or 6.3%, to $2.4 million, due to annual increases to salaries and health insurance of employees and stock-based compensation expense. Other general and administrative expense increased $52,000, or 7.0%, from the prior year period due to increases in insurance, data processing and annual meeting costs.

Income tax expense decreased $126,000 to $109,000 for the six months ended December 31, 2023 compared to income tax expense of $235,000 for the six months ended December 31, 2022 due to lower pre-tax income.

Balance Sheet
Assets: At December 31, 2023, total assets amounted to $359.0 million, compared to $349.0 million at June 30, 2023, an increase of $10.0 million, or 2.9%, due to an $8.9 million increase in cash and cash equivalents and a $1.2 million increase in securities held to maturity and a $569,000 increase in FHLB stock. The increase in cash and cash equivalents was due to increased borrowings from the FHLB, the increase in securities held to maturity was a result of reinvesting accumulated cash at higher interest rates, and the increase in FHLB stock was due to the increase in FHLB advances during the six months ended December 31, 2023.

Liabilities: Deposits decreased by $5.5 million, or 2.1%, during the six months as the Bank experienced decreases of customer deposits due to increases in inflation and competition. In addition, depositors moved deposits to higher-yielding term certificates due to the higher interest rate environment. Federal Home Loan Bank advances were $19.1 million at December 31, 2023 compared to $3.7 million at June 30, 2023, to add liquidity in light of decreases in customer deposits.

Stockholders’ Equity. Total stockholders’ equity decreased $94,000, to $75.8 million at December 31, 2023, from $75.9 million at June 30, 2023. The decrease was primarily due to the net loss of $87,000 and the effect of adoption of ASU 2016-13, net of taxes, of $223,000, offset by the change in unearned ESOP compensation of $52,000, and stock-based compensation of $163,000, for the six months ended December 31, 2023.

On July 1, 2023, the Company adopted ASU 2016-13, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss methodology (“CECL”). 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, ASU 326 made changes to the accounting of 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 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)










December 31,



June 30,




2023



2023


Assets:







Cash and due from banks


$

1,299



$

1,486


Short-term investments



14,425




5,375


Total cash and cash equivalents



15,724




6,861


Securities available for sale, at fair value



132




146


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



149,117




147,902


Loans:







1-4 family



138,445




140,109


Multifamily



12,692




12,638


Second mortgages and home equity lines of credit



3,542




2,699


Construction







Commercial



20,047




20,323


Total mortgage loans on real estate



174,726




175,769


Consumer



64




49


Home improvement



2,220




2,191


Total loans



177,010




178,009


Allowance for credit losses



(1,641)




(1,747)


Net deferred loan costs and fees, and purchase premiums



(395)




(351)


Loans, net



174,974




175,911


Federal Home Loan Bank of Boston stock, at cost



950




381


Premises and equipment, net



3,317




3,413


Accrued interest receivable



1,467




1,363


Bank-owned life insurance



10,536




10,402


Deferred tax asset



1,074




1,079


Operating lease right of use asset



907




953


Other assets



827




596


Total assets


$

359,025



$

349,007









Liabilities and Stockholders’ Equity:







Deposits:







Non-interest bearing NOW and demand


$

29,612



$

32,760


Interest bearing NOW and demand



28,915




28,778


Regular and other



58,665




64,184


Money market accounts



24,061




26,995


Term certificates



116,687




110,659


Total deposits



257,940




263,376


Federal Home Loan Bank of Boston advances



19,100




3,675


Mortgagors’ escrow accounts



1,644




1,596


Operating lease liability



920




962


Accrued expenses and other liabilities



3,626




3,509


Total liabilities



283,230




273,118









Stockholders’ Equity:







Common stock



65




65


Additional paid-in capital



27,976




27,814


Retained earnings



50,106




50,416


Accumulated other comprehensive loss, net of tax



(1)




(3)


Unearned compensation – ESOP



(2,351)




(2,403)


Total stockholders’ equity



75,795




75,889


Total liabilities and stockholders’ equity


$

359,025



$

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 Six Months Ended




December 31,



September 30,



December 31,



December 31,



December 31,




2023



2023



2022



2023



2022


Interest and dividend income:
















Interest and fees on loans


$

1,758



$

1,722



$

1,657



$

3,480



$

3,276


Interest and dividends on debt securities:
















Taxable



904




868




795




1,772




1,546


Tax-exempt



93




97




106




190




214


Interest on short-term investments and certificates of deposit



49




45




123




94




250


Total interest and dividend income



2,804




2,732




2,681




5,536




5,286


















Interest expense:
















Deposits



1,051




876




340




1,927




582


Borrowings



114




50







164





Total interest expense



1,165




926




340




2,091




582


















Net interest income



1,639




1,806




2,341




3,445




4,704


Provision for (reversal of) credit losses



(104)




(166)







(270)





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



1,743




1,972




2,341




3,715




4,704


















Non-interest income:
















Customer service fees



37




40




36




77




73


Income on bank-owned life insurance



68




66




63




134




127


Other income



67




54




53




121




152


Total non-interest income



172




160




152




332




352


















Non-interest expenses:
















Salaries and employee benefits



1,267




1,144




1,250




2,411




2,268


Occupancy and equipment



240




254




255




494




498


Advertising



36




38




71




74




110


Data processing



101




89




84




190




178


Deposit insurance



33




33




22




66




43


Other general and administrative



432




358




405




790




738


Total non-interest expenses



2,109




1,916




2,087




4,025




3,835


















Income (loss) before income taxes



(194)




216




406




22




1,221


Provision for income taxes



16




93




65




109




235


Net income (loss)


$

(210)



$

123



$

341



$

(87)



$

986


















Net income (loss) per share:
















Basic


$

(0.03)



$

0.02



$

0.05



$

(0.01)



$

0.16


Diluted


$

(0.03)



$

0.02



$

0.05



$

(0.01)



$

0.16


















Weighted average shares outstanding:
















Basic



6,284,768




6,282,203




6,274,542




6,283,485




6,273,260


Diluted



6,284,768




6,282,203




6,274,542




6,394,485




6,273,260


CFSB Bancorp, Inc. and Subsidiary

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

(Dollars in thousands)



Average Balance and Yields



Three Months Ended



December 31, 2023



September 30, 2023



December 31, 2022



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

$

176,149



$

1,758




3.99

%


$

176,668



$

1,722




3.90

%


$

177,648



$

1,657




3.73

%

Securities (1)


149,187




1,022




2.74

%



149,259




991




2.66

%



151,249




927




2.45

%

Cash and short-term investments


4,491




49




4.36

%



3,852




45




4.67

%



13,153




123




3.74

%

Total interest-earning assets


329,827




2,829




3.43

%



329,779




2,758




3.35

%



342,050




2,707




3.17

%

Noninterest-earning assets


16,875










16,655










16,747








Total assets

$

346,702









$

346,434









$

358,797








Interest-bearing liabilities:



























Interest-bearing demand deposits

$

29,746



$

4




0.05

%


$

29,912



$

4




0.05

%


$

33,557



$

4




0.05

%

Savings deposits


58,992




15




0.10

%



62,446




16




0.10

%



72,708




18




0.10

%

Money market deposits


24,153




15




0.25

%



26,271




17




0.26

%



39,876




27




0.27

%

Certificates of deposit


115,397




1,017




3.53

%



111,812




839




3.00

%



99,041




291




1.18

%

Total interest-bearing deposits


228,288




1,051




1.84

%



230,441




876




1.52

%



245,182




340




0.55

%

FHLB advances


8,323




114




5.48

%



3,571




50




5.60

%









0.00

%

Total interest-bearing liabilities


236,611




1,165




1.97

%



234,012




926




1.58

%



245,182




340




0.55

%

Noninterest-bearing liabilities:



























  Noninterest-bearing demand deposits


28,223










30,971










32,887








  Other noninterest-bearing liabilities


5,968










5,740










5,554








Total liabilities


270,802










270,723










283,623








Total stockholders’ equity


75,900










75,711










75,174








Total liabilities and stockholders’ equity

$

346,702









$

346,434









$

358,797








Net interest income




$

1,664









$

1,832









$

2,367





Net interest rate spread(2)








1.46

%









1.77

%









2.62

%

Net interest-earning assets(3)

$

93,216









$

95,767









$

96,868








Net interest margin(4)








2.02

%









2.22

%









2.77

%

Cost of deposits(5)








1.64

%









1.34

%









0.49

%

Cost of funds(6)








1.76

%









1.40

%









0.49

%

Ratio of interest-earning assets to interest-bearing liabilities


139.40

%









140.92

%









139.51

%









(1)

Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $25,000, $26,000, and $26,000 for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, 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



Six Months Ended



December 31, 2023



December 31, 2022



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

$

176,408



$

3,480




3.95

%


$

177,143



$

3,276




3.70

%

Securities (1)


149,223




2,013




2.70

%



150,011




1,817




2.42

%

Cash and short-term investments


4,172




94




4.51

%



17,435




250




2.87

%

Total interest-earning assets


329,803




5,587




3.39

%



344,589




5,343




3.10

%

Noninterest-earning assets


16,608










16,342








Total assets

$

346,411









$

360,931








Interest-bearing liabilities:


















Interest-bearing demand deposits

$

29,829



$

7




0.05

%


$

33,346



$

8




0.05

%

Savings deposits


60,719




30




0.10

%



74,076




37




0.10

%

Money market deposits


25,212




32




0.25

%



42,685




58




0.27

%

Certificates of deposit


113,604




1,858




3.27

%



98,097




479




0.98

%

Total interest-bearing deposits


229,364




1,927




1.68

%



248,204




582




0.47

%

FHLB advances


5,947




164




5.52

%









0.00

%

Total interest-bearing liabilities


235,311




2,091




1.78

%



248,204




582




0.47

%

Noninterest-bearing liabilities:


















  Noninterest-bearing demand deposits


29,597










32,702








  Other noninterest-bearing liabilities


5,697










5,127








Total liabilities


270,605










286,033








Total stockholders’ equity


75,806










74,898








Total liabilities and stockholders’ equity

$

346,411









$

360,931








Net interest income




$

3,496









$

4,761





Net interest rate spread(2)








1.61

%









2.63

%

Net interest-earning assets(3)

$

94,492









$

96,385








Net interest margin(4)








2.12

%









2.76

%

Cost of deposits(5)








1.49

%









0.41

%

Cost of funds(6)








1.58

%









0.41

%

Ratio of interest-earning assets to interest-bearing liabilities


140.16

%









138.83

%









(1)

Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $51,000 and $57,000 for the six months ended December 31, 2023 and December 31, 2022, 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 Six Months Ended




December 31,



September 30,



December 31,



December 31,



December 31,




2023



2023



2022



2023



2022


Securities interest income (no tax adjustment)


$

997



$

965



$

901



$

1,962



$

1,760


Tax-equivalent adjustment



25




26




26




51




57


Securities (tax-equivalent basis)


$

1,022



$

991



$

927



$

2,013



$

1,817


Net interest income (no tax adjustment)


$

1,639



$

1,806



$

2,341



$

3,445




4,704


Tax-equivalent adjustment



25




26




26




51




57


Net interest income (tax-equivalent adjustment)


$

1,664



$

1,832



$

2,367



$

3,496



$

4,761


CFSB Bancorp, Inc. and Subsidiary


At or for the Three Months Ended



At or for the Six Months

Ended


Selected Financial Highlights (Unaudited)


December 31,



September 30,



December 31,



December 31,



December 31,


(In thousands, except share and per share amounts)


2023



2023



2022



2023



2022


Performance Ratios
















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



(0.24)

%



0.14

%



0.38

%



(0.05)

%



0.55

%

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



(1.11)

%



0.65

%



1.81

%



(0.23)

%



2.63

%

Noninterest expense to average assets (GAAP) (1)



2.43

%



2.21

%



2.33

%



2.21

%



2.13

%

Total loans to total deposits



68.62

%



67.56

%



65.60

%



68.62

%



65.60

%

Total loans to total assets



49.30

%



50.87

%



50.64

%



49.30

%



50.64

%

Efficiency ratio (GAAP) (6)



116.45

%



97.46

%



83.71

%



106.57

%



75.85

%

Capital Ratios
















Total capital to risk-weighted assets



33.32

%



33.28

%



32.60

%



32.42

%



32.60

%

Common equity tier 1 capital to risk-weighted assets



32.41

%



32.32

%



31.70

%



32.42

%



31.70

%

Tier 1 capital to risk-weighted assets



32.41

%



32.32

%



31.70

%



33.34

%



31.70

%

Tier 1 capital to average assets (2)



18.32

%



18.35

%



17.40

%



18.32

%



17.40

%

Asset Quality Ratios
















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



0.93

%



0.94

%



0.97

%



0.93

%



0.97

%

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



1740.46

%


NM



NM




1740.46

%


NM


Net (charge-offs) recoveries to average outstanding loans



%



%



%



%



%

Non-performing loans as a percentage of total loans



0.05

%



%



%



0.05

%



%

Non-performing loans as a percentage of total assets



0.03

%



%



%



0.03

%



%

Informational Items
















Fair value of held to maturity securities


$

136,427



$

128,959



$

132,625



$

136,427



$

132,625


Book value per share (7)


$

11.43



$

11.44



$

11.54



$

11.43



$

11.54


Outstanding common shares



6,632,642




6,632,642




6,521,642




6,632,642




6,521,642




(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.

SOURCE CFSB Bancorp, Inc.


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