CFSB Bancorp, Inc. Announces 2022 Third Quarter and Year to Date Financial Results
QUINCY, Mass., May 10, 2022 /PRNewswire/ -- CFSB Bancorp, Inc. (NASDAQ: CFSB) (the "Company"), the holding company for Colonial Federal Savings Bank (the "Bank"), reported a net loss of
President and Chief Executive Officer Michael E. McFarland said, "In the third quarter, we completed our reorganization from a federal mutual savings bank into a two-tier federal mutual holding company form of organization and concurrent stock offering. As a part of that transaction, CFSB Bancorp, Inc. donated
On January 12, 2022, the Company became the holding company for the Bank when it completed the reorganization of the Bank into a two-tier mutual holding company form of organization. In connection with the reorganization, the Company sold 2,804,306 shares of common stock at a price of
COVID-19 Impact
The Bank's initiative to work with borrowers that were unable to meet their contractual obligations because of the effects of COVID-19 have been successful. As of March 31, 2022, we had 10 loans with
Income Statement Analysis
Net interest income increased
We recorded a provision for loan losses of
Non-interest income increased
Non-interest expense increased
Balance Sheet Analysis
Total assets were
Cash and cash equivalents decreased
Total stockholders' equity increased
About CFSB Bancorp, Inc.
CFSB Bancorp, Inc. is a federal corporation organized as the 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," "believe," "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, changes in the interest rate environment, general economic conditions or conditions within the securities markets, changes in the quality, size and composition of our loan and securities portfolios, changes in demand for our products and services, legislative, accounting, tax and regulatory changes and 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.
Further, given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 pandemic on the Company's business. The extent of such impact will depend on future developments, which are highly uncertain, including if the coronavirus can continue to be controlled and abated. As a result of the COVID-19 pandemic and the related adverse local and national economic consequences, the Company could be subject to any of the following risks, any of which could have a material, adverse effect on the Company's business, financial condition, liquidity, and results of operations: demand for the Company's products and services may decline, making it difficult to grow assets and income; if the economy worsens, loan delinquencies, problem assets and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; the Company's allowance for loan losses may have to be increased if borrowers experience financial difficulties, which will adversely affect the Company's net income; and FDIC premiums may increase if the agency experiences additional resolution costs.
Accordingly, 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 | ||||||||
March 31, | June 30, | |||||||
Assets | ||||||||
Cash and due from banks | $ | 1,637 | $ | 1,708 | ||||
Short-term investments | 35,628 | 38,970 | ||||||
Total cash and cash equivalents | 37,265 | 40,678 | ||||||
Certificates of deposit | 980 | 980 | ||||||
Securities available for sale, at fair value | 231 | 2,294 | ||||||
Securities held to maturity, at amortized cost, fair value of March 31, 2022 and | 134,719 | 105,114 | ||||||
Federal Home Loan Bank stock, at cost | 453 | 453 | ||||||
Loans, net of allowance for loan losses of | 172,758 | 174,433 | ||||||
Premises and equipment, net | 3,310 | 3,459 | ||||||
Accrued interest receivable | 1,211 | 1,146 | ||||||
Bank-owned life insurance | 10,068 | 9,250 | ||||||
Deferred tax asset | 955 | 665 | ||||||
Other assets | 589 | 382 | ||||||
Total assets | $ | 362,539 | $ | 338,854 | ||||
Liabilities and Stockholders' Equity | ||||||||
Deposits | ||||||||
Non-interest bearing | $ | 29,228 | $ | 30,129 | ||||
Interest-bearing | 254,752 | 254,505 | ||||||
Total deposits | 283,980 | 284,634 | ||||||
Short-term borrowings | 115 | 918 | ||||||
Mortgagors' escrow accounts | 1,540 | 1,572 | ||||||
Accrued expenses and other liabilities | 3,245 | 3,085 | ||||||
Total liabilities | 288,880 | 290,209 | ||||||
Stockholders' Equity | ||||||||
Preferred Stock, $.01 par value, 10,000,000 and -0- shares authorized as | ||||||||
of March 31, 2022 and June 30, 2021, respectively, none issued and | ||||||||
outstanding as of March 31, 2022 and June 30, 2021 | - | - | ||||||
Common Stock, $.01 par value, 90,000,000 and -0- shares authorized as | ||||||||
of March 31, 2022 and June 30, 2021, respectively; 6,521,642 and -0- | ||||||||
issued and outstanding as of March 31, 2022 and June 30, 2021 | 65 | - | ||||||
Additional paid-in capital | 27,720 | - | ||||||
Retained earnings | 48,406 | 48,628 | ||||||
Accumulated other comprehensive income | 4 | 17 | ||||||
Unearned compensation - ESOP, 253,621 and -0- shares unallocated | ||||||||
at March 31, 2022 and June 30, 2021, respectively | (2,536) | - | ||||||
Total stockholders' equity | 73,659 | 48,645 | ||||||
Total liabilities and stockholders' equity | $ | 362,539 | $ | 338,854 | ||||
CFSB Bancorp, Inc. and Subsidiary | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Interest and dividend income: | |||||||||||||||
Interest and fees on loans | $ | 1,615 | $ | 1,760 | $ | 4,909 | $ | 5,431 | |||||||
Interest and dividends on debt securities: | |||||||||||||||
Taxable | 548 | 409 | 1,507 | 1,326 | |||||||||||
Tax exempt | 117 | 141 | 360 | 426 | |||||||||||
Interest on short-term investments and certificates of deposit | 17 | 13 | 50 | 35 | |||||||||||
Total interest and dividend income | 2,297 | 2,323 | 6,826 | 7,218 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 245 | 442 | 774 | 1,722 | |||||||||||
Short-term borrowings | 1 | 13 | 7 | 51 | |||||||||||
Total interest expense | 246 | 455 | 781 | 1,773 | |||||||||||
Net interest income | 2,051 | 1,868 | 6,045 | 5,445 | |||||||||||
Provision for loan losses | 1 | 15 | 26 | 45 | |||||||||||
Net interest income, after provision for loan losses | 2,050 | 1,853 | 6,019 | 5,400 | |||||||||||
Non-interest income: | |||||||||||||||
Customer service fees | 32 | 27 | 93 | 87 | |||||||||||
Income on bank-owned life insurance | 75 | 72 | 224 | 217 | |||||||||||
Gain on sale of securities available for sale | - | - | 48 | - | |||||||||||
Other income | 46 | 46 | 205 | 194 | |||||||||||
Total non-interest income | 153 | 145 | 570 | 498 | |||||||||||
Non-interest expense: | |||||||||||||||
Salaries and employee benefits | 956 | 883 | 3,102 | 2,981 | |||||||||||
Occupancy and equipment | 238 | 236 | 656 | 630 | |||||||||||
Advertising | 32 | 21 | 110 | 68 | |||||||||||
Data processing | 89 | 102 | 260 | 272 | |||||||||||
Deposit insurance | 24 | 21 | 67 | 64 | |||||||||||
Charitable Foundation contribution | 1,554 | - | 1,554 | - | |||||||||||
Other general and administrative | 334 | 267 | 1,026 | 776 | |||||||||||
Total non-interest expense | 3,227 | 1,530 | 6,775 | 4,791 | |||||||||||
Income (loss) before income taxes | (1,024) | 468 | (186) | 1,107 | |||||||||||
Provision (benefit) for income taxes | (196) | 67 | (64) | 111 | |||||||||||
Net income (loss) | $ | (828) | $ | 401 | $ | (122) | $ | 996 | |||||||
Earnings (loss) per share: | |||||||||||||||
Basic and diluted | $ | (0.15) | N/A | N/A | N/A | ||||||||||
Weighted average shares: | |||||||||||||||
Basic and diluted | 5,500,173 | N/A | N/A | N/A | |||||||||||
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SOURCE Colonial Federal Savings Bank