Welcome to our dedicated page for CFSB BANCORP news (Ticker: CFSB), a resource for investors and traders seeking the latest updates and insights on CFSB BANCORP stock.
CFSB Bancorp, Inc. reports developments as the stock holding company for Colonial Federal Savings Bank, a community banking institution serving Norfolk County, Massachusetts. Company news is centered on fiscal quarterly and annual financial results, including net interest trends, deposit and wholesale funding costs, loan growth, non-interest income, credit-loss provisions, asset quality, and the effects of the interest-rate environment on bank earnings.
Recurring updates also include capital actions and governance matters, such as the company's common stock repurchase authorization and shareholder-related announcements. The company's public history includes its mutual holding company reorganization and related stock offering completed in January 2022.
On April 25, 2023, CFSB Bancorp reported a net income of $355,000 or $0.06 per share for Q3 2023, up from $341,000 or $0.05 in Q4 2022, marking a turnaround from a $828,000 loss in Q3 2022. For the nine months ended March 31, 2023, net income totaled $1.3 million or $0.21 per share compared to a $122,000 loss in the same period last year. Net interest income dropped by 8.0% to $2.2 million due to increased rates on deposits, despite a 4.6% year-over-year rise. Non-interest expenses fell 8.9% quarter-over-quarter to $1.9 million. However, deposit pressures and low loan demand amid rising interest rates may impact future performance.
CFSB Bancorp reported a net income of $341,000 ($0.05 per share) for the three months ended December 31, 2022, a decline from $645,000 ($0.10 per share) in the previous quarter, but an increase compared to $234,000 for the same quarter in 2021. For the six months, net income rose to $986,000 ($0.16 per share), up from $706,000 year-over-year. Net interest income decreased slightly by 1.0% to $2.4 million due to rising deposit costs. Non-interest income dropped 24.0% from the prior quarter. Total assets decreased by 1.1% to $356.8 million, with loans growing 34.8% in commercial real estate. Deposits fell 1.6%.
CFSB Bancorp, Inc. (NASDAQ: CFSB) reported net income of $645,000 for Q3 2022, up from $472,000 in Q3 2021, primarily driven by an increase in net interest income. Interest-earning assets rose to $347.1 million, with a net interest margin of 2.72%, up from 2.46% a year earlier. Non-interest income decreased to $200,000, while non-interest expense increased to $1.7 million. Total assets fell 1.4% to $360.9 million, with total liabilities down 2%. Deposits decreased by $7 million, reflecting management’s decision to maintain interest rates despite liquidity levels.
CFSB Bancorp reported a net income of $544,000 for Q2 2022, up from $396,000 in Q2 2021. For the year ending June 30, 2022, net income was $442,000, a decline from $1,392,000 in 2021. The company completed its reorganization into a two-tier mutual holding company, raising $28 million in gross proceeds. Net interest income rose 10.2% to $2.2 million in Q2 2022, with a net interest margin of 2.47%. However, total non-interest expenses surged 33.6% to $8.5 million for the fiscal year. Total stockholders' equity increased by 52.6% to $74.3 million.
CFSB Bancorp, Inc. (NASDAQ: CFSB) reported a net loss of $828,000 for Q3 2022, contrasting with a net income of $401,000 in Q3 2021. For the nine months ending March 31, 2022, the net loss was $122,000, down from $996,000 in 2021. The company completed its reorganization into a two-tier mutual holding structure, raising $28 million through a stock offering. Despite increasing net interest income by 11% year-over-year, total expenses surged 110.9% due to charitable donations and other costs. Total assets rose to $362.5 million, up 7% from June 2021.
CFSB Bancorp, Inc. (NASDAQ: CFSB) reported a net income of $234,000 for the three months ending December 31, 2021, and $706,000 for the six months, reflecting an 18.9% increase from $594,000 in the prior year. The rise in income stemmed from higher net interest and non-interest income, despite an increase in expenses. As of December 31, 2021, total assets rose 6.8% to $361.8 million, while total retained earnings increased to $49.3 million. CFSB's COVID-19-related loan deferrals showed all loans performing well, with no non-performing loans reported.