QUINCY,
Mass., Jan. 24, 2023 /PRNewswire/ -- CFSB
Bancorp, Inc. (the "Company") (NASDAQ Capital Market: CFSB), the
holding company for Colonial Federal Savings Bank (the "Bank"),
today announced net income of $341,000, or $0.05
per basic and diluted share, for the three months ended
December 31, 2022 compared to net
income of $645,000, or $0.10 per basic and diluted share, for the three
months ended September 30, 2022 and
net income of $234,000 for the three
months ended December 31, 2021.
For the six months ended December 31,
2022, net income was $986,000,
or $0.16 per basic and diluted share,
compared to net income of $706,000,
for the six months ended December 31,
2021. Net income on a non-GAAP basis, excluding certain
nonrecurring items, was $666,000, for
the six months ended December 31,
2021. Please see the tables attached hereto for a
reconciliation of these and other non-GAAP financial measures.
Michael E. McFarland, President
and Chief Executive Officer, stated, "We are pleased to see loan
growth during the quarter and continued improvement in
interest-earning asset yields. We are proud of the Bank's
accomplishments during calendar year 2022, and I want to thank our
employees for their continued efforts and commitment. Looking
forward, we are likely to see headwinds in deposit pricing in our
highly competitive banking environment. We will continue to focus
on pricing and expense discipline in the current rising interest
rate and inflationary environment."
Second Quarter Operating Results
Net interest income,
on a fully tax-equivalent basis decreased by $25,000, or 1.0%, to $2.4
million for the three months ended December 31, 2022 from $2.4 million for the three months ended
September 30, 2022. This decrease was
primarily due to a 41 basis point increase in the average rate paid
for certificates of deposit, partially offset by a 13 basis point
increase in the average yield earned for interest-earning assets.
The interest earned on loans increased $38,000, to $1.7
million for the three months ended December 31, 2022, from $1.6 million for the three months ended
September 30, 2022. The interest
earned on loans benefitted from rising interest rates and from an
increase in the average balance of loans of $1.0 million during the second fiscal quarter.
The net interest margin increased by 1 basis point to 2.77% for the
fiscal second quarter from 2.76% for the fiscal first quarter.
Net interest income, on a fully tax-equivalent basis increased
by $324,000, or 15.9%, to
$2.4 million for the three months
ended December 31, 2022, from
$2.0 million in the same period in
the prior year. Relative to the prior year quarter, the net
interest margin increased by 27 basis points to 2.77% from 2.50%.
The improvement reflects growth in the average balance of loans and
securities of $5.1 million and
$33.8 million, respectively, from the
prior year quarter and a 357 basis point increase in the interest
earned on cash and short-term investments due to the higher
interest rate environment. Partially offsetting the improvement in
interest and dividend income was a 15 basis point increase in the
cost of interest-bearing liabilities from the prior year quarter
due primarily to increased interest paid on certificates of deposit
in the higher interest rate environment.
The Company did not record a provision for loan losses for the
quarter ended December 31, 2022 or
September 30, 2022, as loan growth
was offset by decreases in the unallocated portion of the allowance
for loan losses. A provision for loan losses of $10,000 was recorded during the three months
ended December 31, 2021, driven by
loan growth. The allowance for loan losses as a percentage of total
loans was 0.97%, 0.99% and 1.00% at December
31, 2022, September 30, 2022
and December 31, 2021,
respectively.
Non-interest income decreased $48,000, or 24.0%, to $152,000 for the quarter ended December 31, 2022 from $200,000 in the quarter ended September 30, 2022, due to a decrease of
$46,000 in other income. The prior
quarter included $50,000 for the
annual collection of safe deposit box fees.
Non-interest income decreased $9,000, or 5.6%, to $152,000 for the quarter ended December 31, 2022, from $161,000 for the quarter ended December 31, 2021, principally due to a decrease
of $12,000 in income on bank-owned
life insurance.
Non-interest expenses increased $339,000, or 19.4%, to $2.1 million for the quarter ended December 31, 2022 from $1.7 million for the quarter ended September 30, 2022. The increase was due to an
increase in salaries and employee benefits expense of $232,000, or 22.8%, primarily attributed to a
discretionary year-end bonus awarded to employees in the quarter
ended December 31, 2022. In addition,
advertising expense increased $32,000
from the prior quarter due to employment agency fees, and other
general and administrative expense increased by $72,000 from the prior quarter due to increases
in expenses related to public filings, uncollectable check expense
and directors' compensation expense.
Non-interest expenses increased $191,000, or 10.1%, to $2.1 million for the quarter ended December 31, 2022 from $1.9 million for the quarter ended December 31, 2021. The increase was principally
due to an increase in salaries and employee benefits of
$83,000, attributed to ESOP expenses
incurred in the current year, an increase in headcount, and
increases to employee salaries and health insurance benefits.
Income tax expense was $65,000 for
the three months ended December 31,
2022, compared to $170,000 for
the three months ended September 30,
2022 and $32,000 for the three
months ended December 31, 2021. The
decrease in the effective tax rate for the three months ended
December 31, 2022, compared to the
three months ended September 30, 2022
was due to increases in tax-exempt municipal securities income. The
increase in the effective tax rate for the three months ended
December 31, 2022, compared to the
three months ended December 31, 2021
was due to decreases in tax-exempt municipal securities income and
decreases in bank-owned life insurance income.
Year-to-Date Operating Results
Net interest income
increased on a fully tax-equivalent basis by $702,000, or 17.3%, to $4.8 million for the six months ended
December 31, 2022 from $4.1 million for the six months ended
December 31, 2021. Total
interest-earning assets income increased $702,000 from the prior year period due to an
increase in the average balance of securities and higher average
yields earned on securities and cash and short-term investments. An
increase in the average balance of securities of $38.1 million, or 34.0%, and a 16 basis point
increase in the average yield earned on securities contributed to a
$550,000 increase in securities
income. The interest earned on cash and short-term investments
increased $217,000 from the prior
year, due to a 270 basis point improvement in the average yield
earned due to the higher interest rate environment, partially
offset by a $21.7 million decrease in
the average balance. Partially offsetting the increase in interest
and dividend income was a $47,000
increase in the interest expense. The increase in the interest paid
on certificates of deposit of $49,000
from the prior year period contributed to a 5 basis point increase
in the cost of interest-bearing liabilities. The net interest
margin improved 26 basis points for the six months ended
December 31, 2022, to 2.76%, from
2.50% in the prior year.
The Company did not recognize a provision for loan losses for
the six months ended December 31,
2022 compared to a provision for loan losses of $25,000 in the prior year period. For the six
months ended December 31, 2021, loan
growth was the primary contributor to the provision for loan
losses.
Non-interest income decreased $65,000, or 15.6%, to $352,000 for the six months ended December 31, 2022 from $417,000 in the prior year period, principally
due to a decrease of $48,000 in the
gain on sale of securities available for sale and a $22,000 decrease in income on bank-owned life
insurance. Excluding the gain on sale of securities available for
sale, which management believes is a non-recurring operating
activity, non-interest income would have decreased $17,000, or 4.6% from the prior year period.
Non-interest expenses increased $287,000, or 8.1%, to $3.8
million for the six months ended December 31, 2022 from $3.5 million for the six months ended
December 31, 2021. Salaries and
benefits increased $121,000, or 5.6%,
to $2.3 million, due to annual
increases to salaries and health insurance of employees, an
increase in headcount, and the addition of ESOP expense in the
current year. Occupancy and equipment expense increased
$80,000, or 19.1%, to $498,000 for the six months ended December 31, 2022 from $418,000 for the six months ended December 31, 2021, due to the renewal of a branch
lease in the current fiscal year and for increases to service
maintenance contracts. Advertising expense increased $32,000 from the prior year period due to an
employment agency fee incurred during the six months ended
December 31, 2022. Other general and
administrative expense increased $47,000, or 6.8% from the prior year period due
to increases in professional fees.
Income tax expense was $235,000
for the six months ended December 31,
2022 compared to income tax expense of $132,000 for the six months ended December 31, 2021.
Balance Sheet
At December 31,
2022, total assets amounted to $356.8
million, compared to $360.9
million at September 30, 2022,
a decrease of $4.1 million, or 1.1%,
as a $5.2 million decrease in total
cash and cash equivalents and a $2.7
million decrease in securities held to maturity were
partially offset by a $3.4 million
increase in total loans from the prior quarter. Commercial real
estate loans were the main contributor to total loan growth, as
commercial real estate loans grew $5.4
million, or 34.8%, to $21.1
million at December 31, 2022,
from $15.6 million at September 30, 2022. Deposits decreased by
$4.6 million, or 1.6%, in the
quarter, as the Bank is experiencing decreases of customer deposits
with the absence of government stimulus and increases in inflation,
in addition to mix-shift changes by depositors to higher-yielding
term certificates due to the higher interest rate environment.
Total stockholders' equity was $75.3
million at December 31, 2022
compared to $74.9 million at
September 30, 2022. The increase of
$362,000 reflects net income of
$341,000 and earned ESOP compensation
of $26,000, partially offset by other
comprehensive losses of $1,000.
Total assets at December 31, 2022
decreased $5.0 million, or 1.4%, from
$361.8 million at December 31, 2021. Contributing to the decrease
in assets was a decrease of $37.3
million in cash and cash equivalents to $10.6 million at December
31, 2022 from $47.8 million at
December 31, 2021, partially offset
by a $26.5 million increase in
securities held to maturity and $5.7
million in loan growth. Commercial real estate loans
increased by $5.6 million, or 35.9%,
as we focused on diversifying our loan mix. Total deposits
decreased by $32.1 million, or 10.4%,
to $275.5 million at December 31, 2022 from $307.6 million at December
31, 2021, principally due to the utilization of subscription
funds held in escrow to purchase shares in the initial public
offering.
Total stockholders' equity was $75.3
million at December 31, 2022
compared to $49.3 million at
December 31, 2021. The increase of
$25.9 million relates mainly to net
proceeds from the initial public offering of $27.8 million and net income earned during the
previous twelve months of $622,000,
partially offset by the establishment of the Company's ESOP plan,
net of earned compensation of $2.5
million.
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 the impact of the COVID-19
pandemic or any other pandemic on our operations and financial
results and those of our customers, 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
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.
Non-GAAP Financial Measures
The Company uses certain
non-GAAP financial measures, such as return on average assets,
return on average equity, the efficiency ratio, profit percentage,
tangible book value per share, non-interest income to total income
and, where applicable, as adjusted for non-recurring items. These
non-GAAP financial measures provide information for investors to
effectively analyze financial trends of on-going business
activities, and to enhance comparability with peers across the
financial services sector.
CFSB Bancorp, Inc. and
Subsidiary
|
Consolidated Balance
Sheets (Unaudited)
|
(In thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
Dec 2022
vs.
|
|
|
Dec 2022
vs.
|
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
Sep
2022
|
|
|
Dec
2021
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,502
|
|
|
$
|
1,481
|
|
|
$
|
1,475
|
|
|
|
1.4
|
%
|
|
|
1.8
|
%
|
Short-term
investments
|
|
|
9,072
|
|
|
|
14,260
|
|
|
|
46,358
|
|
|
|
(36.4)
|
%
|
|
|
(80.4)
|
%
|
Total cash and cash
equivalents
|
|
|
10,574
|
|
|
|
15,741
|
|
|
|
47,833
|
|
|
|
(32.8)
|
%
|
|
|
(77.9)
|
%
|
Certificates of
deposit
|
|
|
-
|
|
|
|
-
|
|
|
|
980
|
|
|
- %
|
|
|
|
(100.0)
|
%
|
Securities available
for sale, at fair value
|
|
|
168
|
|
|
|
183
|
|
|
|
254
|
|
|
|
(8.2)
|
%
|
|
|
(33.9)
|
%
|
Securities held to
maturity, at amortized cost
|
|
|
149,473
|
|
|
|
152,141
|
|
|
|
122,931
|
|
|
|
(1.8)
|
%
|
|
|
21.6
|
%
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family
|
|
|
140,898
|
|
|
|
143,417
|
|
|
|
139,079
|
|
|
|
(1.8)
|
%
|
|
|
1.3
|
%
|
Multifamily
|
|
|
13,239
|
|
|
|
13,055
|
|
|
|
16,173
|
|
|
|
1.4
|
%
|
|
|
(18.1)
|
%
|
Second mortgages and
home equity lines of credit
|
|
|
2,590
|
|
|
|
2,514
|
|
|
|
2,162
|
|
|
|
3.0
|
%
|
|
|
19.8
|
%
|
Construction
|
|
|
600
|
|
|
|
415
|
|
|
|
-
|
|
|
|
44.6
|
%
|
|
- %
|
|
Commercial
|
|
|
21,077
|
|
|
|
15,639
|
|
|
|
15,508
|
|
|
|
34.8
|
%
|
|
|
35.9
|
%
|
Total mortgage loans
on real estate
|
|
|
178,404
|
|
|
|
175,040
|
|
|
|
172,922
|
|
|
|
1.9
|
%
|
|
|
3.2
|
%
|
Consumer
|
|
|
63
|
|
|
|
71
|
|
|
|
111
|
|
|
|
(11.3)
|
%
|
|
|
(43.2)
|
%
|
Home
improvement
|
|
|
2,232
|
|
|
|
2,231
|
|
|
|
1,999
|
|
|
|
0.0
|
%
|
|
|
11.7
|
%
|
Total loans
|
|
|
180,699
|
|
|
|
177,342
|
|
|
|
175,032
|
|
|
|
1.9
|
%
|
|
|
3.2
|
%
|
Allowance for loan
losses
|
|
|
(1,747)
|
|
|
|
(1,747)
|
|
|
|
(1,747)
|
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
Net deferred loan costs
and fees, and purchase premiums
|
|
|
(383)
|
|
|
|
(350)
|
|
|
|
(354)
|
|
|
|
9.4
|
%
|
|
|
8.2
|
%
|
Loans, net
|
|
|
178,569
|
|
|
|
175,245
|
|
|
|
172,931
|
|
|
|
1.9
|
%
|
|
|
3.3
|
%
|
Federal Home Loan Bank
of Boston stock, at cost
|
|
|
191
|
|
|
|
191
|
|
|
|
453
|
|
|
|
0.0
|
%
|
|
|
(57.8)
|
%
|
Premises and equipment,
net
|
|
|
3,272
|
|
|
|
3,310
|
|
|
|
3,337
|
|
|
|
(1.1)
|
%
|
|
|
(1.9)
|
%
|
Accrued interest
receivable
|
|
|
1,303
|
|
|
|
1,306
|
|
|
|
1,112
|
|
|
|
(0.2)
|
%
|
|
|
17.2
|
%
|
Bank-owned life
insurance
|
|
|
10,271
|
|
|
|
10,208
|
|
|
|
10,008
|
|
|
|
0.6
|
%
|
|
|
2.6
|
%
|
Deferred tax
asset
|
|
|
1,001
|
|
|
|
1,139
|
|
|
|
592
|
|
|
|
(12.1)
|
%
|
|
|
69.1
|
%
|
Operating lease right
of use asset
|
|
|
999
|
|
|
|
1,021
|
|
|
|
-
|
|
|
|
(2.2)
|
%
|
|
- %
|
|
Other assets
|
|
|
1,012
|
|
|
|
457
|
|
|
|
1,398
|
|
|
|
121.4
|
%
|
|
|
(27.6)
|
%
|
Total
assets
|
|
$
|
356,833
|
|
|
$
|
360,942
|
|
|
$
|
361,829
|
|
|
|
(1.1)
|
%
|
|
|
(1.4)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
NOW and demand
|
|
$
|
32,618
|
|
|
$
|
34,148
|
|
|
$
|
52,378
|
|
|
|
(4.5)
|
%
|
|
|
(37.7)
|
%
|
Interest bearing NOW
and demand
|
|
|
32,241
|
|
|
|
32,791
|
|
|
|
33,082
|
|
|
|
(1.7)
|
%
|
|
|
(2.5)
|
%
|
Regular and
other
|
|
|
69,924
|
|
|
|
74,703
|
|
|
|
71,975
|
|
|
|
(6.4)
|
%
|
|
|
(2.8)
|
%
|
Money market
accounts
|
|
|
37,470
|
|
|
|
43,349
|
|
|
|
41,173
|
|
|
|
(13.6)
|
%
|
|
|
(9.0)
|
%
|
Term
certificates
|
|
|
103,209
|
|
|
|
95,061
|
|
|
|
108,952
|
|
|
|
8.6
|
%
|
|
|
(5.3)
|
%
|
Total
deposits
|
|
|
275,462
|
|
|
|
280,052
|
|
|
|
307,560
|
|
|
|
(1.6)
|
%
|
|
|
(10.4)
|
%
|
Federal Home Loan Bank
of Boston advances
|
|
|
-
|
|
|
|
-
|
|
|
|
288
|
|
|
- %
|
|
|
|
(100.0)
|
%
|
Mortgagors' escrow
accounts
|
|
|
1,680
|
|
|
|
1,618
|
|
|
|
1,650
|
|
|
|
3.8
|
%
|
|
|
1.8
|
%
|
Operating lease
liability
|
|
|
1,003
|
|
|
|
1,023
|
|
|
|
-
|
|
|
|
(2.0)
|
%
|
|
- %
|
|
Accrued expenses and
other liabilities
|
|
|
3,409
|
|
|
|
3,332
|
|
|
|
2,991
|
|
|
|
2.3
|
%
|
|
|
14.0
|
%
|
Total
liabilities
|
|
|
281,554
|
|
|
|
286,025
|
|
|
|
312,489
|
|
|
|
(1.6)
|
%
|
|
|
(9.9)
|
%
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
65
|
|
|
|
65
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
- %
|
|
Additional paid-in
capital
|
|
|
27,714
|
|
|
|
27,718
|
|
|
|
-
|
|
|
|
(0.0)
|
%
|
|
- %
|
|
Retained
earnings
|
|
|
49,956
|
|
|
|
49,615
|
|
|
|
49,334
|
|
|
|
0.7
|
%
|
|
|
1.3
|
%
|
Accumulated other
comprehensive income (loss), net of tax
|
|
|
(2)
|
|
|
|
(1)
|
|
|
|
6
|
|
|
|
100.0
|
%
|
|
|
(133.3)
|
%
|
Unearned compensation -
ESOP
|
|
|
(2,454)
|
|
|
|
(2,480)
|
|
|
|
-
|
|
|
|
(1.0)
|
%
|
|
- %
|
|
Total stockholders'
equity
|
|
|
75,279
|
|
|
|
74,917
|
|
|
|
49,340
|
|
|
|
0.5
|
%
|
|
|
52.6
|
%
|
Total liabilities and
stockholders' equity
|
|
$
|
356,833
|
|
|
$
|
360,942
|
|
|
$
|
361,829
|
|
|
|
(1.1)
|
%
|
|
|
(1.4)
|
%
|
CFSB Bancorp, Inc. and
Subsidiary
|
Consolidated Statements
of Net Income (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,
|
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
1,657
|
|
|
$
|
1,619
|
|
|
$
|
1,640
|
|
|
$
|
3,276
|
|
|
$
|
3,294
|
|
Interest and dividends
on debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
795
|
|
|
|
751
|
|
|
|
492
|
|
|
|
1,546
|
|
|
|
959
|
|
Tax-exempt
|
|
|
106
|
|
|
|
108
|
|
|
|
120
|
|
|
|
214
|
|
|
|
243
|
|
Interest on short-term
investments and certificates of deposit
|
|
|
123
|
|
|
|
127
|
|
|
|
16
|
|
|
|
250
|
|
|
|
33
|
|
Total interest and
dividend income
|
|
|
2,681
|
|
|
|
2,605
|
|
|
|
2,268
|
|
|
|
5,286
|
|
|
|
4,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
340
|
|
|
|
242
|
|
|
|
255
|
|
|
|
582
|
|
|
|
529
|
|
Borrowings
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
6
|
|
Total interest
expense
|
|
|
340
|
|
|
|
242
|
|
|
|
257
|
|
|
|
582
|
|
|
|
535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
2,341
|
|
|
|
2,363
|
|
|
|
2,011
|
|
|
|
4,704
|
|
|
|
3,994
|
|
Provision for loan
losses
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
|
-
|
|
|
|
25
|
|
Net interest income
after provision for loan losses
|
|
|
2,341
|
|
|
|
2,363
|
|
|
|
2,001
|
|
|
|
4,704
|
|
|
|
3,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service
fees
|
|
|
36
|
|
|
|
37
|
|
|
|
31
|
|
|
|
73
|
|
|
|
61
|
|
Income on bank-owned
life insurance
|
|
|
63
|
|
|
|
64
|
|
|
|
75
|
|
|
|
127
|
|
|
|
149
|
|
Gain on sale of
securities available for sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
48
|
|
Other
income
|
|
|
53
|
|
|
|
99
|
|
|
|
55
|
|
|
|
152
|
|
|
|
159
|
|
Total non-interest
income
|
|
|
152
|
|
|
|
200
|
|
|
|
161
|
|
|
|
352
|
|
|
|
417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
1,250
|
|
|
|
1,018
|
|
|
|
1,167
|
|
|
|
2,268
|
|
|
|
2,147
|
|
Occupancy and
equipment
|
|
|
255
|
|
|
|
243
|
|
|
|
208
|
|
|
|
498
|
|
|
|
418
|
|
Advertising
|
|
|
71
|
|
|
|
39
|
|
|
|
37
|
|
|
|
110
|
|
|
|
78
|
|
Data
processing
|
|
|
84
|
|
|
|
94
|
|
|
|
91
|
|
|
|
178
|
|
|
|
171
|
|
Deposit
insurance
|
|
|
22
|
|
|
|
21
|
|
|
|
21
|
|
|
|
43
|
|
|
|
43
|
|
Other general and
administrative
|
|
|
405
|
|
|
|
333
|
|
|
|
372
|
|
|
|
738
|
|
|
|
691
|
|
Total non-interest
expenses
|
|
|
2,087
|
|
|
|
1,748
|
|
|
|
1,896
|
|
|
|
3,835
|
|
|
|
3,548
|
|
Income before income
taxes
|
|
|
406
|
|
|
|
815
|
|
|
|
266
|
|
|
|
1,221
|
|
|
|
838
|
|
Provision for income
taxes
|
|
|
65
|
|
|
|
170
|
|
|
|
32
|
|
|
|
235
|
|
|
|
132
|
|
Net income
|
|
$
|
341
|
|
|
$
|
645
|
|
|
$
|
234
|
|
|
$
|
986
|
|
|
$
|
706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
0.05
|
|
|
$
|
0.10
|
|
|
N/A
|
|
|
$
|
0.16
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
6,274,542
|
|
|
|
6,271,977
|
|
|
N/A
|
|
|
|
6,273,260
|
|
|
N/A
|
|
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,
2022
|
|
|
September 30,
2022
|
|
|
December 31,
2021
|
|
|
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
|
$
|
177,648
|
|
|
$
|
1,657
|
|
|
|
3.73
|
%
|
|
$
|
176,638
|
|
|
$
|
1,619
|
|
|
|
3.67
|
%
|
|
$
|
172,505
|
|
|
$
|
1,640
|
|
|
|
3.80
|
%
|
Securities
(1)
|
|
151,249
|
|
|
|
927
|
|
|
|
2.45
|
%
|
|
|
148,774
|
|
|
|
888
|
|
|
|
2.39
|
%
|
|
|
117,441
|
|
|
|
644
|
|
|
|
2.19
|
%
|
Cash and short-term
investments
|
|
13,153
|
|
|
|
123
|
|
|
|
3.74
|
%
|
|
|
21,717
|
|
|
|
127
|
|
|
|
2.34
|
%
|
|
|
37,190
|
|
|
|
16
|
|
|
|
0.17
|
%
|
Total interest-earning
assets
|
|
342,050
|
|
|
|
2,707
|
|
|
|
3.17
|
%
|
|
|
347,129
|
|
|
|
2,634
|
|
|
|
3.04
|
%
|
|
|
327,136
|
|
|
|
2,300
|
|
|
|
2.81
|
%
|
Noninterest-earning
assets
|
|
16,747
|
|
|
|
|
|
|
|
|
|
15,933
|
|
|
|
|
|
|
|
|
|
14,340
|
|
|
|
|
|
|
|
Total
assets
|
$
|
358,797
|
|
|
|
|
|
|
|
|
$
|
363,062
|
|
|
|
|
|
|
|
|
$
|
341,476
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
$
|
33,557
|
|
|
$
|
4
|
|
|
|
0.05
|
%
|
|
$
|
33,133
|
|
|
$
|
4
|
|
|
|
0.05
|
%
|
|
$
|
30,903
|
|
|
$
|
4
|
|
|
|
0.05
|
%
|
Savings
deposits
|
|
72,708
|
|
|
|
18
|
|
|
|
0.10
|
%
|
|
|
75,444
|
|
|
|
19
|
|
|
|
0.10
|
%
|
|
|
72,233
|
|
|
|
18
|
|
|
|
0.10
|
%
|
Money market
deposits
|
|
39,876
|
|
|
|
27
|
|
|
|
0.27
|
%
|
|
|
45,493
|
|
|
|
31
|
|
|
|
0.27
|
%
|
|
|
41,411
|
|
|
|
27
|
|
|
|
0.26
|
%
|
Certificates of
deposit
|
|
99,041
|
|
|
|
291
|
|
|
|
1.18
|
%
|
|
|
97,153
|
|
|
|
188
|
|
|
|
0.77
|
%
|
|
|
109,563
|
|
|
|
206
|
|
|
|
0.75
|
%
|
Total interest-bearing
deposits
|
|
245,182
|
|
|
|
340
|
|
|
|
0.55
|
%
|
|
|
251,223
|
|
|
|
242
|
|
|
|
0.39
|
%
|
|
|
254,110
|
|
|
|
255
|
|
|
|
0.40
|
%
|
FHLB
advances
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
345
|
|
|
|
2
|
|
|
|
2.32
|
%
|
Total interest-bearing
liabilities
|
|
245,182
|
|
|
|
340
|
|
|
|
0.55
|
%
|
|
|
251,223
|
|
|
|
242
|
|
|
|
0.39
|
%
|
|
|
254,455
|
|
|
|
257
|
|
|
|
0.40
|
%
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
32,887
|
|
|
|
|
|
|
|
|
|
32,522
|
|
|
|
|
|
|
|
|
|
34,168
|
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
5,554
|
|
|
|
|
|
|
|
|
|
3,195
|
|
|
|
|
|
|
|
|
|
3,515
|
|
|
|
|
|
|
|
Total
liabilities
|
|
283,623
|
|
|
|
|
|
|
|
|
|
286,940
|
|
|
|
|
|
|
|
|
|
292,138
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
75,174
|
|
|
|
|
|
|
|
|
|
76,122
|
|
|
|
|
|
|
|
|
|
49,338
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
358,797
|
|
|
|
|
|
|
|
|
$
|
363,062
|
|
|
|
|
|
|
|
|
$
|
341,476
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
|
2,367
|
|
|
|
|
|
|
|
|
$
|
2,392
|
|
|
|
|
|
|
|
|
$
|
2,043
|
|
|
|
|
Net interest rate
spread(2)
|
|
|
|
|
|
|
|
2.62
|
%
|
|
|
|
|
|
|
|
|
2.65
|
%
|
|
|
|
|
|
|
|
|
2.41
|
%
|
Net interest-earning
assets(3)
|
$
|
96,868
|
|
|
|
|
|
|
|
|
$
|
95,906
|
|
|
|
|
|
|
|
|
$
|
72,681
|
|
|
|
|
|
|
|
Net interest
margin(4)
|
|
|
|
|
|
|
|
2.77
|
%
|
|
|
|
|
|
|
|
|
2.76
|
%
|
|
|
|
|
|
|
|
|
2.50
|
%
|
Cost of deposits
(5)
|
|
|
|
|
|
|
|
0.49
|
%
|
|
|
|
|
|
|
|
|
0.34
|
%
|
|
|
|
|
|
|
|
|
0.35
|
%
|
Cost of funds
(6)
|
|
|
|
|
|
|
|
0.49
|
%
|
|
|
|
|
|
|
|
|
0.34
|
%
|
|
|
|
|
|
|
|
|
0.36
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
|
139.51
|
%
|
|
|
|
|
|
|
|
|
138.18
|
%
|
|
|
|
|
|
|
|
|
128.56
|
%
|
|
|
|
|
|
|
(1) Includes tax equivalent adjustments for municipal
securities, based on a statutory tax rate of 21%, of $26,000,
$29,000, and $32,000 for the three months ended December 31, 2022,
September 30, 2022 and December 31, 2021, 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
|
|
|
Year to
Date
|
|
|
December 31,
2022
|
|
|
December 31,
2021
|
|
|
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
|
$
|
177,143
|
|
|
$
|
3,276
|
|
|
|
3.70
|
%
|
|
$
|
173,701
|
|
|
$
|
3,294
|
|
|
|
3.79
|
%
|
Securities
(1)
|
|
150,011
|
|
|
|
1,817
|
|
|
|
2.42
|
%
|
|
|
111,952
|
|
|
|
1,267
|
|
|
|
2.26
|
%
|
Cash and short-term
investments
|
|
17,435
|
|
|
|
250
|
|
|
|
2.87
|
%
|
|
|
39,107
|
|
|
|
33
|
|
|
|
0.17
|
%
|
Total interest-earning
assets
|
|
344,589
|
|
|
|
5,343
|
|
|
|
3.10
|
%
|
|
|
324,760
|
|
|
|
4,594
|
|
|
|
2.83
|
%
|
Noninterest-earning
assets
|
|
16,342
|
|
|
|
|
|
|
|
|
|
14,117
|
|
|
|
|
|
|
|
Total
assets
|
$
|
360,931
|
|
|
|
|
|
|
|
|
$
|
338,877
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
$
|
33,346
|
|
|
$
|
8
|
|
|
|
0.05
|
%
|
|
$
|
30,786
|
|
|
$
|
8
|
|
|
|
0.05
|
%
|
Savings
deposits
|
|
74,076
|
|
|
|
37
|
|
|
|
0.10
|
%
|
|
|
71,667
|
|
|
|
37
|
|
|
|
0.10
|
%
|
Money market
deposits
|
|
42,685
|
|
|
|
58
|
|
|
|
0.27
|
%
|
|
|
41,266
|
|
|
|
54
|
|
|
|
0.26
|
%
|
Certificates of
deposit
|
|
98,097
|
|
|
|
479
|
|
|
|
0.98
|
%
|
|
|
110,088
|
|
|
|
430
|
|
|
|
0.78
|
%
|
Total interest-bearing
deposits
|
|
248,204
|
|
|
|
582
|
|
|
|
0.47
|
%
|
|
|
253,807
|
|
|
|
529
|
|
|
|
0.42
|
%
|
FHLB
advances
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
456
|
|
|
|
6
|
|
|
|
2.63
|
%
|
Total interest-bearing
liabilities
|
|
248,204
|
|
|
|
582
|
|
|
|
0.47
|
%
|
|
|
254,263
|
|
|
|
535
|
|
|
|
0.42
|
%
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
32,702
|
|
|
|
|
|
|
|
|
|
32,018
|
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
5,127
|
|
|
|
|
|
|
|
|
|
3,474
|
|
|
|
|
|
|
|
Total
liabilities
|
|
286,033
|
|
|
|
|
|
|
|
|
|
289,755
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
74,898
|
|
|
|
|
|
|
|
|
|
49,122
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
360,931
|
|
|
|
|
|
|
|
|
$
|
338,877
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
|
4,761
|
|
|
|
|
|
|
|
|
$
|
4,059
|
|
|
|
|
Net interest rate
spread(2)
|
|
|
|
|
|
|
|
2.63
|
%
|
|
|
|
|
|
|
|
|
2.41
|
%
|
Net interest-earning
assets(3)
|
$
|
96,385
|
|
|
|
|
|
|
|
|
$
|
70,497
|
|
|
|
|
|
|
|
Net interest
margin(4)
|
|
|
|
|
|
|
|
2.76
|
%
|
|
|
|
|
|
|
|
|
2.50
|
%
|
Cost of deposits
(5)
|
|
|
|
|
|
|
|
0.41
|
%
|
|
|
|
|
|
|
|
|
0.37
|
%
|
Cost of funds
(6)
|
|
|
|
|
|
|
|
0.41
|
%
|
|
|
|
|
|
|
|
|
0.37
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
|
138.83
|
%
|
|
|
|
|
|
|
|
|
127.73
|
%
|
|
|
|
|
|
|
(1) Includes tax equivalent adjustments for municipal
securities, based on a statutory tax rate of 21%, of $57,000 and
$65,000 for the six months ended December 31, 2022 and December 31,
2021, 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,
|
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Securities interest
income (no tax adjustment)
|
|
$
|
901
|
|
|
$
|
859
|
|
|
$
|
612
|
|
|
$
|
1,760
|
|
|
$
|
1,202
|
|
Tax-equivalent
adjustment
|
|
|
26
|
|
|
|
29
|
|
|
|
32
|
|
|
|
57
|
|
|
|
65
|
|
Securities
(tax-equivalent basis)
|
|
$
|
927
|
|
|
$
|
888
|
|
|
$
|
644
|
|
|
$
|
1,817
|
|
|
$
|
1,267
|
|
Net interest income (no
tax adjustment)
|
|
|
2,341
|
|
|
|
2,363
|
|
|
|
2,011
|
|
|
|
4,704
|
|
|
|
3,994
|
|
Tax-equivalent
adjustment
|
|
|
26
|
|
|
|
29
|
|
|
|
32
|
|
|
|
57
|
|
|
|
65
|
|
Net interest income
(tax-equivalent adjustment)
|
|
$
|
2,367
|
|
|
$
|
2,392
|
|
|
$
|
2,043
|
|
|
$
|
4,761
|
|
|
$
|
4,059
|
|
CFSB Bancorp, Inc. and
Subsidiary
|
Selected Financial
Highlights (Unaudited)
|
|
|
At or for the Three
Months Ended
|
|
|
At or for the Six
Months Ended
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
December
31,
|
|
|
December
31,
|
|
(In thousands,
except share and per share amounts)
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Performance
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets: (1, 5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
|
0.38
|
%
|
|
|
0.71
|
%
|
|
|
0.27
|
%
|
|
|
0.55
|
%
|
|
|
0.42
|
%
|
Non-GAAP
(2)
|
|
|
0.38
|
%
|
|
|
0.71
|
%
|
|
|
0.26
|
%
|
|
|
0.55
|
%
|
|
|
0.39
|
%
|
Return on average
equity: (1, 6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
|
1.81
|
%
|
|
|
3.39
|
%
|
|
|
1.90
|
%
|
|
|
2.63
|
%
|
|
|
2.87
|
%
|
Non-GAAP
(2)
|
|
|
1.81
|
%
|
|
|
3.39
|
%
|
|
|
1.90
|
%
|
|
|
2.63
|
%
|
|
|
2.71
|
%
|
Noninterest expense to
average assets
|
|
|
2.33
|
%
|
|
|
1.93
|
%
|
|
|
2.22
|
%
|
|
|
2.13
|
%
|
|
|
2.09
|
%
|
Total loans to total
deposits
|
|
|
65.6
|
%
|
|
|
63.3
|
%
|
|
|
56.9
|
%
|
|
|
65.6
|
%
|
|
|
56.9
|
%
|
Total loans to total
assets
|
|
|
50.6
|
%
|
|
|
49.1
|
%
|
|
|
48.4
|
%
|
|
|
50.6
|
%
|
|
|
48.4
|
%
|
Efficiency ratio:
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
|
83.7
|
%
|
|
|
68.2
|
%
|
|
|
87.3
|
%
|
|
|
75.9
|
%
|
|
|
80.4
|
%
|
Non-GAAP
(2)
|
|
|
83.7
|
%
|
|
|
68.2
|
%
|
|
|
87.3
|
%
|
|
|
75.9
|
%
|
|
|
81.3
|
%
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to
risk-weighted assets
|
|
|
32.6
|
%
|
|
|
34.3
|
%
|
|
|
29.3
|
%
|
|
|
32.6
|
%
|
|
|
29.3
|
%
|
Common equity tier 1
capital to risk-weighted assets
|
|
|
31.7
|
%
|
|
|
33.4
|
%
|
|
|
28.3
|
%
|
|
|
31.7
|
%
|
|
|
28.3
|
%
|
Tier 1 capital to
risk-weighted assets
|
|
|
31.7
|
%
|
|
|
33.4
|
%
|
|
|
28.3
|
%
|
|
|
31.7
|
%
|
|
|
28.3
|
%
|
Tier 1 capital to
average assets (3)
|
|
|
17.4
|
%
|
|
|
17.7
|
%
|
|
|
14.4
|
%
|
|
|
17.4
|
%
|
|
|
14.4
|
%
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage of total loans (4)
|
|
|
0.97
|
%
|
|
|
0.99
|
%
|
|
|
1.00
|
%
|
|
|
0.97
|
%
|
|
|
1.00
|
%
|
Allowance for loan
losses as a percentage of non-performing loans
|
|
NM
|
|
|
NM
|
|
|
NM
|
|
|
NM
|
|
|
NM
|
|
Net (charge-offs)
recoveries to average outstanding loans
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Non-performing loans as
a percentage of total loans
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Non-performing loans as
a percentage of total assets
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Total non-performing
loans as a percentage of total assets
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Informational
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of held to
maturity securities
|
|
$
|
132,625
|
|
|
$
|
133,775
|
|
|
$
|
133,593
|
|
|
$
|
132,625
|
|
|
$
|
133,593
|
|
Book value per share
(8)
|
|
$
|
11.54
|
|
|
$
|
11.49
|
|
|
N/A
|
|
|
$
|
11.54
|
|
|
N/A
|
|
Outstanding
shares
|
|
|
6,521,642
|
|
|
|
6,521,642
|
|
|
N/A
|
|
|
|
6,521,642
|
|
|
N/A
|
|
(1)
|
Annualized for the
periods presented.
|
(2)
|
See page 8 -
Reconciliation of GAAP to Non-GAAP Net Income.
|
(3)
|
Average assets
calculated on a quarterly and year to date basis for the periods
presented.
|
(4)
|
Total loans exclude net
deferred loan costs and fees.
|
(5)
|
Represents net income
divided by average assets.
|
(6)
|
Represents net income
divided by average stockholders' equity
|
(7)
|
Represents total
non-interest expenses divided by net income and non-interest
income.
|
(8)
|
Represents total
stockholders' equity divided by outstanding shares at period
end.
|
CFSB Bancorp, Inc. and
Subsidiary
|
Reconciliation of GAAP
to Non-GAAP Net Income (Unaudited)
|
|
|
For the Three Months
Ended
|
|
|
For the Six Months
Ended
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
December
31,
|
|
|
December
31,
|
|
(In thousands,
except per share amounts)
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Net income, GAAP
basis
|
|
$
|
341
|
|
|
$
|
645
|
|
|
$
|
234
|
|
|
$
|
986
|
|
|
$
|
706
|
|
Adjustments to GAAP Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
available for sale securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(48)
|
|
Tax effect of
adjustments to net income, GAAP basis
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
|
Adjusted net income,
non-GAAP basis
|
|
$
|
341
|
|
|
$
|
645
|
|
|
$
|
234
|
|
|
$
|
986
|
|
|
$
|
666
|
|
Earnings per share,
non-GAAP basis
|
|
$
|
0.05
|
|
|
$
|
0.10
|
|
|
N/A
|
|
|
$
|
0.16
|
|
|
N/A
|
|
View original
content:https://www.prnewswire.com/news-releases/cfsb-bancorp-inc-announces-fiscal-second-quarter-2023-financial-results-301729757.html
SOURCE Colonial Federal Savings Bank