QUINCY,
Mass., April 25, 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 $355,000, or $0.06
per basic and diluted share, for the three months ended
March 31, 2023 compared to net income
of $341,000, or $0.05 per basic and diluted share, for the three
months ended December 31, 2022 and a
net loss of $828,000, or $0.15 per basic and diluted share for the three
months ended March 31, 2022. Net
income on a non-GAAP basis, excluding the contribution to the
charitable foundation established in connection with the Bank's
mutual holding company reorganization, was $429,000, or $0.08
per basic and diluted share for the three months ended March 31, 2022. Please see the tables attached
hereto for a reconciliation of these and other non-GAAP financial
measures.
For the nine months ended March 31,
2023, net income was $1.3
million, or $0.21 per basic
and diluted share, compared to a net loss of $122,000, for the nine months ended March 31, 2022. Net income on a non-GAAP basis,
excluding the charitable contribution and gain on the sale of
securities, was $1.1 million, for the
nine months ended March 31, 2022.
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, "In light of recent events in
the banking industry, we want to emphasize that we are a
well-capitalized, liquid, conservatively managed community bank
with pristine asset quality. Looking at the third quarter's
operating results, we were pleased to see a reduction in
non-interest expense translate into increased net income as
compared to the linked quarter. However, we expect to see the
higher interest rate environment continue to create deposit pricing
pressures and decreased loan demand."
Third Quarter Operating Results
Net interest income,
on a fully tax-equivalent basis decreased by $190,000, or 8.0%, to $2.2
million for the three months ended March 31, 2023 from $2.4
million for the three months ended December 31, 2022. This decrease was primarily
due to a 66 basis point increase in the average rate paid for
certificates of deposit, partially offset by a six basis point
increase in the average yield earned for interest-earning assets.
The interest earned on loans increased $43,000, to $1.7
million for the three months ended March 31, 2023, from $1.7
million for the three months ended December 31, 2022. The interest earned on loans
benefitted from rising interest rates and from an increase in the
average balance of loans of $1.8
million during the three months ended March 31, 2023. The net interest margin decreased
by 18 basis points to 2.59% for the three months ended March 31, 2023 from 2.77% for the three months
ended December 31, 2022.
Net interest income, on a fully tax-equivalent basis increased
by $95,000, or 4.6%, to $2.2 million for the three months ended
March 31, 2023, from $2.1 million for the three months ended
March 31, 2022. The net interest
margin increased by 17 basis points to 2.59% for the three months
ended March 31, 2023 from 2.42% for
the three months ended March 31,
2022. The improvement reflects growth in the average balance
of loans and securities of $5.0
million and $23.1 million,
respectively, and increases in the average yield earned on loans,
securities, and cash and short-term investments of nine, 36 and 385
basis points, respectively, from the three months ended
March 31, 2022. Partially offsetting
the improvement in interest and dividend income was a 50 basis
point increase in the cost of interest-bearing liabilities from the
three months ended March 31, 2022 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
three months ended March 31, 2023 or
December 31, 2022. A provision for
loan losses of $1,000 was recorded
during the three months ended March 31,
2022. The allowance for loan losses as a percentage of total
loans was 0.98%, 0.97% and 1.00% at March
31, 2023, December 31, 2022
and March 31, 2022, respectively.
Non-interest income decreased $4,000, or 2.6%, to $148,000 for the quarter ended March 31, 2023 from $152,000 in the quarter ended December 31, 2022, due to a decrease of
$6,000 in other income.
Non-interest income decreased $5,000, or 3.3%, to $148,000 for the quarter ended March 31, 2023, from $153,000 for the quarter ended March 31, 2022, principally due to a decrease of
$11,000 in income on bank-owned life
insurance.
Non-interest expenses decreased $186,000, or 8.9%, to $1.9
million for the quarter ended March
31, 2023 from $2.1 million for
the quarter ended December 31, 2022.
The decrease was due to a decrease in salaries and employee
benefits expense of $147,000, or
11.8%, primarily attributed to a discretionary year-end bonus
awarded to employees in the quarter ended December 31, 2022. In addition, advertising
expense decreased $33,000 from the
prior quarter due to decreases in employment agency fees.
Non-interest expenses decreased $1.3
million, or 41.1%, to $1.9
million for the quarter ended March
31, 2023 from $3.2 million for
the quarter ended March 31, 2022. A
$1.6 million charitable foundation
contribution made during the three months ended March 31, 2022 was the primary reason for the
decline in non-interest expenses from the prior year quarter.
Excluding this item, which management considers to be a
non-recurring item, non-interest expenses would have increased
$228,000, or 13.6%, to $1.9 million for the three months ended
March 31, 2023, from $1.7 million for the three months ended
March 31, 2022. The increase was
principally due to an increase in salaries and employee benefits of
$147,000, attributed to ESOP expenses
incurred in the current year, an increase in headcount, and
increases to employee salaries and health insurance benefits and
due to increases in other general and administrative expenses of
$66,000, attributed to the costs of
being a public company.
Income tax expense was $47,000 for
the three months ended March 31,
2023, compared to $65,000 for
the three months ended December 31,
2022 and a benefit for income taxes of $196,000 for the three months ended March 31, 2022. The decrease in the effective tax
rate for the three months ended March 31,
2023, compared to the three months ended December 31, 2022 was due to charitable
contributions made during the three months ended March 31, 2022. The increase in the effective tax
rate for the three months ended March 31,
2023, compared to the three months ended March 31, 2022 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 $802,000, or 13.1%, to $6.9 million for the nine months ended
March 31, 2023 from $6.1 million for the nine months ended
March 31, 2022. Total
interest-earning assets income increased $1.1 million from the prior year period due to an
increase in the average balance of securities and loans, and due to
higher average yields earned on securities and cash and short-term
investments, offset by a decrease in the average balance of cash
and short-term investments. An increase in the average balance of
loans of $7.0 million, or 4.1%,
contributed to a $67,000 increase in
loan income, partially offset by a 10 basis point decline in the
average yield earned. An increase in the average balance of
securities of $33.1 million, or
28.3%, and a 24 basis point increase in the average yield earned on
securities contributed to a $819,000
increase in securities income. Partially offsetting the increase in
interest and dividend income was a $337,000 increase in interest expense. The
increase was primarily due to an increase in the interest paid on
certificates of deposit of $345,000
from the prior year period due to a 52 basis point increase in the
cost of such deposits. The net interest margin improved 22 basis
points for the nine months ended March 31,
2023, to 2.71%, from 2.49% in the prior year.
The Company did not recognize a provision for loan losses for
the nine months ended March 31, 2023,
compared to a provision for loan losses for the nine months ended
March 31, 2022 of $26,000.
Non-interest income decreased $29,000, or 5.5%, to $500,000 for the nine months ended March 31, 2023 from $529,000 in the prior year period, principally
due to a decrease of $48,000 in the
gain on sale of securities available for sale. Excluding the gain
on sale of securities available for sale, which management believes
was a non-recurring operating activity, non-interest income would
have increased $19,000, or 4.0% from
the prior year period, due to increases in customer service
fees.
Non-interest expenses decreased $998,000, or 14.8%, to $5.7 million for the nine months ended
March 31, 2023 from $6.7 million for the nine months ended
March 31, 2022. A $1.6 million charitable foundation contribution
made during the nine months ended March 31,
2022 was the primary reason for the decline in non-interest
expense from the prior year. Excluding this item, which management
considers to be a non-recurring item, non-interest expense would
have increased $556,000, or 10.7%,
for the nine months ended March 31,
2023. Salaries and benefits increased $310,000, or 10.1%, to $3.4 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 $98,000,
or 14.9%, to $754,000 for the nine
months ended March 31, 2023 from
$656,000 for the nine months ended
March 31, 2022, due to the renewal of
a branch lease in the current fiscal year and for increases to
service maintenance contracts. Other general and administrative
expense increased $112,000, or 10.9%
from the prior year period due to increases in professional
fees.
Income tax expense was $282,000
for the nine months ended March 31,
2023 compared to an income tax benefit of $64,000 for the nine months ended March 31, 2022. The income tax benefit during the
nine months ended March 31, 2022 was
primarily due to the charitable foundation established in
connection with the Bank's mutual holding company
reorganization.
Balance Sheet
At March 31,
2023, total assets amounted to $351.7
million, compared to $356.8
million at December 31, 2022,
a decrease of $5.2 million, or 1.4%,
as a $5.2 million decrease in total
cash and cash equivalents and a $1.6
million decrease in net loans were partially offset by a
$1.5 million increase in securities
held to maturity. The decrease in net loans was due to decreased
loan demand in the higher interest rate environment. The net
unrealized loss position on our securities held to maturity
decreased $2.6 million to
$14.2 million at March 31, 2023, from $16.8
million at December 31, 2022.
Deposits decreased by $5.5 million,
or 2.0%, 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 $75.7
million at March 31, 2023
compared to $75.3 million at
December 31, 2022. The increase of
$395,000 reflects net income of
$355,000, earned ESOP compensation of
$25,000, and stock-based award
expense of $19,000.
Total assets at March 31, 2023
decreased $10.9 million, or 3.0%,
from $362.5 million at March 31, 2022. Contributing to the decrease in
assets was a decrease of $31.9
million in cash and cash equivalents to $5.3 million at March 31,
2023 from $37.3 million at
March 31, 2022, partially offset by a
$16.3 million increase in securities
held to maturity and $4.2 million in
loan growth. Commercial real estate loans increased by $5.3 million, or 34.4%, as we focused on
diversifying our loan mix. Total deposits decreased by $14.0 million, or 4.9%, to $270.0 million at March
31, 2023 from $284.0 million
at March 31, 2022, principally due to
decreases in 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 in the
higher interest rate environment.
Total stockholders' equity was $75.7
million at March 31, 2023
compared to $73.7 million at
March 31, 2022. The increase of
$2.0 million was due to net income
earned during the previous twelve months of $1.9 million and earned ESOP compensation of
$107,000.
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
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.
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
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
March
31,
|
|
|
Mar 2023
vs.
|
|
|
Mar 2023
vs.
|
|
|
|
2023
|
|
|
2022
|
|
|
2022
|
|
|
Dec
2022
|
|
|
Mar
2022
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,518
|
|
|
$
|
1,502
|
|
|
$
|
1,637
|
|
|
|
1.1
|
%
|
|
|
(7.3)
|
%
|
Short-term
investments
|
|
|
3,824
|
|
|
|
9,072
|
|
|
|
35,628
|
|
|
|
(57.8)
|
%
|
|
|
(89.3)
|
%
|
Total cash and cash
equivalents
|
|
|
5,342
|
|
|
|
10,574
|
|
|
|
37,265
|
|
|
|
(49.5)
|
%
|
|
|
(85.7)
|
%
|
Certificates of
deposit
|
|
|
-
|
|
|
|
-
|
|
|
|
980
|
|
|
|
-
|
%
|
|
|
(100.0)
|
%
|
Securities available
for sale, at fair value
|
|
|
158
|
|
|
|
168
|
|
|
|
231
|
|
|
|
(6.0)
|
%
|
|
|
(31.6)
|
%
|
Securities held to
maturity, at amortized cost
|
|
|
150,981
|
|
|
|
149,473
|
|
|
|
134,719
|
|
|
|
1.0
|
%
|
|
|
12.1
|
%
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family
|
|
|
140,164
|
|
|
|
140,898
|
|
|
|
140,080
|
|
|
|
(0.5)
|
%
|
|
|
0.1
|
%
|
Multifamily
|
|
|
12,638
|
|
|
|
13,239
|
|
|
|
15,353
|
|
|
|
(4.5)
|
%
|
|
|
(17.7)
|
%
|
Second mortgages and
home equity lines of credit
|
|
|
2,687
|
|
|
|
2,590
|
|
|
|
1,955
|
|
|
|
3.7
|
%
|
|
|
37.4
|
%
|
Construction
|
|
|
807
|
|
|
|
600
|
|
|
|
-
|
|
|
|
34.5
|
%
|
|
|
-
|
%
|
Commercial
|
|
|
20,576
|
|
|
|
21,077
|
|
|
|
15,307
|
|
|
|
(2.4)
|
%
|
|
|
34.4
|
%
|
Total mortgage loans
on real estate
|
|
|
176,872
|
|
|
|
178,404
|
|
|
|
172,695
|
|
|
|
(0.9)
|
%
|
|
|
2.4
|
%
|
Consumer
|
|
|
54
|
|
|
|
63
|
|
|
|
97
|
|
|
|
(14.3)
|
%
|
|
|
(44.3)
|
%
|
Home
improvement
|
|
|
2,130
|
|
|
|
2,232
|
|
|
|
2,062
|
|
|
|
(4.6)
|
%
|
|
|
3.3
|
%
|
Total loans
|
|
|
179,056
|
|
|
|
180,699
|
|
|
|
174,854
|
|
|
|
(0.9)
|
%
|
|
|
2.4
|
%
|
Allowance for loan
losses
|
|
|
(1,747)
|
|
|
|
(1,747)
|
|
|
|
(1,747)
|
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
Net deferred loan costs
and fees, and purchase premiums
|
|
|
(366)
|
|
|
|
(383)
|
|
|
|
(349)
|
|
|
|
(4.4)
|
%
|
|
|
4.9
|
%
|
Loans, net
|
|
|
176,943
|
|
|
|
178,569
|
|
|
|
172,758
|
|
|
|
(0.9)
|
%
|
|
|
2.4
|
%
|
Federal Home Loan Bank
of Boston stock, at cost
|
|
|
241
|
|
|
|
191
|
|
|
|
453
|
|
|
|
26.2
|
%
|
|
|
(46.8)
|
%
|
Premises and equipment,
net
|
|
|
3,411
|
|
|
|
3,272
|
|
|
|
3,310
|
|
|
|
4.2
|
%
|
|
|
3.1
|
%
|
Accrued interest
receivable
|
|
|
1,356
|
|
|
|
1,303
|
|
|
|
1,211
|
|
|
|
4.1
|
%
|
|
|
12.0
|
%
|
Bank-owned life
insurance
|
|
|
10,335
|
|
|
|
10,271
|
|
|
|
10,068
|
|
|
|
0.6
|
%
|
|
|
2.7
|
%
|
Deferred tax
asset
|
|
|
1,003
|
|
|
|
1,001
|
|
|
|
955
|
|
|
|
0.2
|
%
|
|
|
5.0
|
%
|
Operating lease right
of use asset
|
|
|
976
|
|
|
|
999
|
|
|
|
-
|
|
|
|
(2.3)
|
%
|
|
|
-
|
%
|
Other assets
|
|
|
930
|
|
|
|
1,012
|
|
|
|
589
|
|
|
|
(8.1)
|
%
|
|
|
57.9
|
%
|
Total
assets
|
|
$
|
351,676
|
|
|
$
|
356,833
|
|
|
$
|
362,539
|
|
|
|
(1.4)
|
%
|
|
|
(3.0)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
NOW and demand
|
|
$
|
30,054
|
|
|
$
|
32,618
|
|
|
$
|
29,228
|
|
|
|
(7.9)
|
%
|
|
|
2.8
|
%
|
Interest bearing NOW
and demand
|
|
|
30,660
|
|
|
|
32,241
|
|
|
|
32,873
|
|
|
|
(4.9)
|
%
|
|
|
(6.7)
|
%
|
Regular and
other
|
|
|
66,849
|
|
|
|
69,924
|
|
|
|
73,229
|
|
|
|
(4.4)
|
%
|
|
|
(8.7)
|
%
|
Money market
accounts
|
|
|
31,326
|
|
|
|
37,470
|
|
|
|
43,683
|
|
|
|
(16.4)
|
%
|
|
|
(28.3)
|
%
|
Term
certificates
|
|
|
111,117
|
|
|
|
103,209
|
|
|
|
104,967
|
|
|
|
7.7
|
%
|
|
|
5.9
|
%
|
Total
deposits
|
|
|
270,006
|
|
|
|
275,462
|
|
|
|
283,980
|
|
|
|
(2.0)
|
%
|
|
|
(4.9)
|
%
|
Federal Home Loan Bank
of Boston advances
|
|
|
-
|
|
|
|
-
|
|
|
|
115
|
|
|
|
-
|
%
|
|
|
(100.0)
|
%
|
Mortgagors' escrow
accounts
|
|
|
1,566
|
|
|
|
1,680
|
|
|
|
1,540
|
|
|
|
(6.8)
|
%
|
|
|
1.7
|
%
|
Operating lease
liability
|
|
|
983
|
|
|
|
1,003
|
|
|
|
-
|
|
|
|
(2.0)
|
%
|
|
|
-
|
%
|
Accrued expenses and
other liabilities
|
|
|
3,447
|
|
|
|
3,409
|
|
|
|
3,245
|
|
|
|
1.1
|
%
|
|
|
6.2
|
%
|
Total
liabilities
|
|
|
276,002
|
|
|
|
281,554
|
|
|
|
288,880
|
|
|
|
(2.0)
|
%
|
|
|
(4.5)
|
%
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
65
|
|
|
|
65
|
|
|
|
65
|
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
Additional paid-in
capital
|
|
|
27,729
|
|
|
|
27,714
|
|
|
|
27,720
|
|
|
|
0.1
|
%
|
|
|
0.0
|
%
|
Retained
earnings
|
|
|
50,311
|
|
|
|
49,956
|
|
|
|
48,406
|
|
|
|
0.7
|
%
|
|
|
3.9
|
%
|
Accumulated other
comprehensive (loss) income, net of tax
|
|
|
(2)
|
|
|
|
(2)
|
|
|
|
4
|
|
|
|
0.0
|
%
|
|
|
(150.0)
|
%
|
Unearned compensation -
ESOP
|
|
|
(2,429)
|
|
|
|
(2,454)
|
|
|
|
(2,536)
|
|
|
|
(1.0)
|
%
|
|
|
(4.2)
|
%
|
Total stockholders'
equity
|
|
|
75,674
|
|
|
|
75,279
|
|
|
|
73,659
|
|
|
|
0.5
|
%
|
|
|
2.7
|
%
|
Total liabilities and
stockholders' equity
|
|
$
|
351,676
|
|
|
$
|
356,833
|
|
|
$
|
362,539
|
|
|
|
(1.4)
|
%
|
|
|
(3.0)
|
%
|
CFSB Bancorp, Inc. and
Subsidiary
|
Consolidated Statements
of Net Income (Unaudited)
|
(In thousands, except
per share data)
|
|
|
|
For the Three Months
Ended
|
|
|
For the Nine Months
Ended
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
March
31,
|
|
|
March
31,
|
|
|
March
31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Interest and
dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
1,700
|
|
|
$
|
1,657
|
|
|
$
|
1,615
|
|
|
$
|
4,976
|
|
|
$
|
4,909
|
|
Interest and dividends
on debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
837
|
|
|
|
795
|
|
|
|
548
|
|
|
|
2,383
|
|
|
|
1,507
|
|
Tax-exempt
|
|
|
101
|
|
|
|
106
|
|
|
|
117
|
|
|
|
315
|
|
|
|
360
|
|
Interest on short-term
investments and certificates of deposit
|
|
|
53
|
|
|
|
123
|
|
|
|
17
|
|
|
|
303
|
|
|
|
50
|
|
Total interest and
dividend income
|
|
|
2,691
|
|
|
|
2,681
|
|
|
|
2,297
|
|
|
|
7,977
|
|
|
|
6,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
533
|
|
|
|
340
|
|
|
|
245
|
|
|
|
1,115
|
|
|
|
774
|
|
Borrowings
|
|
|
3
|
|
|
|
-
|
|
|
|
1
|
|
|
|
3
|
|
|
|
7
|
|
Total interest
expense
|
|
|
536
|
|
|
|
340
|
|
|
|
246
|
|
|
|
1,118
|
|
|
|
781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
2,155
|
|
|
|
2,341
|
|
|
|
2,051
|
|
|
|
6,859
|
|
|
|
6,045
|
|
Provision for loan
losses
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
26
|
|
Net interest income
after provision for loan losses
|
|
|
2,155
|
|
|
|
2,341
|
|
|
|
2,050
|
|
|
|
6,859
|
|
|
|
6,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service
fees
|
|
|
37
|
|
|
|
36
|
|
|
|
32
|
|
|
|
110
|
|
|
|
93
|
|
Income on bank-owned
life insurance
|
|
|
64
|
|
|
|
63
|
|
|
|
75
|
|
|
|
191
|
|
|
|
183
|
|
Gain on sale of
securities available for sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
48
|
|
Other
income
|
|
|
47
|
|
|
|
53
|
|
|
|
46
|
|
|
|
199
|
|
|
|
205
|
|
Total non-interest
income
|
|
|
148
|
|
|
|
152
|
|
|
|
153
|
|
|
|
500
|
|
|
|
529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
1,103
|
|
|
|
1,250
|
|
|
|
956
|
|
|
|
3,371
|
|
|
|
3,061
|
|
Occupancy and
equipment
|
|
|
256
|
|
|
|
255
|
|
|
|
238
|
|
|
|
754
|
|
|
|
656
|
|
Advertising
|
|
|
38
|
|
|
|
71
|
|
|
|
32
|
|
|
|
148
|
|
|
|
110
|
|
Data
processing
|
|
|
84
|
|
|
|
84
|
|
|
|
89
|
|
|
|
262
|
|
|
|
260
|
|
Deposit
insurance
|
|
|
20
|
|
|
|
22
|
|
|
|
24
|
|
|
|
63
|
|
|
|
67
|
|
Charitable Foundation
contribution
|
|
|
-
|
|
|
|
-
|
|
|
|
1,554
|
|
|
|
-
|
|
|
|
1,554
|
|
Other general and
administrative
|
|
|
400
|
|
|
|
405
|
|
|
|
334
|
|
|
|
1,138
|
|
|
|
1,026
|
|
Total non-interest
expenses
|
|
|
1,901
|
|
|
|
2,087
|
|
|
|
3,227
|
|
|
|
5,736
|
|
|
|
6,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
|
402
|
|
|
|
406
|
|
|
|
(1,024)
|
|
|
|
1,623
|
|
|
|
(186)
|
|
Provision (benefit) for
income taxes
|
|
|
47
|
|
|
|
65
|
|
|
|
(196)
|
|
|
|
282
|
|
|
|
(64)
|
|
Net income
(loss)
|
|
$
|
355
|
|
|
$
|
341
|
|
|
$
|
(828)
|
|
|
$
|
1,341
|
|
|
$
|
(122)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
|
$
|
(0.15)
|
|
|
$
|
0.21
|
|
|
N/A
|
|
Diluted
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
|
$
|
(0.15)
|
|
|
$
|
0.21
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
6,300,633
|
|
|
|
6,271,977
|
|
|
|
5,500,173
|
|
|
|
6,282,384
|
|
|
N/A
|
|
Diluted
|
|
|
6,300,721
|
|
|
|
6,271,977
|
|
|
|
5,500,173
|
|
|
|
6,282,413
|
|
|
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
|
|
|
March 31,
2023
|
|
|
December 31,
2022
|
|
|
March 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
|
$
|
179,452
|
|
|
$
|
1,700
|
|
|
|
3.79
|
%
|
|
$
|
177,648
|
|
|
$
|
1,657
|
|
|
|
3.73
|
%
|
|
$
|
174,485
|
|
|
$
|
1,615
|
|
|
|
3.70
|
%
|
Securities
(1)
|
|
150,945
|
|
|
|
960
|
|
|
|
2.54
|
%
|
|
|
151,249
|
|
|
|
927
|
|
|
|
2.45
|
%
|
|
|
127,837
|
|
|
|
696
|
|
|
|
2.18
|
%
|
Cash and short-term
investments
|
|
5,287
|
|
|
|
53
|
|
|
|
4.01
|
%
|
|
|
13,153
|
|
|
|
123
|
|
|
|
3.74
|
%
|
|
|
42,130
|
|
|
|
17
|
|
|
|
0.16
|
%
|
Total interest-earning
assets
|
|
335,684
|
|
|
|
2,713
|
|
|
|
3.23
|
%
|
|
|
342,050
|
|
|
|
2,707
|
|
|
|
3.17
|
%
|
|
|
344,452
|
|
|
|
2,328
|
|
|
|
2.70
|
%
|
Noninterest-earning
assets
|
|
17,207
|
|
|
|
|
|
|
|
|
|
16,747
|
|
|
|
|
|
|
|
|
|
17,417
|
|
|
|
|
|
|
|
Total
assets
|
$
|
352,891
|
|
|
|
|
|
|
|
|
$
|
358,797
|
|
|
|
|
|
|
|
|
$
|
361,869
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
$
|
32,245
|
|
|
$
|
4
|
|
|
|
0.05
|
%
|
|
$
|
33,557
|
|
|
$
|
4
|
|
|
|
0.05
|
%
|
|
$
|
31,088
|
|
|
$
|
6
|
|
|
|
0.08
|
%
|
Savings
deposits
|
|
68,097
|
|
|
|
17
|
|
|
|
0.10
|
%
|
|
|
72,708
|
|
|
|
18
|
|
|
|
0.10
|
%
|
|
|
73,426
|
|
|
|
18
|
|
|
|
0.10
|
%
|
Money market
deposits
|
|
34,377
|
|
|
|
22
|
|
|
|
0.26
|
%
|
|
|
39,876
|
|
|
|
27
|
|
|
|
0.27
|
%
|
|
|
42,077
|
|
|
|
27
|
|
|
|
0.26
|
%
|
Certificates of
deposit
|
|
106,555
|
|
|
|
490
|
|
|
|
1.84
|
%
|
|
|
99,041
|
|
|
|
291
|
|
|
|
1.18
|
%
|
|
|
107,464
|
|
|
|
194
|
|
|
|
0.72
|
%
|
Total interest-bearing
deposits
|
|
241,274
|
|
|
|
533
|
|
|
|
0.88
|
%
|
|
|
245,182
|
|
|
|
340
|
|
|
|
0.55
|
%
|
|
|
254,055
|
|
|
|
245
|
|
|
|
0.39
|
%
|
FHLB
advances
|
|
244
|
|
|
|
3
|
|
|
|
4.92
|
%
|
|
|
-
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
174
|
|
|
|
1
|
|
|
|
2.30
|
%
|
Total interest-bearing
liabilities
|
|
241,518
|
|
|
|
536
|
|
|
|
0.89
|
%
|
|
|
245,182
|
|
|
|
340
|
|
|
|
0.55
|
%
|
|
|
254,229
|
|
|
|
246
|
|
|
|
0.39
|
%
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
30,352
|
|
|
|
|
|
|
|
|
|
32,887
|
|
|
|
|
|
|
|
|
|
31,936
|
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
5,554
|
|
|
|
|
|
|
|
|
|
5,554
|
|
|
|
|
|
|
|
|
|
4,315
|
|
|
|
|
|
|
|
Total
liabilities
|
|
277,424
|
|
|
|
|
|
|
|
|
|
283,623
|
|
|
|
|
|
|
|
|
|
290,480
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
75,467
|
|
|
|
|
|
|
|
|
|
75,174
|
|
|
|
|
|
|
|
|
|
71,389
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
352,891
|
|
|
|
|
|
|
|
|
$
|
358,797
|
|
|
|
|
|
|
|
|
$
|
361,869
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
|
2,177
|
|
|
|
|
|
|
|
|
$
|
2,367
|
|
|
|
|
|
|
|
|
$
|
2,082
|
|
|
|
|
Net interest rate
spread(2)
|
|
|
|
|
|
|
|
2.34
|
%
|
|
|
|
|
|
|
|
|
2.62
|
%
|
|
|
|
|
|
|
|
|
2.31
|
%
|
Net interest-earning
assets(3)
|
$
|
94,166
|
|
|
|
|
|
|
|
|
$
|
96,868
|
|
|
|
|
|
|
|
|
$
|
90,223
|
|
|
|
|
|
|
|
Net interest
margin(4)
|
|
|
|
|
|
|
|
2.59
|
%
|
|
|
|
|
|
|
|
|
2.77
|
%
|
|
|
|
|
|
|
|
|
2.42
|
%
|
Cost of deposits
(5)
|
|
|
|
|
|
|
|
0.78
|
%
|
|
|
|
|
|
|
|
|
0.49
|
%
|
|
|
|
|
|
|
|
|
0.34
|
%
|
Cost of funds
(6)
|
|
|
|
|
|
|
|
0.79
|
%
|
|
|
|
|
|
|
|
|
0.49
|
%
|
|
|
|
|
|
|
|
|
0.34
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
|
138.99
|
%
|
|
|
|
|
|
|
|
|
139.51
|
%
|
|
|
|
|
|
|
|
|
135.49
|
%
|
|
|
|
|
|
|
(1)
|
Includes tax equivalent
adjustments for municipal securities, based on a statutory tax rate
of 21%, of $22,000, $26,000, and $31,000 for the
three months ended March 31, 2023, December 31, 2022 and March 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
|
|
|
Year to
Date
|
|
|
March 31,
2023
|
|
|
March 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
|
$
|
177,898
|
|
|
$
|
4,976
|
|
|
|
3.73
|
%
|
|
$
|
170,944
|
|
|
$
|
4,909
|
|
|
|
3.83
|
%
|
Securities
(1)
|
|
150,318
|
|
|
|
2,782
|
|
|
|
2.47
|
%
|
|
|
117,169
|
|
|
|
1,963
|
|
|
|
2.23
|
%
|
Cash and short-term
investments
|
|
13,445
|
|
|
|
303
|
|
|
|
3.00
|
%
|
|
|
40,100
|
|
|
|
50
|
|
|
|
0.17
|
%
|
Total interest-earning
assets
|
|
341,661
|
|
|
|
8,061
|
|
|
|
3.15
|
%
|
|
|
328,213
|
|
|
|
6,922
|
|
|
|
2.81
|
%
|
Noninterest-earning
assets
|
|
16,401
|
|
|
|
|
|
|
|
|
|
15,863
|
|
|
|
|
|
|
|
Total
assets
|
$
|
358,062
|
|
|
|
|
|
|
|
|
$
|
344,076
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
$
|
32,982
|
|
|
$
|
12
|
|
|
|
0.05
|
%
|
|
$
|
30,885
|
|
|
$
|
14
|
|
|
|
0.06
|
%
|
Savings
deposits
|
|
72,112
|
|
|
|
54
|
|
|
|
0.10
|
%
|
|
|
72,245
|
|
|
|
55
|
|
|
|
0.10
|
%
|
Money market
deposits
|
|
39,956
|
|
|
|
80
|
|
|
|
0.27
|
%
|
|
|
41,533
|
|
|
|
81
|
|
|
|
0.26
|
%
|
Certificates of
deposit
|
|
100,875
|
|
|
|
969
|
|
|
|
1.28
|
%
|
|
|
109,226
|
|
|
|
624
|
|
|
|
0.76
|
%
|
Total interest-bearing
deposits
|
|
245,925
|
|
|
|
1,115
|
|
|
|
0.60
|
%
|
|
|
253,889
|
|
|
|
774
|
|
|
|
0.41
|
%
|
FHLB
advances
|
|
80
|
|
|
|
3
|
|
|
|
5.00
|
%
|
|
|
363
|
|
|
|
7
|
|
|
|
2.57
|
%
|
Total interest-bearing
liabilities
|
|
246,005
|
|
|
|
1,118
|
|
|
|
0.61
|
%
|
|
|
254,252
|
|
|
|
781
|
|
|
|
0.41
|
%
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
31,928
|
|
|
|
|
|
|
|
|
|
32,130
|
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
5,044
|
|
|
|
|
|
|
|
|
|
1,151
|
|
|
|
|
|
|
|
Total
liabilities
|
|
282,977
|
|
|
|
|
|
|
|
|
|
287,533
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
75,085
|
|
|
|
|
|
|
|
|
|
56,543
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
358,062
|
|
|
|
|
|
|
|
|
$
|
344,076
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
|
6,943
|
|
|
|
|
|
|
|
|
$
|
6,141
|
|
|
|
|
Net interest rate
spread(2)
|
|
|
|
|
|
|
|
2.54
|
%
|
|
|
|
|
|
|
|
|
2.40
|
%
|
Net interest-earning
assets(3)
|
$
|
95,656
|
|
|
|
|
|
|
|
|
$
|
73,961
|
|
|
|
|
|
|
|
Net interest
margin(4)
|
|
|
|
|
|
|
|
2.71
|
%
|
|
|
|
|
|
|
|
|
2.49
|
%
|
Cost of deposits
(5)
|
|
|
|
|
|
|
|
0.54
|
%
|
|
|
|
|
|
|
|
|
0.36
|
%
|
Cost of funds
(6)
|
|
|
|
|
|
|
|
0.54
|
%
|
|
|
|
|
|
|
|
|
0.36
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
|
138.88
|
%
|
|
|
|
|
|
|
|
|
129.09
|
%
|
|
|
|
|
|
|
(1)
|
Includes tax equivalent
adjustments for municipal securities, based on a statutory tax rate
of 21%, of $84,000 and $96,000 for the nine months
ended March 31, 2023 and March 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 Nine Months
Ended
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
March
31,
|
|
|
March
31,
|
|
|
March
31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Securities interest
income (no tax adjustment)
|
|
$
|
938
|
|
|
$
|
901
|
|
|
$
|
665
|
|
|
$
|
2,698
|
|
|
$
|
1,867
|
|
Tax-equivalent
adjustment
|
|
|
22
|
|
|
|
26
|
|
|
|
31
|
|
|
|
84
|
|
|
|
96
|
|
Securities
(tax-equivalent basis)
|
|
$
|
960
|
|
|
$
|
927
|
|
|
$
|
696
|
|
|
$
|
2,782
|
|
|
$
|
1,963
|
|
Net interest income (no
tax adjustment)
|
|
$
|
2,155
|
|
|
$
|
2,341
|
|
|
$
|
2,051
|
|
|
$
|
6,859
|
|
|
$
|
6,045
|
|
Tax-equivalent
adjustment
|
|
|
22
|
|
|
|
26
|
|
|
|
31
|
|
|
|
84
|
|
|
|
96
|
|
Net interest income
(tax-equivalent adjustment)
|
|
$
|
2,177
|
|
|
$
|
2,367
|
|
|
$
|
2,082
|
|
|
$
|
6,943
|
|
|
$
|
6,141
|
|
CFSB Bancorp, Inc.
and Subsidiary
|
|
At or for the Three
Months Ended
|
|
|
At or for the Nine
Months Ended
|
|
Selected Financial
Highlights (Unaudited)
|
|
March
31,
|
|
|
December
31,
|
|
|
March
31,
|
|
|
March
31,
|
|
|
March
31,
|
|
(In thousands,
except share and per share amounts)
|
|
2023
|
|
|
2022
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Performance
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP) (1, 5)
|
|
|
0.40
|
%
|
|
|
0.38
|
%
|
|
|
(0.92)
|
%
|
|
|
0.50
|
%
|
|
|
(0.05)
|
%
|
Return on average
assets (Non-GAAP) (1, 2, 5)
|
|
|
0.40
|
%
|
|
|
0.38
|
%
|
|
|
0.48
|
%
|
|
|
0.50
|
%
|
|
|
0.43
|
%
|
Return on average
equity (GAAP) (1, 6)
|
|
|
1.88
|
%
|
|
|
1.81
|
%
|
|
|
(4.64)
|
%
|
|
|
2.38
|
%
|
|
|
(0.29)
|
%
|
Return on average
equity (Non-GAAP) (1, 2, 6)
|
|
|
1.88
|
%
|
|
|
1.81
|
%
|
|
|
2.40
|
%
|
|
|
2.38
|
%
|
|
|
2.60
|
%
|
Noninterest expense to
average assets (GAAP) (1)
|
|
|
2.15
|
%
|
|
|
2.33
|
%
|
|
|
3.57
|
%
|
|
|
2.14
|
%
|
|
|
2.61
|
%
|
Noninterest expense to
average assets (Non-GAAP) (1, 2)
|
|
|
2.15
|
%
|
|
|
2.33
|
%
|
|
|
1.85
|
%
|
|
|
2.14
|
%
|
|
|
2.01
|
%
|
Total loans to total
deposits
|
|
|
66.3
|
%
|
|
|
65.6
|
%
|
|
|
61.6
|
%
|
|
|
66.3
|
%
|
|
|
61.6
|
%
|
Total loans to total
assets
|
|
|
50.9
|
%
|
|
|
50.6
|
%
|
|
|
48.2
|
%
|
|
|
50.9
|
%
|
|
|
48.2
|
%
|
Efficiency ratio (GAAP)
(7)
|
|
|
82.5
|
%
|
|
|
83.7
|
%
|
|
|
146.4
|
%
|
|
|
77.9
|
%
|
|
|
102.4
|
%
|
Efficiency ratio
(Non-GAAP) (2, 7)
|
|
|
82.5
|
%
|
|
|
83.7
|
%
|
|
|
75.9
|
%
|
|
|
77.9
|
%
|
|
|
79.5
|
%
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to
risk-weighted assets
|
|
|
32.6
|
%
|
|
|
32.6
|
%
|
|
|
35.0
|
%
|
|
|
32.6
|
%
|
|
|
35.0
|
%
|
Common equity tier 1
capital to risk-weighted assets
|
|
|
31.7
|
%
|
|
|
31.7
|
%
|
|
|
34.0
|
%
|
|
|
31.7
|
%
|
|
|
34.0
|
%
|
Tier 1 capital to
risk-weighted assets
|
|
|
31.7
|
%
|
|
|
31.7
|
%
|
|
|
34.0
|
%
|
|
|
31.7
|
%
|
|
|
34.0
|
%
|
Tier 1 capital to
average assets (3)
|
|
|
17.9
|
%
|
|
|
17.4
|
%
|
|
|
17.4
|
%
|
|
|
17.9
|
%
|
|
|
17.4
|
%
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage of total loans (4)
|
|
|
0.98
|
%
|
|
|
0.97
|
%
|
|
|
1.00
|
%
|
|
|
0.98
|
%
|
|
|
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
|
|
$
|
136,774
|
|
|
$
|
132,625
|
|
|
$
|
128,089
|
|
|
$
|
136,774
|
|
|
$
|
128,089
|
|
Book value per share
(8)
|
|
$
|
11.41
|
|
|
$
|
11.54
|
|
|
$
|
11.29
|
|
|
$
|
11.41
|
|
|
N/A
|
|
Outstanding common
shares
|
|
|
6,632,642
|
|
|
|
6,521,642
|
|
|
|
6,521,642
|
|
|
|
6,632,642
|
|
|
N/A
|
|
(1)
|
Annualized.
|
(2)
|
See Reconciliation of
GAAP to Non-GAAP Earnings Metrics below.
|
(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 interest income and
non-interest income.
|
(8)
|
Represents total
stockholders' equity divided by outstanding shares at period
end.
|
CFSB Bancorp, Inc.
and Subsidiary
|
|
For the Three Months
Ended
|
|
|
For the Nine Months
Ended
|
|
Reconciliation of
Non-GAAP Earnings Metrics (Unaudited)
|
|
March
31,
|
|
|
December
31,
|
|
|
March
31,
|
|
|
March
31,
|
|
|
March
31,
|
|
(In thousands,
except per share amounts)
|
|
2023
|
|
|
2022
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Net income (loss),
GAAP basis
|
|
$
|
355
|
|
|
$
|
341
|
|
|
$
|
(828)
|
|
|
$
|
1,341
|
|
|
$
|
(122)
|
|
Adjustments to GAAP Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charitable Foundation
contribution
|
|
|
-
|
|
|
|
-
|
|
|
|
1,554
|
|
|
|
-
|
|
|
|
1,554
|
|
Gain on sale of
available for sale securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(48)
|
|
Tax effect of
adjustments to net income, GAAP basis
|
|
|
-
|
|
|
|
-
|
|
|
|
(297)
|
|
|
|
-
|
|
|
|
(280)
|
|
Adjusted net income,
non-GAAP basis
|
|
$
|
355
|
|
|
$
|
341
|
|
|
$
|
429
|
|
|
$
|
1,341
|
|
|
$
|
1,104
|
|
Earnings per share,
non-GAAP basis
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
|
$
|
0.08
|
|
|
$
|
0.21
|
|
|
N/A
|
|
Non-interest
expenses
|
|
$
|
1,901
|
|
|
$
|
2,087
|
|
|
$
|
3,227
|
|
|
$
|
5,736
|
|
|
$
|
6,734
|
|
Charitable Foundation
contribution
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,554)
|
|
|
|
-
|
|
|
|
(1,554)
|
|
Adjusted
non-interest expenses, non-GAAP basis
|
|
$
|
1,901
|
|
|
$
|
2,087
|
|
|
$
|
1,673
|
|
|
$
|
5,736
|
|
|
$
|
5,180
|
|
Non-interest
income
|
|
$
|
148
|
|
|
$
|
152
|
|
|
$
|
153
|
|
|
$
|
500
|
|
|
$
|
529
|
|
Gain on sale of
available for sale securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(48)
|
|
Adjusted
non-interest income, non-GAAP basis
|
|
$
|
148
|
|
|
$
|
152
|
|
|
$
|
153
|
|
|
$
|
500
|
|
|
$
|
481
|
|
View original
content:https://www.prnewswire.com/news-releases/cfsb-bancorp-inc-announces-fiscal-third-quarter-2023-financial-results-301807383.html
SOURCE Colonial Federal Savings Bank