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CFSB Bancorp Inc. (CFSB-1.96%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reveals a decrease in total assets to $362.8 million from $363.4 million as of June 30, 2024. This decrease is primarily attributed to a reduction in net loans by $3.2 million.
Cash and cash equivalents increased by $1.8 million, reaching $28.8 million by the end of the quarter. This was offset by a decrease in deposits of $483,000.
Net loans fell by $3.2 million, mainly due to declines in one- to four-family residential real estate loans, commercial loans, and multi-family loans. However, there was an increase in second mortgages and home equity lines of credit.
Securities available for sale decreased to $103,000, while securities held to maturity rose slightly to $147.9 million.
Total liabilities decreased marginally to $287.1 million, influenced by a decrease in deposits and operating lease liabilities.
Deposits decreased slightly to $270.4 million, with a notable shift in composition favoring certificates of deposit.
Borrowings from the Federal Home Loan Bank remained stable at $10.4 million.
Stockholders' equity saw a decrease to $75.7 million, driven by a net loss of $168,000 and share repurchases.
For the quarter ended December 31, 2024, CFSB Bancorp reported a net loss of $162,000, an improvement from a $210,000 loss in the same quarter the previous year.
Interest and dividend income increased by 16.4% to $3.3 million, driven by higher yields on loans and securities.
Interest expense rose by 35.1% to $1.6 million, primarily due to higher rates on certificates of deposit.
Net interest income increased by 3.1% to $1.7 million, with a decrease in net interest margin to 1.98%.
A reversal of credit losses amounted to $79,000, reflecting strong asset quality and improved economic forecasts.
Non-interest income decreased slightly to $165,000, mainly due to lower other income.
Non-interest expenses decreased by 3.1% to $2.0 million, attributed to lower salaries and employee benefits.
The provision for income taxes increased to $51,000, influenced by adjustments in deferred tax valuation allowances.
Average interest-earning assets increased, with a net interest rate spread of 1.32%.
Liquidity remained strong, with $48.7 million in additional borrowing capacity from the Federal Home Loan Bank.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CFSB Bancorp Inc. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.