Financial Performance - The Company reported net income of $160,000, or $0.03 per share, for Q2 2024, compared to a net loss of $40,000 in Q1 2024 and net income of $105,000 in Q2 2023[1]. - For the twelve months ended June 30, 2024, net income was $33,000, or $0.01 per basic and diluted share, compared to net income of $1.4 million, or $0.23 per basic and diluted share for the twelve months ended June 30, 2023[25]. - The company reported a net income of $160 million for the three months ended June 30, 2024, compared to a net loss of $(40) million in the previous quarter[21]. - Basic net income per share was $0.03 for the three months ended June 30, 2024, compared to $(0.01) in the previous quarter[21]. Interest Income and Expenses - Interest income increased by $119,000, or 3.9%, driven by a $27,000 rise in interest on debt securities and a $106,000 increase in interest on short-term investments[2]. - Net interest income decreased by $20,000, or 1.2%, to $1.6 million for Q2 2024, with a net interest margin of 1.93%, down from 1.96% in Q1 2024[2]. - For the twelve months ended June 30, 2024, net interest income decreased by $2.1 million, or 23.3%, to $6.8 million, primarily due to a $3.0 million increase in interest expense[7]. - Net interest income for the period was $1,643,000, reflecting a net interest margin of 1.93%[22]. - Net interest income decreased by $274,000, or 14.3%, to $1.6 million for the three months ended June 30, 2024, compared to $1.9 million for the same period in 2023[27]. - The net interest margin decreased by 38 basis points to 1.93% for the three months ended June 30, 2024, from 2.31% for the same period in 2023[27]. Non-Interest Income and Expenses - Non-interest income decreased by $1,000, or 0.6%, to $166,000 for Q2 2024, primarily due to a decrease in customer service fees[4]. - Non-interest income for the year ended June 30, 2024, was $665 million, slightly up from $664 million in the previous year[21]. - Non-interest income increased by $2,000, or 1.2%, to $166,000 for the three months ended June 30, 2024, from $164,000 for the same period in 2023[29]. - Non-interest expense decreased by $143,000, or 7.5%, to $1.8 million for Q2 2024, attributed to lower salaries and employee benefits[5]. - Non-interest expense decreased by $168,000, or 8.7%, to $1.8 million for the three months ended June 30, 2024, from $1.9 million for the same period in 2023[30]. Credit Losses - The Company recorded reversals of the provision for credit losses of $32,000 for Q2 2024, compared to $20,000 in Q1 2024, and no provision for loan losses in Q2 2023[3]. - The Company recorded a reversal of the provision for credit losses of $322,000 for the twelve months ended June 30, 2024, compared to no provision in the prior year[7]. - The provision for credit losses showed a reversal of $(32) million for the three months ended June 30, 2024, compared to $(20) million in the previous quarter[21]. - The allowance for credit losses as a percentage of total loans was 0.90% at June 30, 2024, unchanged from March 31, 2024, and down from 0.98% at June 30, 2023[28]. Assets and Equity - Total stockholders' equity increased by $161,000 to $76.1 million at June 30, 2024, from $75.9 million at June 30, 2023[11]. - Total assets increased to $363.439 billion as of June 30, 2024, compared to $349.007 billion a year earlier, reflecting a growth of approximately 4%[20]. - Total assets amounted to $363.4 million at June 30, 2024, an increase of $14.4 million, or 4.1%, from $349.0 million at June 30, 2023[34]. - Total assets increased to $358,264,000 as of June 30, 2024, compared to $349,306,000 as of June 30, 2023[22]. Loans and Deposits - Total loans decreased to $172.378 billion from $178.009 billion year-over-year, a decline of about 3.5%[20]. - Total deposits increased to $270.841 billion from $263.376 billion year-over-year, representing a growth of about 2%[20]. - Deposits increased by $7.5 million, or 2.8%, during the twelve months ended June 30, 2024, due to an increase of $21.6 million in higher-yielding term certificates[35]. - Loans outstanding were $172,191,000 with an average yield of 4.10% for the period ending June 30, 2024[22]. Tax and Efficiency - The Company recognized an income tax benefit of $106,000 for Q2 2024, compared to a benefit of $42,000 in Q1 2024[6]. - Income tax expense decreased to an income tax benefit of $39,000 for the twelve months ended June 30, 2024, compared to an income tax expense of $301,000 for the same period in 2023[33]. - The efficiency ratio improved to 98.77% for the three months ended June 30, 2024, from 105.65% for the previous quarter[45]. Book Value - Book value per share increased to $11.47 as of June 30, 2024, compared to $11.44 for the previous quarter[45].

FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |------------------------------------------------------------------------------------------------|------------------------------------------| | | | | Commission File Number: | 001-41220 | | CFSB Bancorp, Inc. (Exact Name of Registrant as Specified | in its Charter) | | | | | United States of America | 87-4396534 | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employ ...

News Release - For Immediate Release April 29, 2024 QUINCY, Massachusetts, April 29, 2024 – CFSB Bancorp, Inc. (the "Company") (NASDAQ Capital Market: CFSB), the holding company for Colonial Federal Savings Bank (the "Bank"), today announced a net loss of $40,000, or $0.01 per basic and diluted share, for the three months ended March 31, 2024 compared to a net loss of $210,000, or $0.03 per basic and diluted share, for the three months ended December 31, 2023 and net income of $355,000, or $0.06 per basic a ...

QUINCY, Mass., April 5, 2024 /PRNewswire/ -- CFSB Bancorp, Inc. (the "Company") (Nasdaq: CFSB), the holding company for Colonial Federal Savings Bank, announced it has adopted a program to repurchase up to 152,287 shares of its common stock, which is approximately 5% of its outstanding common stock (excluding shares held by 15 Beach, MHC). This is the Company's first stock repurchase program since completing its mutual holding company reorganization and related stock offering in January 2022. Repurchases ar ...

21 WARM method Individually evaluated financial assets The $8,000 reversal for credit losses for loans was primarily a result of changes in the economic forecast. The $1,000 provision for credit losses for off-balance sheet exposures was primarily due to an increase of $185,000 in unfunded commitments for the three months ended December 31, 2023. 24 CFSB Bancorp, Inc. and Subsidiary Notes to Unaudited Consolidated Financial Statements (Continued) The following table presents activity in the allowance for cr ...

48 Management of Market Risk General. The majority of our assets and liabilities are monetary in nature. Consequently, our most significant form of market risk is interest rate risk. Our assets, consisting primarily of mortgage loans and investment securities, have longer maturities than our liabilities, consisting primarily of deposits. As a result, a principal part of our business strategy is to manage the impact of changes in market interest rates on net interest income and capital. We have an Asset/Liab ...

or savings and loan holding company, without prior Federal Reserve Board approval. In evaluating applications by holding companies to acquire savings institutions, the Federal Reserve Board considers factors such as the financial and managerial resources, future prospects of the company and institution involved, the effect of the acquisition on and the risk to the federal deposit insurance fund, the convenience and needs of the community and competitive factors. The Federal Reserve Board is prohibited from ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |------------------------------------------------------------------------------------------------|------------------------------------------| | | | | For the transition period f ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |------------------------------------------------------------------------------------------------|-----------------------------------| | | | | For the transition period from ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | |---------------------------------------------------------------------------------------------------------- ...