CFSB Bancorp(CFSB) - 2024 Q4 - Annual Results

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$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$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$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$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$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$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$270.841 billion from $263.376 billion year-over-year, representing a growth of about 2$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].