CFSB Bancorp(CFSB) - 2025 Q1 - Quarterly Results

Financial Performance - CFSB Bancorp, Inc. reported a net loss of $6,000, or$ 0.00 per share, for Q1 2025, compared to a net income of $123,000, or$ 0.02 per share, in Q1 2024[1]. - Non-interest income increased by $10,000, or 6.3%, to$ 170,000 for Q1 2025, primarily due to higher other income and bank-owned life insurance income[3]. - Total stockholders' equity increased by $138,000 to$ 76.0 million at September 30, 2024, despite a net loss for the twelve months ended September 30, 2024[5]. - Net loss income for the three months ended September 30, 2024, was $(6,000), a decrease from net income of$ 160,000 in the previous quarter[8]. - Basic and diluted net loss income per share was $0.00 for the three months ended September 30, 2024, compared to$ 0.03 for the previous quarter[8]. Interest Income and Expenses - Net interest income decreased by $169,000, or 9.2%, to$ 1.7 million for Q1 2025, with a net interest margin of 1.92%, down from 2.22% in Q1 2024[1]. - Interest income increased by $481,000, or 17.4%, driven by higher yields on interest-earning assets and an increase in cash and short-term investments[1]. - Total interest and dividend income for the three months ended September 30, 2024, was$ 3,239,000, an increase from $3,150,000 for the previous quarter[8]. - Net interest income after reversal of credit losses was$ 1,714,000 for the three months ended September 30, 2024, compared to $1,653,000 for the previous quarter[8]. - The net interest margin for the three months ended September 30, 2024, was 1.92%, slightly down from 1.93% in the previous quarter[9]. - The cost of deposits was 2.15% for the three months ended September 30, 2024, compared to 2.09% in the previous quarter[9]. Asset and Deposit Growth - Total assets increased by$ 18.3 million, or 5.3%, to $364.5 million at September 30, 2024, driven by increases in cash and cash equivalents[5]. - Deposits increased by$ 11.0 million, or 4.2%, to $271.7 million at September 30, 2024, primarily due to higher-yielding term certificates of deposit[5]. - Total assets increased by 0.3% to$ 364,486,000 compared to $363,439,000 in June 2024, and up 5.3% from$ 346,221,000 in September 2023[7]. - Total deposits rose by 0.3% to $271,670,000 compared to$ 270,841,000 in June 2024, and increased by 4.2% from $260,673,000 in September 2023[7]. - Cash and cash equivalents totaled$ 30,667,000, a 13.8% increase from $26,959,000 in June 2024, and a 401.3% increase from$ 6,118,000 in September 2023[7]. Credit Losses and Allowances - The provision for credit losses recorded a reversal of $71,000 for Q1 2025, reflecting improvements in economic conditions and asset quality[2]. - The allowance for credit losses on loans was 0.89% of total loans at September 30, 2024, compared to 0.94% at September 30, 2023[3]. - Allowance for credit losses decreased by 3.2% to$ (1,504,000) from $(1,553,000) in June 2024, and down 8.8% from$ (1,649,000) in September 2023[7]. - Non-interest-bearing NOW and demand deposits decreased by 8.6% to $31,190,000 from$ 34,124,000 in June 2024, and increased by 0.9% from $30,918,000 in September 2023[7]. Securities and Portfolio Management - The company continues to focus on optimizing its securities portfolio to improve interest income performance[10]. - Securities interest income for September 30, 2024, was$ 1,105,000, an increase from $965,000 for September 30, 2023, representing a 14.5% year-over-year growth[10]. - The total securities (tax-equivalent basis) for September 30, 2024, was$ 1,125,000, compared to $991,000 for September 30, 2023, showing a growth of 13.5% year-over-year[10]. - The overall trend in net interest income suggests a need for strategic adjustments to enhance revenue generation moving forward[10].