CFSB Bancorp(CFSB) - 2025 Q2 - Quarterly Results

Financial Performance - CFSB Bancorp, Inc. reported a net loss of $162,000, or$0.03 per share, for Q2 2025, compared to a net loss of $210,000, or$0.03 per share, for Q2 2024[1][2]. - Net loss for the three months ended December 31, 2024, was $162,000, compared to a net loss of$6,000 in the previous quarter[29]. - Basic net loss per share was $(0.03), consistent with the previous quarter[29]. Income and Revenue - Net interest income increased by$45,000, or 2.7%, to $1.7 million for Q2 2025, while the net interest margin increased by six basis points to 1.98$453,000, or 16.0%, for Q2 2025, driven by increases in interest and dividends on securities and cash[5]. - Non-interest income decreased by $5,000, or 2.9$165,000 for Q2 2025, primarily due to a decrease in customer service fees[7]. - Net interest income after provisions for credit losses was $1,768,000, compared to$1,714,000 in the previous quarter, an increase of 3.15%[29]. - Interest and dividend income increased to $3,263,000 from$3,219,000, a rise of 1.37%[29]. - Net interest income (tax-equivalent adjustment) decreased slightly to $3,372,000 for the six months ended December 31, 2024, from$3,496,000 in 2023, a decline of 3.6%[41]. - The total net interest income (no tax adjustment) for the six months ended December 31, 2024, was $3,332,000, compared to$3,445,000 in 2023, reflecting a decrease of 3.3%[41]. Expenses - Non-interest expense increased by $173,000, or 9.2$2.0 million for Q2 2025, mainly due to higher salaries and employee benefits[9]. - Non-interest expenses increased to $2,044,000 from$1,871,000, an increase of 9.21%[29]. Assets and Liabilities - Total assets amounted to $362.8 million at December 31, 2024, a decrease of$681,000, or 0.2%, from June 30, 2024[18]. - Total liabilities decreased by $302,000, or 0.5$287.1 million at December 31, 2024, with deposits decreasing by $483,000, or 0.2$379,000 to $75.7 million at December 31, 2024, primarily due to the net loss for the six months ended December 31, 2024[21]. - Total assets decreased slightly to$362,758,000 from $363,439,000, a decline of 0.19$168,935,000 from $172,378,000, a decline of 2.53$270,358,000, a slight decrease from $270,841,000, reflecting a 0.18$27,226 as of December 31, 2024, from $28,223 a year earlier[30]. Credit Quality - The Company recorded a provision for income tax of$51,000 for Q2 2025, an increase from $16,000 in Q2 2024[12]. - The Company recorded a reversal of the provision for credit losses of$150,000 for the six months ended December 31, 2024, reflecting continued strong asset quality[14]. - The allowance for credit losses decreased to $1,407,000 from$1,553,000, a reduction of 9.41%[26]. Securities and Investments - Securities interest income for the three months ended December 31, 2024, was $1,156, with a tax-equivalent adjustment of$19[35]. - Securities interest income increased to $2,261,000 for the six months ended December 31, 2024, compared to$1,962,000 for the same period in 2023, representing a growth of 15.2%[41]. - The tax-equivalent adjustment for securities interest income was $40,000 in 2024, down from$51,000 in 2023, indicating a decrease of 21.6%[41]. - Securities (tax-equivalent basis) increased to $2,301,000 in 2024 from$2,013,000 in 2023, marking an increase of 14.3%[41].