CFSB Bancorp(CFSB) - 2025 Q3 - Quarterly Results

Financial Performance - For the three months ended March 31, 2025, CFSB Bancorp, Inc. reported a net income of $4,000, compared to a net loss of$162,000 for the previous quarter and a net loss of $40,000 for the same period last year[1][2]. - The company reported a net income of$4 thousand for the three months ended March 31, 2025, compared to a net loss of $162 thousand in the previous quarter[30]. Income and Expenses - Net interest income increased by$65,000, or 3.8%, to $1.8 million for the three months ended March 31, 2025, with a net interest margin of 2.05$5,000, or 3.0%, to $160,000 for the three months ended March 31, 2025, primarily due to a decrease in income on bank-owned life insurance[8]. - Non-interest expense decreased by$197,000, or 9.6%, to $1.8 million for the three months ended March 31, 2025, mainly due to a reduction in salaries and employee benefits[10]. - Salaries and employee benefits expenses were$1,038 thousand for the three months ended March 31, 2025, down from $1,218 thousand in the previous quarter, a reduction of approximately 14.8$2.8 million, or 0.8%, to $366.2 million at March 31, 2025, driven by a$1.3 million increase in cash and cash equivalents and a $2.8 million increase in total loans[19]. - Total liabilities rose by$3.1 million, or 1.1%, to $290.5 million at March 31, 2025, with deposits increasing by$3.0 million, or 1.1%[21]. - Total stockholders' equity decreased by $335,000 to$75.7 million at March 31, 2025, primarily due to stock repurchases and the net loss for the period[22]. - Total assets increased to $366,200 thousand as of March 31, 2025, compared to$363,439 thousand on June 30, 2024, reflecting a growth of approximately 0.5%[27]. - Total loans reached $175,021 thousand, up from$172,378 thousand, indicating an increase of about 1.5%[27]. - Total deposits increased to $273,761 thousand from$270,841 thousand, marking a growth of about 1.1%[27]. Credit Quality - The provision for credit losses was recorded at $66,000 for the three months ended March 31, 2025, with an allowance for credit losses on loans at 0.86$1,504 thousand from $1,553 thousand, indicating improved asset quality[27]. Interest Income and Yield - Interest income rose by$3,000, or 0.1%, due to a $73,000 increase in interest and fees on loans, despite an$80,000 decrease in interest on cash and short-term investments[4]. - Total interest-earning assets increased to $345,848 thousand with an average yield of 3.80$339,447 thousand and 3.57% for the same period in 2024[31]. - The net interest margin improved to 2.05% for the three months ended March 31, 2025, compared to 1.96% for the same period in 2024[31]. - The cost of deposits decreased to 2.06% for the three months ended March 31, 2025, from 2.16% in the previous quarter[31]. - Loans outstanding were $171,883 thousand with an interest earned of$1,838 thousand, yielding 4.28% for the three months ended March 31, 2025[31]. - The net interest rate spread increased to 1.42% for the three months ended March 31, 2025, from 1.35% in the same period of 2024[31]. Future Outlook - The company remains optimistic about loan growth and expense reduction despite market volatility[3]. - The company anticipates continued focus on maintaining competitive pressures and adapting to economic conditions in future strategies[25].