Group 1 - Monteverde & Associates PC has recovered millions for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report [1] - The firm is investigating CFSB Bancorp, Inc. regarding its proposed merger with Hometown Financial Group, Inc., where CFSB shareholders will receive $14.25 in cash per share [1] Group 2 - Monteverde & Associates PC is a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court [2] - The firm emphasizes that no company, director, or officer is above the law, encouraging shareholders with concerns to reach out for additional information [3]

Core Viewpoint - Hometown Financial Group has announced a definitive merger agreement to acquire CFSB Bancorp and its subsidiary Colonial Federal Savings Bank, enhancing its market presence in eastern Massachusetts and creating a larger banking entity with significant assets and branch locations [1][2][4]. Merger Details - The merger agreement has been unanimously approved by the boards of directors of both companies, with CFSB shareholders set to receive $14.25 in cash per share, valuing the transaction at approximately $44 million [2]. - The merger is expected to close in the fourth quarter of 2025, pending regulatory approvals and shareholder consent [2]. Post-Merger Structure - Following the merger, Colonial Federal Savings Bank will merge into North Shore Bank, resulting in a combined bank with $3.3 billion in assets and 29 retail locations across Massachusetts and southern New Hampshire [3]. - Hometown Financial Group will have consolidated assets nearing $6.9 billion and a total of 56 branch offices after the merger [4]. Strategic Goals - The merger aims to enhance customer service and expand market reach, with Hometown Financial Group emphasizing its commitment to local markets and personalized financial solutions [5][6]. - The transaction marks the eighth strategic merger for Hometown Financial Group in the last decade, indicating a consistent growth strategy [7]. Company Background - Hometown Financial Group is a multibank mutual holding company with $6.6 billion in assets, operating several banks including bankESB, bankHometown, and North Shore Bank [13]. - CFSB Bancorp, with total assets of $366 million as of March 31, 2025, has been serving the banking needs of its customers since 1889 [16].

Financial Position - Total assets increased by $2.8 million, or 0.8%, to $366.2 million at March 31, 2025, from $363.4 million at June 30, 2024[169]. - Total stockholders' equity decreased by $335,000, or 0.5%, to $75.7 million at March 31, 2025[177]. - Cash and cash equivalents increased by $1.3 million, or 4.8%, to $28.3 million at March 31, 2025[170]. - Securities held to maturity decreased by $1.1 million, or 0.7%, to $145.9 million at March 31, 2025[173]. - The allowance for credit losses for loans was $1.5 million, or 0.86% of total loans, at March 31, 2025, compared to $1.6 million, or 0.91% of total loans, at March 31, 2024[199]. Loan and Deposit Activity - Net loans increased by $2.8 million, or 1.6%, to $173.2 million at March 31, 2025, driven by a 33.9% increase in multi-family loans[171]. - Deposits increased by $3.0 million, or 1.1%, to $273.8 million at March 31, 2025, primarily due to a 4.4% increase in certificates of deposit[175]. - The average balance of certificates of deposit increased by $19.0 million to $140.1 million, influenced by a higher interest rate environment[181]. - The average balance of savings deposits decreased by $5.5 million, or 9.5%, to $52.1 million for the three months ended March 31, 2025[181]. - As of March 31, 2025, the company had $1.2 million of commitments to originate loans and $3.7 million of unadvanced funds under home equity lines of credit[231]. Income and Expenses - Interest and dividend income increased by $259,000, or 8.6%, to $3.3 million for the three months ended March 31, 2025[179]. - Net interest income increased by $115,000, or 7.0%, for the three months ended March 31, 2025[178]. - Non-interest income decreased by $7,000, or 4.2%, to $160,000, primarily due to a $4,000 decrease in customer service fees and other income[184]. - Total non-interest expense decreased by $61,000, or 3.2%, to $1.8 million, mainly due to a $79,000 reduction in salaries and employee benefits[185]. - Interest expense increased by $144,000, or 10.5%, to $1.5 million for the three months ended March 31, 2025, primarily due to a rise in the average rate on certificates of deposit to 3.90%[181]. Credit Losses and Provisions - The provision for credit losses increased by $86,000, or 430.0%, for the three months ended March 31, 2025[178]. - The provision for credit losses was recorded at $66,000, with a $97,000 provision for loans reflecting an increase in loan originations, while the allowance for credit losses for loans was $1.5 million, or 0.86% of total loans[183]. - The provision for credit losses recorded a reversal of $84,000 for the nine months ended March 31, 2025, reflecting strong asset quality[199]. Performance Metrics - The net interest rate spread increased by seven basis points to 1.42% for the three months ended March 31, 2025, compared to 1.35% for the same period in 2024[182]. - The net interest margin increased by nine basis points to 2.05% for the three months ended March 31, 2025, compared to 1.96% for the same period in 2024[182]. - The net interest margin for the nine months ended March 31, 2025, was 1.99%, compared to 2.07% for the same period in 2024, reflecting a decline of 8 basis points[206]. - The company reported a net interest rate spread of 1.31% for the nine months ended March 31, 2025, down from 1.52% in 2024, a decrease of 21 basis points[206]. Cash Flow and Financing Activities - Net cash provided by operating activities was $361,000 for the nine months ended March 31, 2025, compared to $96,000 for the same period in 2024, indicating a significant increase[227]. - Net cash used in investing activities was $1.6 million for the nine months ended March 31, 2025, compared to cash provided of $5.8 million for the same period in 2024, showing a decrease in cash inflow from investments[227]. - Net cash provided by financing activities was $2.5 million for the nine months ended March 31, 2025, down from $8.9 million for the same period in 2024, reflecting changes in deposit levels and treasury stock purchases[227]. Regulatory and Economic Considerations - The company exceeded all regulatory capital requirements as of March 31, 2025, indicating a strong capital position[229]. - The company is committed to maintaining a strong liquidity position and anticipates sufficient funds to meet current funding commitments[228]. - The primary impact of inflation on the company's operations is reflected in increased operating costs, with interest rates having a more significant impact on performance than inflation[235]. - The estimated economic value of equity (EVE) as of March 31, 2025, was $55,522,000, with a potential decrease of 20.5% if interest rates increased by 200 basis points[220][221].

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%, up from 1.98% in the previous quarter[4]. - Non-interest income decreased by $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%[30]. Asset and Liability Management - Total assets increased by $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% of total loans[6]. - The allowance for credit losses decreased to $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% for the three months ended March 31, 2025, compared to $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].

Financial Position - Total assets decreased by $681,000, or 0.2%, to $362.8 million at December 31, 2024, from $363.4 million at June 30, 2024[173]. - Total stockholders' equity decreased by $379,000, or 0.5%, to $75.7 million at December 31, 2024, primarily due to a net loss of $168,000 for the six months ended December 31, 2024[181]. - Deposits decreased by $483,000, or 0.2%, to $270.4 million at December 31, 2024, primarily due to a decrease in NOW and demand accounts of $5.3 million, or 8.5%[179]. - The company reported a net loss of $168,000 for the six months ended December 31, 2024, compared to a net loss of $87,000 for the same period in 2023, an increase of $81,000, or 93.1%[200]. - The total assets of the company as of December 31, 2024, were $362,482, compared to $346,411 in 2023, reflecting an increase of 4.6%[211]. Loan and Interest Income - Net loans decreased by $3.2 million, or 1.9%, to $167.2 million at December 31, 2024, primarily due to a decrease in commercial loans of $1.8 million, or 10.6%[175]. - Interest and dividend income increased by $459,000, or 16.4%, to $3.3 million for the three months ended December 31, 2024[183]. - The average yield on loans increased by 19 basis points to 4.18% for the three months ended December 31, 2024[183]. - Interest and dividend income increased by $946,000, or 17.2%, to $6.5 million for the six months ended December 31, 2024, from $5.5 million for the same period in 2023[201]. - The average yield on loans increased to 4.17% in 2024 from 3.95% in 2023[211]. Interest Expense and Net Interest Income - Net interest income increased by $50,000, or 3.1%, for the three months ended December 31, 2024[182]. - Interest expense increased by $409,000, or 35.1%, to $1.6 million for the three months ended December 31, 2024, primarily due to a rise in the average rate on certificates of deposit to 4.16% from 3.53%[186]. - Net interest income decreased by $113,000, or 3.3%, to $3.3 million for the six months ended December 31, 2024, from $3.4 million for the same period in 2023[203]. - Interest expense increased by $1.1 million, or 52.4%, to $3.2 million for the six months ended December 31, 2024, from $2.1 million for the same period in 2023[202]. Non-Interest Income and Expenses - Non-interest income decreased by $7,000, or 4.1%, to $165,000 for the three months ended December 31, 2024, primarily due to an $8,000 decrease in other income[189]. - Non-interest income increased by $3,000, or 0.9%, to $335,000 for the six months ended December 31, 2024, from $332,000 for the same period in 2023[206]. - Total non-interest expense decreased by $65,000, or 3.1%, to $2.0 million for the three months ended December 31, 2024, mainly due to a reduction in salaries and employee benefits[190]. - Total non-interest expense decreased by $110,000, or 2.7%, to $3.9 million for the six months ended December 31, 2024, from $4.0 million for the same period in 2023[208]. Tax Provision and Allowance for Credit Losses - The provision for income taxes increased to $51,000 for the three months ended December 31, 2024, compared to $16,000 for the same period in 2023, due to an increase in the deferred tax valuation allowance[191]. - The allowance for credit losses for loans was $1.4 million, or 0.83% of total loans, at December 31, 2024, down from $1.6 million, or 0.93% of total loans, at December 31, 2023[188]. - The provision for income taxes decreased by $39,000, or 35.8%, to $70,000 for the six months ended December 31, 2024, from $109,000 for the same period in 2023[209]. Interest Rate and Economic Value - The net interest rate spread decreased by 14 basis points to 1.32% for the three months ended December 31, 2024, compared to 1.46% for the same period in 2023[187]. - The net interest margin decreased by four basis points to 1.98% for the three months ended December 31, 2024, compared to 2.02% for the same period in 2023[187]. - The estimated economic value of equity (EVE) would decrease by 21.5% with a 200 basis point increase in interest rates, indicating significant interest rate risk exposure[226]. - The company reported a net interest rate spread of 1.27% for the six months ended December 31, 2024, down from 1.61% in 2023, a decrease of 21.1%[212]. Cash Flow and Liquidity - Net cash provided by operating activities was $167,000 for the six months ended December 31, 2024, compared to cash used of $64,000 for the same period in 2023[232]. - Net cash provided by investing activities was $2.5 million for the six months ended December 31, 2024, compared to cash used of $1.1 million for the same period in 2023[232]. - Net cash used in financing activities was $750,000 for the six months ended December 31, 2024, compared to net cash provided of $10.0 million for the same period in 2023[232]. - The company monitors its liquidity position daily and anticipates sufficient funds to meet current funding commitments[233]. - The company exceeded all regulatory capital requirements as of December 31, 2024[234]. Market Risk and Inflation - The primary impact of inflation on the company's operations is reflected in increased operating costs, with interest rates having a more significant impact on performance[239]. - The company is a smaller reporting company and is not required to provide certain market risk disclosures[240].

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%[4]. - Interest income rose by $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%, to $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%, to $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%, to $287.1 million at December 31, 2024, with deposits decreasing by $483,000, or 0.2%[20]. - Total stockholders' equity decreased by $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%[26]. - Total loans decreased to $168,935,000 from $172,378,000, a decline of 2.53%[26]. - Total deposits remained stable at $270,358,000, a slight decrease from $270,841,000, reflecting a 0.18% decline[26]. - Non-interest-bearing demand deposits decreased to $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].

Core Points - CFSB Bancorp, Inc. reported a net loss of $162,000 for the three months ended December 31, 2024, compared to a net loss of $210,000 for the same period in 2023, indicating a slight improvement in financial performance [1][5][28] - The company experienced a net interest income increase of $45,000, or 2.7%, for the quarter ended December 31, 2024, driven by higher average yields on interest-earning assets [4][5] - The total assets of the company decreased by $681,000, or 0.2%, to $362.8 million as of December 31, 2024, primarily due to decreases in cash and total loans [18][20] Financial Performance - For the six months ended December 31, 2024, the company recorded a net loss of $168,000, compared to a net loss of $87,000 for the same period in 2023 [2][12] - The net interest margin decreased by 17 basis points to 1.95% for the six months ended December 31, 2024, from 2.12% for the same period in 2023 [12][17] - Interest income increased by $935,000, or 16.7%, for the six months ended December 31, 2024, due to higher yields on cash and short-term investments [12][36] Asset Quality - The allowance for credit losses on loans as a percentage of total loans was 0.83% as of December 31, 2024, down from 0.93% a year earlier, reflecting improved asset quality [6][19] - The company recorded reversals of the provision for credit losses of $79,000 for the three months ended December 31, 2024, indicating a positive trend in credit quality [6][13] Non-Interest Income and Expenses - Non-interest income decreased by $5,000, or 2.9%, to $165,000 for the three months ended December 31, 2024, primarily due to a decrease in customer service fees [7][15] - Non-interest expenses increased by $173,000, or 9.2%, to $2.0 million for the three months ended December 31, 2024, mainly due to higher salaries and employee benefits [8][16] Balance Sheet - Total liabilities decreased by $302,000, or 0.5%, to $287.1 million as of December 31, 2024, with deposits decreasing by $483,000 [20][21] - Total stockholders' equity decreased by $379,000 to $75.7 million at December 31, 2024, primarily due to the net loss for the period [21][22]

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].

Economic Impact - As of June 30, 2024, a 100 basis point increase in interest rates is estimated to result in a 9.8% decrease in economic value of equity (EVE) and a 3.7% decrease in net interest income[103]. - The Federal Reserve Board's monetary policies could significantly impact the company's business and financial condition[112]. Competition and Market Position - The company faces significant competition in the banking sector, which may limit growth and profitability, as competitors may offer better terms or lower interest rates[106]. - The company’s asset size may hinder its ability to compete effectively, limiting its capacity to invest in marketing and technology[107]. Regulatory and Compliance Risks - Regulatory changes and compliance costs could adversely affect operations and increase operational costs[108]. - The company is classified as an emerging growth company, which allows it to take advantage of reduced reporting requirements, potentially making its stock less attractive to investors[113]. - The cost of additional finance and accounting systems to meet public company reporting requirements will increase expenses[121]. - Changes in accounting standards could materially impact reported earnings and financial condition[122]. - Legal and regulatory proceedings could have a materially adverse effect on the business and financial condition[124]. - Federal Reserve Board regulations may preclude the payment of dividends on common stock in the foreseeable future[129]. Operational Risks - The company relies on third-party vendors for key services, exposing it to additional cybersecurity risks and operational challenges[119]. - Fraudulent activities pose a risk to the company, potentially leading to financial losses and reputational damage[120]. - Management's estimates and assumptions may significantly affect consolidated financial statements and operating results[123]. Reputation and Market Perception - The company's reputation is critical for success, and any negative impact could adversely affect performance[126]. - Public stockholders own a minority of CFSB Bancorp's common stock, limiting their voting control[127]. - The common stock is not heavily traded, leading to potential price volatility[128]. - Various factors may complicate takeover attempts, including regulatory approval requirements and charter provisions[130]. Societal and Environmental Factors - Societal responses to climate change may lead to cost increases and demand drops for certain products and services[125].

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].