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].
CFSB Bancorp(CFSB) - 2024 Q4 - Annual Results