Welcome to our dedicated page for CFSB Bancorp news (Ticker: CFSB), a resource for investors and traders seeking the latest updates and insights on CFSB Bancorp stock.
CFSB Bancorp, Inc. (NASDAQ: CFSB) is the federal mid-tier holding company for Colonial Federal Savings Bank, a federally chartered stock savings bank that has served the banking needs of its customers on the south shore of Massachusetts since 1889. Headquartered in Quincy, MA, CFSB Bancorp operates three full-service offices and one limited-service office in Quincy, Holbrook, and Weymouth, providing a wide array of financial services.
Colonial Federal Savings Bank offers a variety of deposit products including savings, checking, and term certificate accounts. The bank’s primary lending products include residential mortgage loans, multi-family loans, commercial real estate loans, construction loans, second mortgages, home equity lines of credit, home improvement loans, and consumer loans.
As of recent financial reports, CFSB Bancorp has been navigating a challenging high-interest rate environment. Net interest income for the quarter ended December 31, 2023, decreased by 9.2% compared to the previous quarter, mainly due to rising costs of deposits and Federal Home Loan Bank advances. Despite these challenges, the company managed to record reversals of credit losses due to improved forecasted economic conditions.
Latest news highlights include:
- July 2023: Reported net income of $105,000 for Q2 2023 despite a 11.9% decrease in net interest income.
- October 2023: Announced net income of $123,000 for Q3 2023 while maintaining cautious optimism about economic conditions.
- January 2024: Declared a net loss of $210,000 for Q4 2023, reflecting the ongoing impact of interest rate pressures.
- April 2024: Implemented a stock repurchase program for up to 5% of its outstanding common stock.
- April 2024: Reported a net loss of $40,000 for Q1 2024 with a focus on managing liabilities and capital.
Despite the economic challenges, CFSB Bancorp remains committed to serving its community with a focus on customer service and financial stability. The bank's strong asset quality and strategic financial management continue to be its cornerstones.
CFSB Bancorp reported a net loss of $6,000 ($0.00 per share) for Q1 2025, compared to net income of $123,000 ($0.02 per share) in Q1 2024. Net interest income decreased by $169,000 (9.2%) to $1.7 million, with net interest margin declining 30 basis points to 1.92%. Total assets increased $18.3 million (5.3%) to $364.5 million, while deposits grew $11.0 million (4.2%) to $271.7 million. The company's performance was impacted by ongoing challenges from increased short-term interest rates and yield curve inversion.
CFSB Bancorp, Inc. (NASDAQ: CFSB) reported net income of $160,000, or $0.03 per share, for Q4 2024, compared to a net loss of $40,000 in Q3 2024 and net income of $105,000 in Q4 2023. For the full year 2024, net income was $33,000, down from $1.4 million in 2023. The company faced challenges due to the inverted yield curve, with liabilities repricing faster than assets. Key financial highlights include:
- Net interest income decreased 1.2% quarter-over-quarter to $1.6 million
- Net interest margin declined to 1.93% from 1.96% in Q3 2024
- Non-interest expense decreased 7.5% quarter-over-quarter to $1.8 million
- Total assets increased 4.1% year-over-year to $363.4 million
- Deposits grew 2.8% year-over-year to $7.5 million
The company adopted the CECL methodology on July 1, 2023, impacting its allowance for credit losses and retained earnings.
CFSB Bancorp, Inc. announced financial results for Q3 and year-to-date 2024, showing a net loss for Q3 but a decrease in net income year-over-year. The company faced challenges due to short-term rate changes affecting lending. Despite unchanged net interest income, the net interest margin decreased. Non-interest income varied, with expenses decreasing in Q3 but increasing year-over-year. The company recorded reversals of provisions for credit losses and saw a decrease in income tax expense. Total assets increased, primarily due to higher cash balances and FHLB stock, while liabilities saw an increase in deposits and FHLBB advances. Stockholders' equity decreased due to a net loss and changes in accounting methodology.
On April 25, 2023, CFSB Bancorp reported a net income of $355,000 or $0.06 per share for Q3 2023, up from $341,000 or $0.05 in Q4 2022, marking a turnaround from a $828,000 loss in Q3 2022. For the nine months ended March 31, 2023, net income totaled $1.3 million or $0.21 per share compared to a $122,000 loss in the same period last year. Net interest income dropped by 8.0% to $2.2 million due to increased rates on deposits, despite a 4.6% year-over-year rise. Non-interest expenses fell 8.9% quarter-over-quarter to $1.9 million. However, deposit pressures and low loan demand amid rising interest rates may impact future performance.
CFSB Bancorp reported a net income of $341,000 ($0.05 per share) for the three months ended December 31, 2022, a decline from $645,000 ($0.10 per share) in the previous quarter, but an increase compared to $234,000 for the same quarter in 2021. For the six months, net income rose to $986,000 ($0.16 per share), up from $706,000 year-over-year. Net interest income decreased slightly by 1.0% to $2.4 million due to rising deposit costs. Non-interest income dropped 24.0% from the prior quarter. Total assets decreased by 1.1% to $356.8 million, with loans growing 34.8% in commercial real estate. Deposits fell 1.6%.
CFSB Bancorp, Inc. (NASDAQ: CFSB) reported net income of $645,000 for Q3 2022, up from $472,000 in Q3 2021, primarily driven by an increase in net interest income. Interest-earning assets rose to $347.1 million, with a net interest margin of 2.72%, up from 2.46% a year earlier. Non-interest income decreased to $200,000, while non-interest expense increased to $1.7 million. Total assets fell 1.4% to $360.9 million, with total liabilities down 2%. Deposits decreased by $7 million, reflecting management’s decision to maintain interest rates despite liquidity levels.
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