CFSB BANCORP, INC. ANNOUNCES FISCAL SECOND QUARTER AND YEAR-TO-DATE 2024 FINANCIAL RESULTS
QUINCY, Mass., Jan. 26, 2024 /PRNewswire/ -- CFSB Bancorp, Inc. (the "Company") (NASDAQ Capital Market: CFSB), the holding company for Colonial Federal Savings Bank (the "Bank"), today announced a net loss of $210,000, or ($0.03) per basic and diluted share, for the three months ended December 31, 2023 compared to net income of $123,000, or $0.02 per basic and diluted share, for the three months ended September 30, 2023 and net income of $341,000, or $0.05 per basic and diluted share, for the three months ended December 31, 2022.
For the six months ended December 31, 2023, net loss was $87,000, or ($0.01) per basic and diluted share, compared to net income of $986,000, or $0.16 per basic and diluted share, for the six months ended December 31, 2022.
Michael E. McFarland, President and Chief Executive Officer, stated, "A recent pause from the Federal Reserve on interest rate increases provides some optimism going forward that the cost of funds will stabilize, and loan demand will start to show signs of recovery. We remain encouraged that the economy will land softly and we will benefit from a more stable interest rate environment."
Second Quarter Operating Results Net interest income, on a fully tax-equivalent basis, decreased by $168,000, or 9.2%, to $1.7 million for the three months ended December 31, 2023, from $1.8 million for the three months ended September 30, 2023. This decrease was primarily due to a 53 basis point increase in the average rate on certificates of deposit, partially offset by a 9 basis point increase in the average yield on loans and a 12 basis point decrease in the average rate on FHLB advances. The interest on loans increased $36,000, for the three months ended December 31, 2023 compared to the three months ended September 30, 2023. The interest on loans benefited from rising interest rates, partially offset by a $517,000 decrease in the average balance of loans to $176.2 million during the three months ended December 31, 2023. The net interest margin decreased by 20 basis points to 2.02% for the three months ended December 31, 2023, from 2.22% for the three months ended September 30, 2023.
Net interest income, on a fully tax-equivalent basis, decreased by $703,000, or 29.7%, to $1.7 million for the three months ended December 31, 2023, from $2.4 million for the three months ended December 31, 2022. The net interest margin decreased by 75 basis points to 2.02% for the three months ended December 31, 2023, from 2.77% for the three months ended December 31, 2022. The decline was primarily due to a 235 basis point increase in the average rate for certificates of deposit, partially offset by a $16.9 million decrease in the average balance of interest-bearing deposits and a 26 basis point increase in the average yield on interest-earning assets. The interest earned on loans increased $101,000, to $1.8 million for the three months ended December 31, 2023, from $1.7 million for the three months ended December 31, 2022. The interest earned on securities increased $96,000, to $997,000 for the three months ended December 31, 2023, from $901,000 for the three months ended December 31, 2022. The interest earned on loans and securities benefited from rising interest rate, offset by decreases in the average balance.
The Company recorded reversals of the provision for credit losses of $104,000 and $166,000 for the three months ended December 31, 2023 and September 30, 2023, respectively. The reversals of the provision for credit losses were recorded due to improved forecasted economic conditions. The Company did not record a provision for loan losses during the three months ended December 31, 2022. The allowance for credit losses as a percentage of total loans was 0.93%, 0.94% and 0.97% at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
Non-interest income increased $12,000, or 7.5%, to $172,000 for the three months ended December 31, 2023, from $160,000 for the three months ended September 30, 2023, due to an increase of $13,000 in other income.
Non-interest income increased $20,000, or 13.2%, to $172,000 for the three months ended December 31, 2023, from $152,000 for the three months ended December 31, 2022, primarily due to an increase of $14,000 in other income.
Non-interest expenses increased $193,000, or 10.1%, to $2.1 million for the three months ended December 31, 2023, from $1.9 million for the three months ended September 30, 2023. The increase was due to an increase in salaries and employee benefits of $123,000, or 10.8%, due to stock-based compensation expense and increases in other general and administrative expenses of $74,000, or 20.7%, primarily due to increases in printing, postage, legal and annual meeting expenses.
Non-interest expenses increased $22,000, or 1.1%, to $2.1 million for the three months ended December 31, 2023, from $2.1 million for the quarter ended December 31, 2022. The increase was principally due to an increase in other general and administrative expenses of $27,000, or 6.7%, due to costs associated with our annual meeting.
Income tax expense was $16,000 for the three months ended December 31, 2023, compared to $93,000 for the three months ended September 30, 2023 and $65,000 for the three months ended December 31, 2022. The decrease in income tax expense for the three months ended December 31, 2023, compared to the three months ended September 30, 2023 and compared to the three months ended December 31, 2022, was due to decreases in income before income taxes.
Year-to-Date Operating Results Net interest income decreased, on a fully tax-equivalent basis, by $1.3 million, or 26.6%, to $3.5 million for the six months ended December 31, 2023, from $4.8 million for the six months ended December 31, 2022. Total interest-earning assets income increased $244,000 from the prior year period due to higher average yields on loans, securities and cash and short-term investments. A 25 basis point increase in the average yield on loans, offset by a decrease in the average balance of loans of $734,000, or 0.4%, contributed to a $204,000 increase in loan income. A 28 basis point increase in the average yield on securities, offset by a decrease in the average balance of securities of $788,000, or 0.5%, contributed to a $196,000 increase in securities income. The interest earned on cash and short-term investments decreased $156,000 from the prior year, due to a $13.2 million decrease in the average balance of cash and short-term investments offset by a 164 basis point increase in the average yield. Partially offsetting the increase in interest and dividend income was a $1.5 million increase in interest expense due to an increase in the interest on certificates of deposit of $1.4 million and the increase in interest on FHLB advances of $164,000 from the prior year. The Company recognized a 131 basis point increase in the cost of interest-bearing liabilities. The net interest margin decreased 64 basis points for the six months ended December 31, 2023, to 2.12%, from 2.76% in the prior year period.
The Company recognized a reversal of the provision for credit losses of $270,000 for the six months ended December 31, 2023, compared to no provision for loan losses in the prior year period. For the six months ended December 31, 2023 improvements in the economy were the primary contributor for the reversal of the provision for credit losses.
Non-interest income decreased $20,000, or 5.7%, to $332,000 for the six months ended December 31, 2023 from $352,000 in the prior year period, due to a decrease of $31,000 in other income offset by an increase of $7,000 in income on bank-owned life insurance.
Non-interest expenses increased $190,000, or 5.0%, to $4.0 million for the six months ended December 31, 2023, from $3.8 million for the six months ended December 31, 2022. Salaries and benefits increased $143,000, or 6.3%, to $2.4 million, due to annual increases to salaries and health insurance of employees and stock-based compensation expense. Other general and administrative expense increased $52,000, or 7.0%, from the prior year period due to increases in insurance, data processing and annual meeting costs.
Income tax expense decreased $126,000 to $109,000 for the six months ended December 31, 2023 compared to income tax expense of $235,000 for the six months ended December 31, 2022 due to lower pre-tax income.
Balance Sheet Assets: At December 31, 2023, total assets amounted to $359.0 million, compared to $349.0 million at June 30, 2023, an increase of $10.0 million, or 2.9%, due to an $8.9 million increase in cash and cash equivalents and a $1.2 million increase in securities held to maturity and a $569,000 increase in FHLB stock. The increase in cash and cash equivalents was due to increased borrowings from the FHLB, the increase in securities held to maturity was a result of reinvesting accumulated cash at higher interest rates, and the increase in FHLB stock was due to the increase in FHLB advances during the six months ended December 31, 2023.
Liabilities: Deposits decreased by $5.5 million, or 2.1%, during the six months as the Bank experienced decreases of customer deposits due to increases in inflation and competition. In addition, depositors moved deposits to higher-yielding term certificates due to the higher interest rate environment. Federal Home Loan Bank advances were $19.1 million at December 31, 2023 compared to $3.7 million at June 30, 2023, to add liquidity in light of decreases in customer deposits.
Stockholders' Equity. Total stockholders' equity decreased $94,000, to $75.8 million at December 31, 2023, from $75.9 million at June 30, 2023. The decrease was primarily due to the net loss of $87,000 and the effect of adoption of ASU 2016-13, net of taxes, of $223,000, offset by the change in unearned ESOP compensation of $52,000, and stock-based compensation of $163,000, for the six months ended December 31, 2023.
On July 1, 2023, the Company adopted ASU 2016-13, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss methodology ("CECL"). The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans receivable and securities held to maturity. In addition, ASU 326 made changes to the accounting of securities available for sale. It also applies to off-balance sheet credit exposures not accounted for as insurance, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. The following table illustrates the impact of ASC 326:
Pre-ASC Adoption
As Reported Under ASC 326
(In thousands)
June 30, 2023
July 1, 2023
Impact of ASC 326 Adoption
Assets
Allowance for credit losses on securities held to maturity
$
-
$
(276)
$
(276)
Allowance for credit losses on loans
(1,747)
(1,759)
(12)
Deferred tax asset on allowance for credit losses
466
378
(88)
Liabilities
Allowance for credit losses on off-balance sheet exposures
$
-
$
23
$
23
Shareholders' Equity
Retained earnings
$
50,416
$
50,193
$
(223)
About CFSB Bancorp, Inc. CFSB Bancorp, Inc. is the federal mid-tier holding company of Colonial Federal Savings Bank and is the majority-owned subsidiary of 15 Beach, MHC. Colonial Federal Savings Bank is a federally chartered stock savings bank that has served the banking needs of its customers on the south shore of Massachusetts since 1889. It operates from three full-service offices and one limited-service office in Quincy, Holbrook and Weymouth, Massachusetts.
Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "assume," "plan," "seek," "expect," "will," "may," "should," "indicate," "would," "contemplate," "continue," "target" and words of similar meaning. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, demand for loan products, deposit flows, changes in the interest rate environment, the effects of inflation, potential recessionary conditions, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the FRB, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; changes in demand for our products and services, legislative, accounting, tax and regulatory changes, the current or anticipated impact of military conflict, terrorism or other geopolitical events, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's financial condition and results of operations and the business in which the Company and the Bank are engaged, the failure to maintain current technologies and the failure to retain or attract employees.
You should not place undue reliance on forward-looking statements. CFSB Bancorp, Inc. undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
CFSB Bancorp, Inc. and Subsidiary
Consolidated Balance Sheets (Unaudited)
(In thousands, except per share data)
December 31,
June 30,
2023
2023
Assets:
Cash and due from banks
$
1,299
$
1,486
Short-term investments
14,425
5,375
Total cash and cash equivalents
15,724
6,861
Securities available for sale, at fair value
132
146
Securities held to maturity, at amortized cost, net of allowance for credit losses
149,117
147,902
Loans:
1-4 family
138,445
140,109
Multifamily
12,692
12,638
Second mortgages and home equity lines of credit
3,542
2,699
Construction
-
-
Commercial
20,047
20,323
Total mortgage loans on real estate
174,726
175,769
Consumer
64
49
Home improvement
2,220
2,191
Total loans
177,010
178,009
Allowance for credit losses
(1,641)
(1,747)
Net deferred loan costs and fees, and purchase premiums
(395)
(351)
Loans, net
174,974
175,911
Federal Home Loan Bank of Boston stock, at cost
950
381
Premises and equipment, net
3,317
3,413
Accrued interest receivable
1,467
1,363
Bank-owned life insurance
10,536
10,402
Deferred tax asset
1,074
1,079
Operating lease right of use asset
907
953
Other assets
827
596
Total assets
$
359,025
$
349,007
Liabilities and Stockholders' Equity:
Deposits:
Non-interest bearing NOW and demand
$
29,612
$
32,760
Interest bearing NOW and demand
28,915
28,778
Regular and other
58,665
64,184
Money market accounts
24,061
26,995
Term certificates
116,687
110,659
Total deposits
257,940
263,376
Federal Home Loan Bank of Boston advances
19,100
3,675
Mortgagors' escrow accounts
1,644
1,596
Operating lease liability
920
962
Accrued expenses and other liabilities
3,626
3,509
Total liabilities
283,230
273,118
Stockholders' Equity:
Common stock
65
65
Additional paid-in capital
27,976
27,814
Retained earnings
50,106
50,416
Accumulated other comprehensive loss, net of tax
(1)
(3)
Unearned compensation - ESOP
(2,351)
(2,403)
Total stockholders' equity
75,795
75,889
Total liabilities and stockholders' equity
$
359,025
$
349,007
CFSB Bancorp, Inc. and Subsidiary
Consolidated Statements of Net Income (Loss) (Unaudited)
(In thousands, except per share data)
For the Three Months Ended
For the Six Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2023
2023
2022
2023
2022
Interest and dividend income:
Interest and fees on loans
$
1,758
$
1,722
$
1,657
$
3,480
$
3,276
Interest and dividends on debt securities:
Taxable
904
868
795
1,772
1,546
Tax-exempt
93
97
106
190
214
Interest on short-term investments and certificates of deposit
49
45
123
94
250
Total interest and dividend income
2,804
2,732
2,681
5,536
5,286
Interest expense:
Deposits
1,051
876
340
1,927
582
Borrowings
114
50
-
164
-
Total interest expense
1,165
926
340
2,091
582
Net interest income
1,639
1,806
2,341
3,445
4,704
Provision for (reversal of) credit losses
(104)
(166)
-
(270)
-
Net interest income after provision for (reversal of) credit losses
1,743
1,972
2,341
3,715
4,704
Non-interest income:
Customer service fees
37
40
36
77
73
Income on bank-owned life insurance
68
66
63
134
127
Other income
67
54
53
121
152
Total non-interest income
172
160
152
332
352
Non-interest expenses:
Salaries and employee benefits
1,267
1,144
1,250
2,411
2,268
Occupancy and equipment
240
254
255
494
498
Advertising
36
38
71
74
110
Data processing
101
89
84
190
178
Deposit insurance
33
33
22
66
43
Other general and administrative
432
358
405
790
738
Total non-interest expenses
2,109
1,916
2,087
4,025
3,835
Income (loss) before income taxes
(194)
216
406
22
1,221
Provision for income taxes
16
93
65
109
235
Net income (loss)
$
(210)
$
123
$
341
$
(87)
$
986
Net income (loss) per share:
Basic
$
(0.03)
$
0.02
$
0.05
$
(0.01)
$
0.16
Diluted
$
(0.03)
$
0.02
$
0.05
$
(0.01)
$
0.16
Weighted average shares outstanding:
Basic
6,284,768
6,282,203
6,274,542
6,283,485
6,273,260
Diluted
6,284,768
6,282,203
6,274,542
6,394,485
6,273,260
CFSB Bancorp, Inc. and Subsidiary
Average Balances and Yields, Fully Tax-Equivalent Basis (Unaudited)
(Dollars in thousands)
Average Balance and Yields
Three Months Ended
December 31, 2023
September 30, 2023
December 31, 2022
Average
Interest
Average
Average
Interest
Average
Average
Interest
Average
Outstanding
Earned/
Yield/
Outstanding
Earned/
Yield/
Outstanding
Earned/
Yield/
(Dollars in thousands)
Balance
Paid
Rate
Balance
Paid
Rate
Balance
Paid
Rate
Interest-earning assets:
Loans
$
176,149
$
1,758
3.99
%
$
176,668
$
1,722
3.90
%
$
177,648
$
1,657
3.73
%
Securities (1)
149,187
1,022
2.74
%
149,259
991
2.66
%
151,249
927
2.45
%
Cash and short-term investments
4,491
49
4.36
%
3,852
45
4.67
%
13,153
123
3.74
%
Total interest-earning assets
329,827
2,829
3.43
%
329,779
2,758
3.35
%
342,050
2,707
3.17
%
Noninterest-earning assets
16,875
16,655
16,747
Total assets
$
346,702
$
346,434
$
358,797
Interest-bearing liabilities:
Interest-bearing demand deposits
$
29,746
$
4
0.05
%
$
29,912
$
4
0.05
%
$
33,557
$
4
0.05
%
Savings deposits
58,992
15
0.10
%
62,446
16
0.10
%
72,708
18
0.10
%
Money market deposits
24,153
15
0.25
%
26,271
17
0.26
%
39,876
27
0.27
%
Certificates of deposit
115,397
1,017
3.53
%
111,812
839
3.00
%
99,041
291
1.18
%
Total interest-bearing deposits
228,288
1,051
1.84
%
230,441
876
1.52
%
245,182
340
0.55
%
FHLB advances
8,323
114
5.48
%
3,571
50
5.60
%
-
-
0.00
%
Total interest-bearing liabilities
236,611
1,165
1.97
%
234,012
926
1.58
%
245,182
340
0.55
%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits
28,223
30,971
32,887
Other noninterest-bearing liabilities
5,968
5,740
5,554
Total liabilities
270,802
270,723
283,623
Total stockholders' equity
75,900
75,711
75,174
Total liabilities and stockholders' equity
$
346,702
$
346,434
$
358,797
Net interest income
$
1,664
$
1,832
$
2,367
Net interest rate spread(2)
1.46
%
1.77
%
2.62
%
Net interest-earning assets(3)
$
93,216
$
95,767
$
96,868
Net interest margin(4)
2.02
%
2.22
%
2.77
%
Cost of deposits(5)
1.64
%
1.34
%
0.49
%
Cost of funds(6)
1.76
%
1.40
%
0.49
%
Ratio of interest-earning assets to interest-bearing liabilities
139.40
%
140.92
%
139.51
%
(1)
Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $25,000, $26,000, and $26,000 for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(2)
Net interest rate spread represents the difference between the weighted average yield earned on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.
(3)
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)
Net interest margin represents net interest income divided by average total interest-earning assets.
(5)
Cost of deposits represents the total interest paid on deposits, divided by total interest-bearing deposits plus total noninterest-bearing deposits.
(6)
Cost of funds represents the total interest paid on liabilities, divided by total interest-bearing liabilities plus total noninterest-bearing deposits.
CFSB Bancorp, Inc. and Subsidiary
Average Balances and Yields, Fully Tax-Equivalent Basis (Unaudited)
(Dollars in thousands)
Average Balance and Yields
Six Months Ended
December 31, 2023
December 31, 2022
Average
Interest
Average
Average
Interest
Average
Outstanding
Earned/
Yield/
Outstanding
Earned/
Yield/
(Dollars in thousands)
Balance
Paid
Rate
Balance
Paid
Rate
Interest-earning assets:
Loans
$
176,408
$
3,480
3.95
%
$
177,143
$
3,276
3.70
%
Securities (1)
149,223
2,013
2.70
%
150,011
1,817
2.42
%
Cash and short-term investments
4,172
94
4.51
%
17,435
250
2.87
%
Total interest-earning assets
329,803
5,587
3.39
%
344,589
5,343
3.10
%
Noninterest-earning assets
16,608
16,342
Total assets
$
346,411
$
360,931
Interest-bearing liabilities:
Interest-bearing demand deposits
$
29,829
$
7
0.05
%
$
33,346
$
8
0.05
%
Savings deposits
60,719
30
0.10
%
74,076
37
0.10
%
Money market deposits
25,212
32
0.25
%
42,685
58
0.27
%
Certificates of deposit
113,604
1,858
3.27
%
98,097
479
0.98
%
Total interest-bearing deposits
229,364
1,927
1.68
%
248,204
582
0.47
%
FHLB advances
5,947
164
5.52
%
-
-
0.00
%
Total interest-bearing liabilities
235,311
2,091
1.78
%
248,204
582
0.47
%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits
29,597
32,702
Other noninterest-bearing liabilities
5,697
5,127
Total liabilities
270,605
286,033
Total stockholders' equity
75,806
74,898
Total liabilities and stockholders' equity
$
346,411
$
360,931
Net interest income
$
3,496
$
4,761
Net interest rate spread(2)
1.61
%
2.63
%
Net interest-earning assets(3)
$
94,492
$
96,385
Net interest margin(4)
2.12
%
2.76
%
Cost of deposits(5)
1.49
%
0.41
%
Cost of funds(6)
1.58
%
0.41
%
Ratio of interest-earning assets to interest-bearing liabilities
140.16
%
138.83
%
(1)
Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $51,000 and $57,000 for the six months ended December 31, 2023 and December 31, 2022, respectively.
(2)
Net interest rate spread represents the difference between the weighted average yield earned on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.
(3)
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)
Net interest margin represents net interest income divided by average total interest-earning assets.
(5)
Cost of deposits represents the total interest paid on deposits, divided by total interest-bearing deposits plus total noninterest-bearing deposits.
(6)
Cost of funds represents the total interest paid on liabilities, divided by total interest-bearing liabilities plus total noninterest-bearing deposits.
CFSB Bancorp, Inc. and Subsidiary
Reconciliation of Fully Tax-Equivalent Income (Unaudited)
(In thousands)
For the Three Months Ended
For the Six Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2023
2023
2022
2023
2022
Securities interest income (no tax adjustment)
$
997
$
965
$
901
$
1,962
$
1,760
Tax-equivalent adjustment
25
26
26
51
57
Securities (tax-equivalent basis)
$
1,022
$
991
$
927
$
2,013
$
1,817
Net interest income (no tax adjustment)
$
1,639
$
1,806
$
2,341
$
3,445
4,704
Tax-equivalent adjustment
25
26
26
51
57
Net interest income (tax-equivalent adjustment)
$
1,664
$
1,832
$
2,367
$
3,496
$
4,761
CFSB Bancorp, Inc. and Subsidiary
At or for the Three Months Ended
At or for the Six Months Ended
Selected Financial Highlights (Unaudited)
December 31,
September 30,
December 31,
December 31,
December 31,
(In thousands, except share and per share amounts)
2023
2023
2022
2023
2022
Performance Ratios
Return (loss) on average assets (GAAP) (1, 4)
(0.24)
%
0.14
%
0.38
%
(0.05)
%
0.55
%
Return (loss) on average equity ("ROAE") (GAAP) (1, 5)
(1.11)
%
0.65
%
1.81
%
(0.23)
%
2.63
%
Noninterest expense to average assets (GAAP) (1)
2.43
%
2.21
%
2.33
%
2.21
%
2.13
%
Total loans to total deposits
68.62
%
67.56
%
65.60
%
68.62
%
65.60
%
Total loans to total assets
49.30
%
50.87
%
50.64
%
49.30
%
50.64
%
Efficiency ratio (GAAP) (6)
116.45
%
97.46
%
83.71
%
106.57
%
75.85
%
Capital Ratios
Total capital to risk-weighted assets
33.32
%
33.28
%
32.60
%
32.42
%
32.60
%
Common equity tier 1 capital to risk-weighted assets
32.41
%
32.32
%
31.70
%
32.42
%
31.70
%
Tier 1 capital to risk-weighted assets
32.41
%
32.32
%
31.70
%
33.34
%
31.70
%
Tier 1 capital to average assets (2)
18.32
%
18.35
%
17.40
%
18.32
%
17.40
%
Asset Quality Ratios
Allowance for credit losses on loans as a percentage of total loans (3)
0.93
%
0.94
%
0.97
%
0.93
%
0.97
%
Allowance for credit losses on loans as a percentage of non-performing loans
1740.46
%
NM
NM
1740.46
%
NM
Net (charge-offs) recoveries to average outstanding loans
-
%
-
%
-
%
-
%
-
%
Non-performing loans as a percentage of total loans
0.05
%
-
%
-
%
0.05
%
-
%
Non-performing loans as a percentage of total assets
0.03
%
-
%
-
%
0.03
%
-
%
Informational Items
Fair value of held to maturity securities
$
136,427
$
128,959
$
132,625
$
136,427
$
132,625
Book value per share (7)
$
11.43
$
11.44
$
11.54
$
11.43
$
11.54
Outstanding common shares
6,632,642
6,632,642
6,521,642
6,632,642
6,521,642
(1)
Annualized.
(2)
Average assets calculated on a quarterly basis.
(3)
Total loans exclude net deferred loan costs and fees.
(4)
Represents net income divided by average assets.
(5)
Represents net income divided by average stockholders' equity
(6)
Represents total non-interest expenses divided by net interest income and non-interest income.
(7)
Represents total stockholders' equity divided by outstanding shares at period end.