CFSB Bancorp, Inc. released their fiscal third-quarter and year-to-date 2024 financial results on April 29, 2024. The Company reported a net loss of $40,000 for the three months ended March 31, 2024, as compared to a net loss of $210,000 for the previous quarter and net income of $355,000 for the same period in 2023.
Michael E. McFarland, President and Chief Executive Officer of CFSB Bancorp, Inc., commented on the challenging financial environment, stating, "Liabilities continue to reprice at a faster rate than assets. These short-term rates over the last twenty-four months have continued to challenge our residential and commercial lending. A slight realignment of the yield curve will assist us moving forward."
The Company's net interest income remained steady at $1.7 million for the three months ended March 31, 2024. However, the net interest margin decreased to 1.96%, reflecting changes in interest rates and the balance of interest-bearing assets.
Regarding the year-to-date results, CFSB Bancorp, Inc. reported a decrease in net interest income to $5.2 million for the nine months ended March 31, 2024, compared to $6.9 million for the same period in 2023. The Company also recognized a reversal of the provision for credit losses of $290,000 for the nine months ended March 31, 2024, indicating improved economic conditions and strong asset quality.
In terms of balance sheet figures, total assets for CFSB Bancorp, Inc. stood at $358.1 million as of March 31, 2024, showing an increase from the previous year. The Company also highlighted its focus on maintaining strong asset quality, with only four current loans rated substandard as of March 31, 2024.
In conclusion, CFSB Bancorp, Inc. remains vigilant in navigating the evolving financial landscape, as highlighted by their forward-looking statements emphasizing the uncertainties and challenges present in the market. The Company continues to adapt to changing economic conditions and regulatory environments to ensure sustainable growth and shareholder value.