CMS Bancorp, Inc. Announces June 30, 2010 Quarterly Results
August 04 2010 - 3:30PM
CMS Bancorp, Inc. (Nasdaq:CMSB) (the "Company"), the parent of
Community Mutual Savings Bank, announced results for the quarter
and nine months ended June 30, 2010, which reflect net income of
$20,000, or $.01 per share, in the quarter ended June 30, 2010,
compared to a net loss of $119,000, or $0.07 per share, in the
quarter ended June 30, 2009. In the nine month period ended June
30, 2010, the Company had net income of $87,000, or $0.05 per
share, compared to a net loss of $105,000, or $0.06 per share, in
the nine months ended June 30, 2009.
President and CEO John Ritacco stated that "we continue to make
progress toward achieving long term profitability goals, as
evidenced by the substantial growth in our net interest income,
which rose by 23.6% and 19.5% in the three and nine month periods
ended March 31, 2010, respectively, compared to the same periods in
2009. Net interest income was $1.9 million in the three month
period ended June 30, 2010, compared to $1.6 million in the three
months ended June 30, 2009, and $5.7 million in the nine month
period ended June 30, 2010, compared to $4.8 million in the
comparable period of 2009."
Commenting on the increase in net interest income, Mr. Ritacco
reported that "while the historically low interest rate environment
has led to a record level of prepayments in our one-to-four-family
mortgage portfolio, we have experienced $9.5 million of net
additions to our portfolio in the last nine months, principally in
the non-residential real estate mortgage, multi-family and secured
commercial loan portfolios. These new loans, along with
reduced interest costs helped contribute to the improvement in
interest rate spreads from 2.51% in the quarter ended June 30, 2009
to 3.20% in the quarter ended June 30, 2010, and from 2.71% in the
nine months ended June 30, 2009 to 3.15% in the nine months ended
June 30, 2010."
The Company reported that as of June 30, 2010 and
September 30, 2009, the allowance for loan losses was 0.46%
and 0.44% of loans outstanding, respectively. During the nine
months ended June 30, 2010, $85,000 was added to the allowance for
loan losses. Commenting on these results, Stephen E. Dowd,
Senior Vice President and Chief Financial Officer, stated that
"despite some recent positive trends in the economy, the banking
industry in general has seen increases in loan delinquencies and
defaults over the past two years, particularly in the subprime
sector. The Company however has not experienced significant
delinquencies or losses in its loan portfolio due primarily to its
conservative underwriting policies. As of June 30, 2010 and
September 30, 2009, the Company had $1.7 million of
non-performing loans (0.95% of net loans outstanding) which are in
process of foreclosure, and are considered impaired and have been
placed on non-accrual status."
Forward-Looking Statements
This press release may include certain forward-looking
statements based on current management expectations. Readers
should not place undue reliance on any such forward-looking
statements contained in this press release, which speak only as of
the date made. Factors of particular importance to the Company
include, but are not limited to: (i) changes in general
economic conditions, including interest rates; (ii) changes in
conditions in the real estate market or the local economy;
(iii) competition among providers of financial services;
(iv) changes in the quality or composition of loan and
investment portfolios of the Bank; (v) changes in accounting and
regulatory guidance applicable to banks; and (vi) price levels
and conditions in the public securities markets
generally. These factors could affect the Company's financial
performance and could cause the actual results for future periods
to differ materially from any opinions or statements expressed with
respect to future periods in any current statements. Neither
the Company nor the Bank undertake and specifically decline any
obligation to publicly release the result of any revisions that may
be made to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
CMS Bancorp,
Inc. |
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION |
(Unaudited, In thousands) |
|
|
|
|
June 30, |
September 30, |
|
2010 |
2009 |
ASSETS |
|
|
Cash and cash equivalents |
$7,491 |
$7,304 |
Securities |
46,608 |
58,643 |
Loans, net |
178,758 |
169,293 |
Other assets |
9,709 |
7,924 |
Total assets |
$242,566 |
$243,164 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Deposits |
$183,285 |
$184,387 |
Borrowed money |
34,616 |
34,726 |
Other liabilities |
3,448 |
3,138 |
Total Liabilities |
221,349 |
222,251 |
Stockholders' equity |
21,217 |
20,913 |
Total liabilities and stockholders'
equity |
$242,566 |
$243,164 |
|
CMS Bancorp,
Inc. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(Unaudited, In thousands,
except per share data) |
|
|
|
|
Quarters Ended |
|
June 30, |
|
2010 |
2009 |
|
|
|
Interest income |
$2,848 |
$2,858 |
Interest expense |
909 |
1,289 |
Net interest income |
1,939 |
1,569 |
Provision for loan losses |
25 |
-- |
Net interest income after provision for loan
losses |
1,914 |
1,569 |
Non-interest income |
108 |
184 |
Non-interest expense |
1,978 |
1,918 |
Income (loss) before income taxes |
44 |
(165) |
Income tax expense (benefit) |
24 |
(46) |
Net income (loss) |
$20 |
$(119) |
Net income (loss) per common share |
$0.01 |
$(0.07) |
CONTACT: CMS Bancorp, Inc.
Stephen E. Dowd, Senior Vice President & Chief Financial
Officer
914-422-2700
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