CMS Bancorp, Inc. Announces June 30, 2011 Quarterly Financial Results
August 02 2011 - 3:30PM
CMS Bancorp, Inc. (Nasdaq:CMSB) (the "Company"), the parent of
Community Mutual Savings Bank (the "Bank"), announced net income of
$88,000 or $0.05 per share, for the three months ended June 30,
2011, compared to $20,000, or $0.01 per share, in the comparable
quarter of 2010.
Commenting on these results, President and Chief Executive
Officer John Ritacco stated that "for the fifth consecutive
quarter, the Company has reported a profit. In the quarter ended
June 30, 2011 compared to the quarter ended June 30, 2010, we saw
gains in interest income and net interest income despite the
unusually low interest rate environment, along with continued
control of non-interest expense."
Commenting on the lending markets, Mr. Ritacco reported that "we
continued to see lower residential loan demand into the quarter
ended June 30, 2011, however, we also experienced a reasonably
consistent flow of commercial business activity which we believe
bodes well for the remainder of the year. We will continue with our
strategic focus on diversification into higher yielding commercial,
multi-family, non-residential and construction loans and developing
strong business and deposit relationships."
Mr. Ritacco noted that "the Company's liquidity position
continues to be strong with $59.6 million of cash, cash equivalents
and securities available for sale as of June 30, 2011."
The Company reported that the allowance for loan losses as of
June 30, 2011 was $1,194,000, representing 0.66% of loans
outstanding. Commenting on these results, Stephen E. Dowd,
Senior Vice President and Chief Financial Officer, stated that
"despite the weak economy and soft real estate market, the Bank has
experienced only a slight deterioration in the loan portfolio, and
no significant change in loss experience, or other factors, other
than the planned growth in non-residential and commercial real
estate loans and the decrease in one-to-four-family mortgage loan
balances. In the quarter ended June 30, 2011, the allowance for
loan losses increased by $25,000, due, in part, to economic trends,
continued high unemployment, pressure on local real estate values
and additions to the non-residential loan portfolio."
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, |
|
2011 |
2010 |
ASSETS |
|
Cash and cash equivalents |
$7,574 |
$3,434 |
Securities |
51,979 |
56,336 |
Loans, net |
180,270 |
179,066 |
Other assets |
7,686 |
8,549 |
Total assets |
$247,509 |
$247,385 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
Deposits |
$188,034 |
$188,306 |
Borrowed money |
34,461 |
34,578 |
Other liabilities |
2,959 |
2,745 |
Total liabilities |
225,454 |
225,629 |
Stockholders' equity |
22,055 |
21,756 |
Total liabilities and stockholders'
equity |
$247,509 |
$247,385 |
|
CMS Bancorp,
Inc. |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
(Unaudited, In thousands,
except per share data) |
|
Quarter Ended |
|
June 30, |
|
2011 |
2010 |
|
|
|
Interest income |
$2,868 |
$2,848 |
Interest expense |
900 |
909 |
Net interest income |
1,968 |
1,939 |
Provision for loan losses |
25 |
25 |
Net interest income after provision for loan
losses |
1,943 |
1,914 |
Non-interest income |
78 |
108 |
Non-interest expense |
1,954 |
1,978 |
Income before income taxes |
67 |
44 |
Income tax (benefit) expense |
(21) |
24 |
Net income |
$88 |
$20 |
Net income per common share |
$0.05 |
$0.01 |
CONTACT: Stephen E. Dowd, Senior Vice President &
Chief Financial Officer
914-422-2700
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