CFSB Bancorp, Inc.(CFSB), along with its subsidiar y, released its unaudited consolidated financial statements for the first quarter of 2023, revealing a net income of $355 thousand. The company's revenue for the same period amounted to $2.69 million. The financial statements provide an overview of the company's assets, liabilities, and stockholders' equity as of March 31, 2023, and a comparison to the previous year's data.
Consolidated Balance Sheets
The consolidated balance sheets show that as of March 31, 2023, CFSB Bancorp, Inc. reported total assets of $351.68 million, a decrease from the previous year's $366.18 million. Key components of assets include cash and cash equivalents, securities available for sale, loans, and bank-owned life insurance.
Total liabilities as of the same date amounted to $276.00 million, compared to $291.93 million on June 30, 2022. Major components of liabilities include deposits and accrued expenses. Stockholders' equity was reported at $75.67 million, up from $74.25 million in the previous year.
Consolidated Statements of Net Income (Loss)
For the three months ended March 31, 2023, CFSB Bancorp, Inc. reported interest and dividend income of $2.69 million, an increase from $2.30 million for the same period in 2022. Net interest income after the provision for loan losses amounted to $2.15 million, compared to $2.05 million in 2022.
Non-interest income for the first quarter of 2023 totaled $148 thousand, a slight decrease from $153 thousand in the first quarter of 2022. Non-interest expenses were $1.90 million, a significant decrease from $3.23 million in 2022. The company reported a net income of $355 thousand for Q1 2023, in contrast to a net loss of $828 thousand for the same period in 2022.
Consolidated Statements of Comprehensive Income (Loss)
CFSB Bancorp, Inc.'s comprehensive income for Q1 2023 amounted to $355 thousand, a significant increase from a comprehensive loss of $830 thousand in the first quarter of 2022. This includes changes in unrealized holding gains and losses and other comprehensive income.
Consolidated Statements of Changes in Stockholders' Equity
The unaudited consolidated statements of changes in stockholders' equity show that the company's total stockholders' equity as of March 31, 2023, amounted to $75.67 million, compared to $74.25 million on June 30, 2022. This represents an increase primarily attributed to the issuance of shares.
Consolidated Statements of Changes of Cash Flows
For the nine months ended March 31, 2023, CFSB Bancorp, Inc. reported net cash provided by operating activities of $1.44 million, compared to $1.13 million for the same period in 2022. The company had net cash used in investing activities of $10.70 million and net cash used in financing activities of $17.06 million during the same period. The net change in cash and cash equivalents for the nine months was a decrease of $26.33 million, leaving the company with $5.34 million in cash and cash equivalents at the end of Q1 2023.
The financial results indicate that CFSB Bancorp, Inc. experienced a notable improvement in net income and comprehensive income for the first quarter of 2023 compared to the same period in the previous year. However, the company's total assets decreased during this period. The financial data provides insights into the company's financial health and performance and offers stakeholders valuable information about its position in the market.