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CFSB BANCORP, INC. REPORTS 10-PERCENT EARNINGS INCREASE

 LANSING, Mich., Oct. 14 /PRNewswire/ -- CFSB Bancorp, Inc., (NASDAQ-NMS: CFSB), holding company for Community First Bank, today reported net income for the third quarter 1993 of $1,460,000 or 37 cents per share, fully diluted. This is a 10-percent increase over net income of $1,327,000 or 35 cents per share, fully diluted, which was recorded for the comparable period in 1992.
 For the nine months ended September 30, 1993, net income was $4,465,000 or $1.14 per share, fully diluted, compared to net income of $3,724,000 or 97 cents per share, fully diluted, during the same period in 1992, a 20-percent increase.
 President and Chief Executive Officer, Robert H. Becker, commented, "We are very pleased with the results of the quarter and the first nine months of the year. The combination of strong loan volume and further reductions in non-interest expense continue to benefit us in the form of strong earnings."
 According to Becker, mortgage loan volume set new records during the first nine months of 1993. Mortgage loans totaling $141 million were closed by the Bank, representing financing for over 1,800 homes in mid-Michigan.
 Total assets of CFSB Bancorp, Inc. at September 30, 1993, were $646.6 million and stockholders' equity, all tangible, was $53.1 million compared to total assets of $633.9 million and stockholders' equity of $49.3 million at December 31, 1992. This level of capital qualifies the Bank as a well-capitalized institution.
 Community First Bank specializes in residential mortgage lending and retail banking services. Headquartered in Lansing, Mich., the Bank serves mid-Michigan from 18 branch locations.
 CFSB BANCORP, INC. AND SUBSIDIARY
 SELECTED CONSOLIDATED FINANCIAL INFORMATION
 (Dollars in thousands except per-share data)
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Summary of Operations
 Interest income $11,070 $12,614 $33,533 $39,832
 Interest expense 6,401 8,017 19,479 25,983
 Net interest income 4,669 4,597 14,054 13,849
 Provision for loan losses 60 60 180 180
 Net interest income
 after provision 4,609 4,537 13,874 13,669
 Non-interest income 1,083 1,268 4,552 4,003
 Non-interest expense 3,574 3,688 11,058 11,715
 Income before federal income
 tax expense and cumulative
 effect of change in
 accounting principle 2,118 2,117 7,368 5,957
 Federal income tax expense 658 790 2,467 2,233
 Income before cumulative
 effect of change in
 accounting principle 1,460 1,327 4,901 3,724
 Cumulative effect at
 Jan. 1, 1993, of change in
 accounting for postretirement
 benefits other than pensions,
 net of federal income tax
 expense of $225 --- --- (436) ---
 Net income $1,460 $1,327 $4,465 $3,724
 Earnings per share -
 primary(A)
 Income before cumulative
 effect of change in
 accounting principle $0.38 $0.35 $1.27 $0.98
 Cumulative effect of change
 in accounting principle --- --- $(0.12) ---
 Net income $0.38 $0.35 $1.15 $0.98
 Earnings per share -
 fully diluted(A)
 Income before cumulative
 effect of change in
 accounting principle $0.37 $0.35 $1.26 $0.97
 Cumulative effect of change
 in accounting principle --- --- $(0.12) ---
 Net income $0.37 $0.35 $1.14 $0.97
 Cash dividends declared
 per share(A) $0.09 $0.075 $0.255 $0.1875
 Book value per share(A)
 (at end of period) --- --- $14.25 $13.00
 Common shares outstanding(A) --- --- 3,727,714 3,681,760
 The following information is presented in percentages:
 Return on average assets 0.93 0.75
 Return on average equity 11.66 10.76
 Net yield on interest-earning assets 3.03 2.87
 (A) -- Common shares outstanding and per-share amounts have been restated at and for the periods ended Sept. 30, 1992, to reflect a 4-for-3 stock split declared on Aug. 17, 1993.
 -0- 10/14/93
 /CONTACT: Robert H. Becker, president and C.E.O., 517-374-3588, or John W. Abbott, executive vice president and C.O.O., 517-483-4871, both of CFSB Bancorp, Inc./
 (CFSB)


CO: CFSB Bancorp, Inc. ST: Michigan IN: FIN SU: ERN

SM-SB -- DE042 -- 2363 10/14/93 15:13 EDT
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Date:Oct 14, 1993
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