Printer Friendly

CFSB BANCORP, INC. ANNOUNCES THIRD-QUARTER EARNINGS INCREASE

 CFSB BANCORP, INC. ANNOUNCES THIRD-QUARTER EARNINGS INCREASE
 LANSING, Mich., Oct. 15 /PRNewswire/ -- CFSB Bancorp, Inc. (NASDAQ-NMS: CFSB), holding company for Community First Bank, today reported net income for the third quarter 1992 of $1,327,000. Net income of $808,000 was recorded for the comparable period in 1991. The increase in net income is primarily due to merger-related expenses which reduced net income in the third quarter of 1991.
 For the nine months ended Sept. 30, 1992, net income was $3,725,000 compared to net income of $2,854,000 during the same period in 1991, a 31-percent increase. This increase is largely attributed to record- high mortgage loan refinancing activity in 1992.
 At Sept. 30, 1992, total assets of CFSB Bancorp, Inc. were $651.7 million and stockholders' equity, all tangible, was $47.8 million or 7.34 percent of total assets. This compares to total assets at Dec. 31, 1991, of $673.0 million and tangible equity of $44.6 million. The regulatory capital of Community First Bank exceeds all fully phased- in regulatory capital requirements. Book value per share currently stands at $17.33.
 Community First Bank, now in its 102nd year, specializes in residential mortgage lending and retail banking services. Headquartered in Lansing, the bank serves mid-Michigan from 19 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
 September 30 September 30
 SUMMARY OF OPERATIONS 1992 1991 1992 1991
 Interest income $12,614 $15,054 $39,832 $45,647
 Interest expense 8,017 10,450 25,983 31,682
 Net interest income 4,597 4,604 13,849 13,965
 Provision for possible
 loan losses 60 80 180 260
 4,537 4,524 13,669 13,705
 Non-interest income 1,289 768 4,052 2,897
 Non-interest expense 3,709 3,946 11,764 12,101
 Income before income taxes 2,117 1,346 5,957 4,501
 Income tax expense 790 538 2,232 1,647
 Net income $1,327 $808 $3,725 $2,854
 Earnings per share --
 fully diluted(a) $0.46 $0.41 $1.29 $1.19
 Earnings per share-primary(a) $0.46 $0.42 $1.30 $1.22
 Cash dividends declared
 per share(a) $0.10 $0.0675 $0.25 $0.195
 Book value per share(a)
 (at end of period) $17.33 $15.91
 Common shares
 outstanding(a) 2,761,320 2,146,800
 (a) Common shares outstanding and per-share amounts have been restated for all periods presented to reflect a 4-for-3 stock split declared on June 16, 1992.
 -0- 10/15/92
 /CONTACT: Robert H. Becker, president and CEO, 517-374-3588, or John W. Abbott, executive vice president and COO, 517-483-4871, both of CFSB Bancorp/
 (CFSB) CO: CFSB Bancorp, Inc. ST: Michigan IN: FIN SU: ERN


ML -- DE005 -- 0307 10/15/92 10:14 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 15, 1992
Words:481
Previous Article:MICRODYNE ANNOUNCES BREAKTHROUGH PRICING FOR TOKEN RING ADAPTERS; NEW ETHERNET ADAPTER ALSO SETS PRICE/PERFORMANCE MARK
Next Article:DAUPHIN DEPOSIT CORPORATION REPORTS THIRD QUARTER, NINE MONTH EARNINGS
Topics:


Related Articles
CFSB BANCORP, INC. REPORTS 20-PERCENT EARNINGS INCREASE
CFSB BANCORP, INC. REPORTS RECORD EARNINGS
CFSB BANCORP, INC. REPORTS EARNINGS INCREASE
CFSB BANCORP, INC. REPORTS 10-PERCENT EARNINGS INCREASE
CFSB BANCORP, INC. REPORTS FIRST QUARTER EARNINGS
CFSB BANCORP, INC. REPORTS 12 PERCENT EARNINGS INCREASE
CFSB BANCORP, INC. ANNOUNCES A 10% INCREASE IN CORE EARNINGS
CFSB BANCORP, INC., REPORTS A 7% INCREASE IN 1995 EARNINGS
CFSB Bancorp, Inc. Reports 35 Percent Increase in Earnings
CFSB Bancorp, Inc. Reports 51 Percent Increase in Second Quarter Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters