Printer Friendly

CFSB BANCORP, INC. REPORTS FIRST-QUARTER EARNINGS

 LANSING, Mich., April 20 /PRNewswire/ -- CFSB Bancorp (NASDAQ-NMS: CFSB), holding company for Community First Bank, today reported net income for the first quarter 1993 of $832,000, or 29 cents per share, fully diluted. Net income of $1,149,000, or 39 cents per share, fully diluted, was recorded for the comparable period in 1992.
 The decrease of 28 percent is attributable to a change in accounting principle made in accordance with Financial Accounting Standards Board Statement No. 106, "Employers' Accounting for Postretirement Benefits Other than Pension." The statement requires that the costs of providing postretirement benefits such as health care and dental insurance, be recognized over the employees' service period. The bank has elected to recognize the entire transition obligation as of Jan. 1, 1993.
 President and Chief Executive Officer Robert H. Becker commented, "We believe now is the proper time to realize this obligation and go forward with a clean slate."
 The one-time charge of $436,000, net of federal income tax, was incurred as a noncash transaction and will not impact ongoing earnings potential.
 Income before the change in accounting principle was $1,268,000, or 44 cents per share, fully diluted, a 10-percent increase over the comparable period in 1992. The increase in earnings before the adjustment is attributed to reductions in interest expense and non- interest expense of 28 percent and 9 percent, respectively. Mr. Becker cited the decrease as a result of a continuing decline in interest rates and the corporation's continued emphasis on operating efficiencies following the operational merger of Capitol Federal Savings Bank and Union Federal Savings which was completed in May of 1992.
 At March 31, 1993, total assets of CFSB Bancorp, Inc. were $634.0 million and stockholders' equity, all tangible, was $50.0 million or 7.88 percent of total assets. This compares to total assets at Dec. 31, 1992, of $633.9 million and tangible equity of $49.3 million. The regulatory capital for Community First Bank far exceeded all regulatory capital requirements at March 31, 1993. The bank's tangible, core and risk-based capital ratios were 8.08 percent, 8.08 percent and 14.17 percent, respectively.
 Community First Bank specializes in residential mortgage lending and retail banking services. Headquartered in Lansing, the bank serves mid- Michigan from 19 full-service branch locations.
 CFSB BANCORP, INC. AND SUBSIDIARY
 SELECTED CONSOLIDATED FINANCIAL INFORMATION
 (Dollars in thousands except for per-share data; unaudited)
 Three Months Ended
 March 31
 Summary of Operations 1993 1992
 Interest income $11,179 $13,921
 Interest expense 6,656 9,281
 Net interest income 4,523 4,640
 Provision for loan losses 60 60
 4,463 4,580
 Non-interest income 1,159 1,301
 Non-interest expense 3,664 4,025
 Income before federal income tax
 expense and cumulative effect
 of a change in accounting
 principle 1,958 1,856
 Federal income taxes 690 707
 Income before cumulative effect of
 a change in accounting principle 1,268 1,149
 Cumulative effect at Jan. 1, 1993
 of a change in accounting for
 postretirement benefits other
 than pensions, net of federal
 income tax expense of $224 (436) ---
 Net income $832 $1,149
 Earnings per share - primary(a)
 Income before cumulative effect
 of change in accounting principle $0.44 $0.40
 Cumulative effect of change in
 accounting principle ($0.15) ---
 Net income $0.29 $0.40
 Earnings per share - fully diluted(a)
 Income before cumulative effect of
 change in accounting principle $0.44 $0.39
 Cumulative effect of change in
 accounting principle ($0.15) ---
 Net income $0.29 $0.39
 Cash dividends declared per share(a) $0.11 $0.075
 Book value per share(a) (at end
 of period) $17.91 $16.54
 Common shares outstanding(a) 2,790,426 2,757,159
 The following information is
 presented in percentages:
 Return on average assets 0.53 0.68
 Return on average equity 6.80 10.25
 Net interest margin 2.92 2.82
 (a) Common shares outstanding and per-share amounts have been restated for the period ended March 31, 1992, to reflect a 4-for-3 stock split declared on June 16, 1992.
 -0- 4/20/93
 /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

DH-ML -- DE011 -- 7909 04/20/93 10:11 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 20, 1993
Words:725
Previous Article:FEDERAL-MOGUL SELLS 6,250,000 SHARES OF COMMON STOCK
Next Article:MICHIGAN NATIONAL RECOGNIZES SIGNIFICANT DEVALUATION OF MORTGAGE SERVICING ASSETS RESULTING IN A LOSS FOR THE FIRST QUARTER 1993
Topics:


Related Articles
CFSB BANCORP, INC. REPORTS 20-PERCENT EARNINGS INCREASE
CFSB BANCORP, INC. ANNOUNCES THIRD-QUARTER EARNINGS INCREASE
CFSB BANCORP, INC. REPORTS RECORD EARNINGS
CFSB BANCORP, INC. REPORTS 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 SECOND QUARTER EARNINGS
CFSB BANCORP, INC. REPORTS 17 PERCENT INCREASE IN EARNINGS
CFSB Bancorp, Inc. Reports 35 Percent Increase in Earnings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters