CMS Bancorp, Inc. Announces Quarterly Results
11 May 2010 - 5:00AM
CMS Bancorp, Inc. (Nasdaq:CMSB) (the "Company"), the parent of
Community Mutual Savings Bank, announced results for the quarter
and six months ended March 31, 2010, which reflect a net loss of
$35,000, or $.02 per share in the quarter ended March 31, 2010,
compared to net income of $15,000, or $0.01 per share in the
quarter ended March 31, 2009. In the six month period ended March
31, 2010, the Company had net income of $67,000, or $.04 per share,
compared to net income of $14,000, or $.01 per share, in the six
months ended March 31, 2009.
President and CEO Ritacco stated that "we continue to make
progress toward achieving long term profitability, as evidenced by
the substantial growth in our net interest income, which rose by
17.5% and 17.4% in the three and six month periods ended March 31,
2010, respectively, compared to the same periods in 2009. Net
interest income was $1.9 million in the three month period ended
March 31, 2010, compared to $1.6 million in the three months ended
March 31, 2009, and $3.8 million in the six month period ended
March 31, 2010, compared to $3.2 million in the comparable period
of 2009."
Commenting on the increase in net interest income, Mr. Ritacco
reported that "while the Company's assets declined by $16 million
since September 30, 2009, total assets stabilized in the most
recent quarter and the asset growth we have experienced in recent
years, along with management of our interest costs are now paying
dividends. Going forward, we expect to resume growing the
Bank."
The Company reported a $54,000 increase in non-interest income,
and a $451,000 increase in non-interest expense in the quarter
ended March 31, 2010 compared to the quarter ended March 31, 2009.
Commenting on these results, Stephen E. Dowd, Senior Vice
President and Chief Financial Officer stated that "the increase in
non-interest income results from the Company's decision to sell
one-to-four family mortgage originations into the secondary market,
while the increase in non-interest expense includes $147,000 of
direct operating costs of the new Mount Kisco branch, higher FDIC
insurance premiums and increases in certain other non-interest
expenses." Mr. Dowd also noted that "that the allowance for
loan losses represented 0.46% of loans outstanding at March 31,
2010 and December 31, 2009, up from 0.44% at September 30, 2009.
In addition, non performing loans totaled $1.7 million at
March 31, 2010, December 31, 2009 and September 30, 2009."
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)
|
|
|
March 31,
|
|
September 30,
|
|
|
2010
|
|
2009
|
|
ASSETS
|
|
|
Cash and cash equivalents
|
$1,914
|
|
$7,304
|
|
Securities
|
40,032
|
|
58,643
|
|
Loans, net
|
175,940
|
|
169,293
|
|
Other assets
|
9,231
|
|
7,924
|
|
Total assets
|
$227,117
|
|
$243,164
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
Deposits
|
$161,915
|
|
$184,387
|
|
Borrowed money
|
40,353
|
|
34,726
|
|
Other liabilities
|
3,910
|
|
3,138
|
|
Total Liabilities
|
206,178
|
|
222,251
|
|
Stockholders' equity
|
20,939
|
|
20,913
|
|
Total liabilities and stockholders' equity
|
$227,117
|
|
$243,164
|
|
|
CMS Bancorp, Inc.
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(Unaudited, In thousands, except per share data)
|
|
|
|
Quarters Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$2,795
|
|
$2,826
|
|
|
Interest expense
|
|
885
|
|
1,201
|
|
|
Net interest income
|
|
1,910
|
|
1,625
|
|
|
Provision for loan losses
|
|
--
|
|
30
|
|
|
Net interest income after provision for loan losses
|
|
1,910
|
|
1,595
|
|
|
Non-interest income
|
|
148
|
|
94
|
|
|
Non-interest expense
|
|
2,106
|
|
1,655
|
|
|
Income (loss) before income taxes
|
|
(48)
|
|
34
|
|
|
Income tax expense (benefit)
|
|
(13)
|
|
19
|
|
|
Net income (loss)
|
|
$(35)
|
|
$15
|
|
|
Net income (loss) per common share
|
|
$(0.02)
|
|
$0.01
|
|
|
CONTACT: CMS Bancorp, Inc.
Stephen E. Dowd, Senior Vice President &
Chief Financial Officer
914-422-2700
![CMS Bancorp](http://media.primezone.com/cache/8674/small/4153.jpg)
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