CMS Bancorp, Inc. Announces September 30, 2010 Fiscal Year Results
16 November 2010 - 8:30AM
CMS Bancorp, Inc. (Nasdaq:CMSB) (the "Company"), the parent of
Community Mutual Savings Bank (the "Bank"), announced results for
the fiscal year ended September 30, 2010, which reflect net income
of $166,000, or $.10 per share, in 2010, compared to a net loss of
$439,000, or $0.25 per share, in 2009.
President and CEO John Ritacco stated that "we continue to make
strides in our journey to enhance the culture, operating
performance and future direction of Community Mutual Savings Bank.
The Company has continued to grow and prosper over the past several
years, despite the very difficult credit and banking environment.
We have experienced substantial growth in our net interest income,
which rose by $1.3 million, or 19.9% in 2010 compared to
2009. Net interest income was $7.7 million in 2010 versus $6.4
million in 2009."
Commenting on the increase in net interest income, Mr. Ritacco
reported that "while the historically low interest rate environment
has led to a record level of prepayments in the one-to-four-family
mortgage portfolio totaling $19.1 million in 2010, we did
experience net loan growth of $9.8 million in our loan portfolio
during the year. The growth was principally in the non-residential
real estate mortgage, multi-family and secured commercial loan
portfolio which has been a key strategic focus of the
Bank. These new loans, along with reduced interest costs
contributed to the overall improvement in interest rate spreads
from 2.63% in 2009 to 3.10% in 2010."
The Company reported that the allowance for loan losses as of
September 30, 2010 was $1,114,000, up from $749,000 a year ago and
represents 0.62% and 0.44% of loans outstanding, respectively.
Commenting on these results, Stephen E. Dowd, Senior Vice
President and Chief Financial Officer stated that "despite a weak
national economy and its effect in our primary market area, the
Bank did not experience any material shift in the loan portfolio,
loss experience, or other factors affecting the Bank, other than
the planned growth in non-residential real estate and commercial
loans. For the fiscal years ending September 30, 2010 and 2009,
$366,000 and $230,000, respectively, was added to the allowance for
loan losses, due, in part, to the slow economic growth trends, a
continuation of high unemployment, continued pressure on local real
estate values, additions to the non-residential loan portfolio and
a modest increase in our portfolio delinquencies. As of September
30, 2010, the Company had $2.4 million of non-performing loans
(1.36% of loans outstanding), most of which are in process of
foreclosure, and are considered impaired and have been placed on
non-accrual status."
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) |
|
|
|
|
|
|
September 30, |
|
September 30, |
|
|
2010 |
|
2009 |
|
ASSETS |
|
|
Cash and cash equivalents |
$3,434 |
|
$7,304 |
|
Securities |
56,336 |
|
58,643 |
|
Loans, net |
179,066 |
|
169,293 |
|
Other assets |
8,549 |
|
7,924 |
|
Total assets |
$247,385 |
|
$243,164 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
Deposits |
$188,306 |
|
$184,387 |
|
Borrowed money |
34,578 |
|
34,726 |
|
Other liabilities |
2,745 |
|
3,138 |
|
Total Liabilities |
225,629 |
|
222,251 |
|
Stockholders' equity |
21,756 |
|
20,913 |
|
Total liabilities and stockholders'
equity |
$247,385 |
|
$243,164 |
|
|
CMS Bancorp,
Inc. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(Unaudited, In thousands,
except per share data) |
|
|
|
|
|
|
|
Years Ended |
|
|
|
|
September 30, |
|
|
|
|
2010 |
|
2009 |
|
|
|
|
|
|
|
|
|
Interest income |
|
$11,426 |
|
$11,405 |
|
|
Interest expense |
|
3,764 |
|
5,013 |
|
|
Net interest income |
|
7,662 |
|
6,392 |
|
|
Provision for loan losses |
|
366 |
|
230 |
|
|
Net interest income after provision for loan
losses |
|
7,296 |
|
6,162 |
|
|
Non-interest income |
|
1,029 |
|
498 |
|
|
Non-interest expense |
|
8,020 |
|
7,328 |
|
|
Income (loss) before income taxes |
|
305 |
|
(668) |
|
|
Income tax expense (benefit) |
|
139 |
|
(229) |
|
|
Net income (loss) |
|
$166 |
|
$(439) |
|
|
Net income (loss) per common share |
|
$0.10 |
|
$(0.25) |
|
|
CONTACT: CMS Bancorp, Inc.
Stephen E. Dowd, Senior Vice President & Chief
Financial Officer
914-422-2700
(MM) (NASDAQ:CMSB)
Historical Stock Chart
From Jul 2024 to Jul 2024
(MM) (NASDAQ:CMSB)
Historical Stock Chart
From Jul 2023 to Jul 2024