CMS Bancorp, Inc. Announces December 31, 2010 Quarterly Financial Results
11 February 2011 - 1:00AM
CMS Bancorp, Inc. (Nasdaq:CMSB) (the "Company"), the parent of
Community Mutual Savings Bank (the "Bank"), announced results for
the three months ended December 31, which reflect net income of
$90,000, or $.05 per share, in 2010, compared to net income of
$102,000, or $0.06 per share, in 2009.
President and CEO John Ritacco stated that "we continue to see
improved core earnings and a better control of our costs. While net
income marginally declined in the three months ended December 31,
2010, compared to 2009, net interest income after the provision for
loan losses rose by $84,000, non-interest income exclusive of
security gains rose by $47,000 and non-interest expense rose
slightly by $33,000."
Commenting on the increase in net interest income, Mr. Ritacco
reported that "the historical low interest rates have continued to
drive high levels of early repayments in our one-to-four-family
mortgage portfolio, with early repayments totaling $8.6 million in
the three months ended December 31, 2010 versus $763,000 in the
three months ended December 31, 2009. Despite the early repayment
trend, our loan portfolio declined modestly by $648,000, or 0.4%
during the three months ended December 31, 2010 due primarily to
the Bank's continued diversification into higher yielding
commercial, multi-family, non-residential and construction loans.
Our non-interest income continues to improve as the Bank looks to
sell its one-to-four family loan originations into the secondary
market while continuing to control non-interest expense."
Mr. Ritacco also reported that "the Company's liquidity position
remained strong at December 31, 2010, with $58.0 million of cash,
cash equivalents and securities available for sale."
The Company reported that the allowance for loan losses as of
December 31, 2010 was $1,139,000, up from $809,000 a year ago
representing 0.63% and 0.46% 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 significant shift in the loan portfolio, loss
experience, or other factors affecting the Bank, other than the
planned growth in commercial and commercial real estate loans and
the decline in one-to-four-family mortgage loan balances. Since
December 31, 2009, we increased the allowance for loan losses by
$331,000, due, in part, to economic trends, the continued high
unemployment, pressure on local real estate values, commercial loan
additions to the non-residential loan portfolio and a modest
increase in our portfolio delinquencies."
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) |
|
December 31, |
|
September 30, |
|
2010 |
|
2010 |
ASSETS |
|
Cash and cash equivalents |
$6,935 |
|
$3,434 |
Securities |
51,084 |
|
56,336 |
Loans, net |
178,418 |
|
179,066 |
Other assets |
9,124 |
|
8,549 |
Total assets |
$245,561 |
|
$247,385 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Deposits |
$186,712 |
|
$188,306 |
Borrowed money |
34,539 |
|
34,578 |
Other liabilities |
2,751 |
|
2,745 |
Total Liabilities |
224,002 |
|
225,629 |
Stockholders' equity |
21,559 |
|
21,756 |
Total liabilities and stockholders'
equity |
$245,561 |
|
$247,385 |
|
|
CMS Bancorp,
Inc. |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
(Unaudited, In thousands,
except per share data) |
|
|
Quarter Ended |
|
|
|
December 31, |
|
|
|
2010 |
|
2009 |
|
|
|
|
|
|
|
Interest income |
|
$2,846 |
|
$2,853 |
|
Interest expense |
|
936 |
|
992 |
|
Net interest income |
|
1,910 |
|
1,861 |
|
Provision for loan losses |
|
25 |
|
60 |
|
Net interest income after provision for loan
losses |
|
1,885 |
|
1,801 |
|
Non-interest income |
|
189 |
|
350 |
|
Non-interest expense |
|
2,004 |
|
1,971 |
|
Income before income taxes |
|
70 |
|
180 |
|
Income tax expense (benefit) |
|
(20) |
|
78 |
|
Net income |
|
$90 |
|
$102 |
|
Net income per common share |
|
$0.05 |
|
$0.06 |
|
CONTACT: 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