CMS Bancorp, Inc. Announces Continued Solid Financial Results for the Three Months Ended December 31, 2013
13 February 2014 - 8:30AM
CMS Bancorp, Inc. (Nasdaq:CMSB) (the "Company"), the parent of CMS
Bank (the "Bank"), announced net income of $211,000 for the three
months ended December 31, 2013, compared to net income of $182,000
for the three months ended December 31, 2012. Net income
attributable to common shareholders, after the dividend on
preferred stock, was $0.11 per share in each period.
Commenting on these positive results, President and Chief
Executive Officer John Ritacco stated that "the improvement was
primarily due to lower interest expense and lower non-interest
expense in the three months ended December 31, 2013 compared to the
three months ended December 31, 2012, net of lower gain on sale of
loans and lower interest income in the three months ended December
31, 2013 compared to the three months ended December 31, 2012."
With respect to the impact of declining interest rates, Mr. Ritacco
noted that declining rates reduced net interest income by $127,000
in the three months ended December 31, 2013 compared to 2012, while
changes in the mix and volume of interest bearing assets and
liabilities essentially offset those declines.
Commenting on the other financial statement components, Mr.
Ritacco reported that "the Bank continues to make progress with
credit quality of the loan portfolio. Impaired loans and
non-accrual loans were $7.4 million and $4.1 million, respectively,
at December 31, 2013. At their highest levels impaired loans were
$11.4 million as of September 30, 2012 and non-accrual loans were
$7.4 million as of March 31, 2013."
Mr. Ritacco also commented that "the Bank continues to maintain
strong liquidity and capital positions."
Forward-Looking Statements
This press release may include 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. There can be
no assurance that we will grow as anticipated, will have consistent
future earnings, our interest expense for the remainder of the
fiscal year will be reduced or that the Bank's interest margin will
improve. Factors that could cause actual results to differ
from those expressed or implied by such forward-looking statements
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. Additional factors that could cause actual results
to differ from those expressed or implied in the forward looking
statements are described in the cautionary language included under
the headings "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Company's Annual Report on Form 10-K for the fiscal year ended
September 30, 2013, and Quarterly Report on Form 10-Q for the
quarter ended December 31, 2013, and other filings made with the
U.S. Securities and Exchange Commission. 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 update 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. |
CONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION |
|
|
|
|
|
|
|
December |
September |
|
31, 2013 |
30, 2013 |
|
(Dollars in
thousands, |
|
except per share
data) |
ASSETS |
|
|
Cash and amounts due from depository
institutions |
$ 1,386 |
$ 2,219 |
Interest-bearing deposits |
1,968 |
258 |
Total cash and cash equivalents |
3,354 |
2,477 |
Securities available for sale |
39,389 |
40,420 |
Loans held for sale |
— |
337 |
Loans receivable, net of allowance for loan
losses of $646 and $923, respectively |
212,882 |
207,996 |
Premises and equipment |
2,711 |
2,742 |
Federal Home Loan Bank of New York stock, at
cost |
1,257 |
1,262 |
Accrued interest receivable |
1,002 |
954 |
Other assets |
2,124 |
2,067 |
Total assets |
$ 262,719 |
$ 258,255 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Liabilities: |
|
|
Deposits |
$ 216,701 |
$ 212,312 |
Advances from Federal Home Loan Bank of
New York |
19,784 |
19,889 |
Advance payments by borrowers for taxes
and insurance |
1,493 |
1,221 |
Other liabilities |
1,977 |
2,098 |
Total liabilities |
239,955 |
235,520 |
Commitments and Contingencies |
|
|
|
|
|
Stockholders' equity: |
|
|
Preferred stock, $.01 par value,
1,000,000 shares authorized, 1,500 shares issued and outstanding
(liquidation preference value $1,000 per share) |
— |
— |
Common stock, $.01 par value, authorized
shares: 7,000,000; shares issued: 2,055,165; shares outstanding:
1,862,803 |
21 |
21 |
Additional paid-in capital |
20,300 |
20,283 |
Retained earnings |
7,195 |
7,007 |
Treasury stock, 192,362 shares |
(1,660) |
(1,660) |
Unearned Employee Stock Ownership Plan
("ESOP") shares |
(1,274) |
(1,288) |
Accumulated other comprehensive
(loss) |
(1,818) |
(1,628) |
Total stockholders' equity |
22,764 |
22,735 |
Total liabilities and stockholders'
equity |
$ 262,719 |
$ 258,255 |
|
CMS Bancorp,
Inc. |
CONSOLIDATED STATEMENTS
OF INCOME |
|
|
|
|
Three Months |
|
Ended |
|
December 31, |
|
2013 |
2012 |
|
(Dollars in thousands, except per share
data) |
Interest income: |
|
|
Loans |
$ 2,587 |
$ 2,577 |
Securities |
182 |
227 |
Other interest-earning assets |
16 |
26 |
Total interest income |
2,785 |
2,830 |
|
|
|
Interest expense: |
|
|
Deposits |
359 |
379 |
Mortgage escrow funds |
10 |
16 |
Borrowings, short term |
5 |
18 |
Borrowings, long term |
172 |
174 |
Total interest expense |
546 |
587 |
|
|
|
Net interest income |
2,239 |
2,243 |
Provision for loan losses |
100 |
100 |
Net interest income after provision for loan
losses |
2,139 |
2,143 |
Non-interest income: |
|
|
Fees and service charges |
41 |
41 |
Net gain on sale of loans |
40 |
140 |
Other |
3 |
2 |
Total non-interest income |
84 |
183 |
|
|
|
Non-interest expense: |
|
|
Salaries and employee benefits |
936 |
1,111 |
Net occupancy |
333 |
309 |
Equipment |
194 |
195 |
Professional fees |
140 |
141 |
Advertising |
14 |
8 |
Federal insurance premiums |
54 |
54 |
Directors' fees |
47 |
44 |
Other |
160 |
165 |
Total non-interest expense |
1,878 |
2,027 |
Income before income taxes |
345 |
299 |
Income tax |
134 |
117 |
Net income |
211 |
182 |
Preferred stock dividends |
23 |
— |
Net income attributable to common
shareholders |
$ 188 |
$ 182 |
|
|
|
Net income per common share – basic and
diluted |
$ 0.11 |
$ 0.11 |
Weighted average number of common shares
outstanding: |
|
|
Basic |
1,735,382 |
1,729,902 |
Diluted |
1,736,370 |
1,729,902 |
CONTACT: Stephen E. Dowd
Senior Vice President & Chief Financial Officer
914-422-2700
(MM) (NASDAQ:CMSB)
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