CMS Bancorp, Inc. Announces Earnings for the Quarter Ended December 31, 2009
February 10 2010 - 12:30AM
CMS Bancorp, Inc. (Nasdaq:CMSB) (the "Company"), the parent of
Community Mutual Savings Bank, announced results for the quarter
ended December 31, 2009, which reflect net income of $102,000 or
$.06 per share, compared to a net loss of $1,000 in the quarter
ended December 31, 2008.
President and CEO John Ritacco stated that "in the quarter ended
December 31, 2009, we continued to see improvements in net interest
income, non-interest income and better management of our
costs." Mr. Ritacco noted that "our net interest income
increased by $275,000, or 17.3% in the quarter ended December 31,
2009 compared to the quarter ended December 31, 2008, principally
as a result of lower interest expense."
Commenting on the decrease in deposits, Mr. Ritacco reported
that "while the Company's assets declined by almost $16 million
since September 30, 2009, the decline was expected as some of the
promotional certificates of deposit from the new Mount Kisco branch
grand opening matured and were withdrawn."
The Company reported a $272,000 increase in non-interest income,
and a $319,000 increase in non-interest expense in the quarter
ended December 31, 2009 compared to the quarter ended December 31,
2008. Commenting on these results, Stephen E. Dowd, Senior
Vice President and Chief Financial Officer stated that "the
increase in non-interest income includes gains on the sale of
securities and increases in the net gains on sale of loans, while
the increase in non-interest expense includes $155,000 of direct
operating costs of the new Mount Kisco branch and higher FDIC
insurance premiums." Mr. Dowd also noted that "the Company
added $60,000 to the allowance for loan losses in the quarter ended
December 31, 2009 and that the allowance represented 0.46% of loans
outstanding at December 31, 2009, up from 0.44% at September 30,
2009. In addition, non performing loans totaled $1.7 million
at December 31, 2009 and September 30, 2009."
Mr. Ritacco noted that "Community Mutual Savings Bank is in a
strong financial position to grow. We have a Tier I capital
ratio of 7.66%, compared to a minimum of 5.0% to be considered
'well capitalized' and have $41 million in available-for-sale
securities which can be reinvested in loan growth and provide for a
high level of liquidity."
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,
2009
|
September 30,
2009
|
ASSETS
|
|
|
Cash and cash equivalents
|
$1,513
|
$7,304
|
Securities
|
40,959
|
58,643
|
Loans, net
|
174,222
|
169,293
|
Other assets
|
10,599
|
7,924
|
Total assets
|
$227,293
|
$243,164
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
Deposits
|
$163,032
|
$184,387
|
Borrowed money
|
41,608
|
34,726
|
Other liabilities
|
1,759
|
3,138
|
Total Liabilities
|
206,399
|
222,251
|
Stockholders' equity
|
20,894
|
20,913
|
Total liabilities and stockholders' equity
|
$227,293
|
$243,164
|
CMS Bancorp, Inc.
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(Unaudited, In thousands, except per share data)
|
|
Quarters Ended
|
|
December 31,
|
|
2009
|
2008
|
|
|
|
Interest income
|
$2,853
|
$2,863
|
Interest expense
|
992
|
1,277
|
Net interest income
|
1,861
|
1,586
|
Provision for loan losses
|
60
|
--
|
Net interest income after provision for loan losses
|
1,801
|
1,586
|
Non-interest income
|
350
|
78
|
Non-interest expense
|
1,971
|
1,652
|
Income before income taxes
|
180
|
12
|
Income tax
|
78
|
13
|
Net income (loss)
|
$102
|
$(1)
|
Net (loss) per common share
|
$0.06
|
$(0.00)
|
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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