CMS Bancorp, Inc. Announces March 31, 2011 Quarterly Financial Results
May 11 2011 - 4:30PM
CMS Bancorp, Inc. (Nasdaq:CMSB) (the "Company"), the parent of
Community Mutual Savings Bank (the "Bank"), announced results for
the three months ended March 31, 2011 which reflect net income of
$40,000, or $.02 per share, in 2011, compared to a net loss of
$35,000, or $0.02 per share, in 2010.
President and CEO John Ritacco commented that "despite continued
high prepayments in our mortgage portfolio, we continue to see
favorable demand in the non-residential and commercial loan sectors
where we experienced net loan growth of $5.8 million in the three
month period ended March 31, 2011."
Mr. Ritacco also noted that "net income improved in the three
months ended March 31, 2011, compared to 2010, due to higher net
interest income, lower non-interest expense and a tax credit,
however non-interest income declined due to lower gains on sale of
loans caused by the slower than expected residential lending
activity."
Commenting on lending markets, Mr. Ritacco reported that "the
first three months of 2011 saw lower demand, primarily in the
residential mortgage market. We continue to experience a
moderate flow of commercial business activity and we will continue
with our strategic focus on diversification into higher yielding
commercial, multi-family, non-residential and construction
loans."
Mr. Ritacco also reported that "the Company's liquidity position
remained strong at March 31, 2011, with $59.7 million of cash, cash
equivalents and securities available for sale."
The Company reported that the allowance for loan losses as of
March 31, 2011 was $1,169,000, up from $807,000 a year ago
representing 0.65% 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 non-residential and commercial
real estate loans and the decline in one-to-four-family mortgage
loan balances. In the quarter ended March 31, 2011, we increased
the allowance for loan losses by $30,000, due, in part, to economic
trends, continued high unemployment, pressure on local real estate
values and additions to the non-residential loan portfolio."
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, 2011 |
September 30, 2010 |
ASSETS |
|
Cash and cash equivalents |
$5,217 |
$3,434 |
Securities |
54,483 |
56,336 |
Loans, net |
178,085 |
179,066 |
Other assets |
8,563 |
8,549 |
Total assets |
$246,348 |
$247,385 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Deposits |
$187,166 |
$188,306 |
Borrowed money |
34,500 |
34,578 |
Other liabilities |
3,066 |
2,745 |
Total liabilities |
224,732 |
225,629 |
Stockholders' equity |
21,616 |
21,756 |
Total liabilities and stockholders'
equity |
$246,348 |
$247,385 |
|
CMS Bancorp,
Inc. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(Unaudited, In thousands,
except per share data) |
|
|
|
|
|
|
|
Quarter Ended March
31, |
|
|
|
|
2011 |
|
2010 |
|
|
|
|
|
|
|
|
|
Interest income |
|
$2,830 |
|
$2,795 |
|
|
Interest expense |
|
898 |
|
885 |
|
|
Net interest income |
|
1,932 |
|
1,910 |
|
|
Provision for loan losses |
|
30 |
|
- |
|
|
Net interest income after provision for loan
losses |
|
1,902 |
|
1,910 |
|
|
Non-interest income |
|
77 |
|
148 |
|
|
Non-interest expense |
|
1,992 |
|
2,106 |
|
|
(Loss) before income taxes |
|
(13) |
|
(48) |
|
|
Income tax (benefit) |
|
(53) |
|
(13) |
|
|
Net income (loss) |
|
$40 |
|
$(35) |
|
|
Net income (loss) per common share |
|
$0.02 |
|
$(0.02) |
|
|
CONTACT: Stephen E. Dowd
Senior Vice President & Chief Financial Officer
914-422-2700
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