0000950170-22-000983.txt : 20220209 0000950170-22-000983.hdr.sgml : 20220209 20220209163131 ACCESSION NUMBER: 0000950170-22-000983 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 66 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220209 DATE AS OF CHANGE: 20220209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CFSB Bancorp, Inc. /MA/ CENTRAL INDEX KEY: 0001879103 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-41220 FILM NUMBER: 22607682 BUSINESS ADDRESS: STREET 1: 15 BEACH STREET CITY: QUINCY STATE: MA ZIP: 02170 BUSINESS PHONE: (617) 471-0750 MAIL ADDRESS: STREET 1: 15 BEACH STREET CITY: QUINCY STATE: MA ZIP: 02170 10-Q 1 cfsb-20211231.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number: 001-41220

 

CFSB Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

United States of America

87-4396534

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

15 Beach Street

Quincy, Massachusetts

02170

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (617) 471-0750

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, Par Value $0.01 Per Share CFSB The Nasdaq Stock Market, LLC

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of February 7, 2022, the registrant had 6,521,642 shares of common stock, $0.01 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (Unaudited)

2

 

Consolidated Balance Sheets

2

 

Consolidated Statements of Net Income

3

 

Consolidated Statements of Comprehensive Income

4

 

Consolidated Statements of Changes in Retained Earnings

5

 

Consolidated Statements of Cash Flows

6

 

Notes to Unaudited Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

19

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

32

Item 4.

Controls and Procedures

32

 

 

 

PART II.

OTHER INFORMATION

34

 

 

 

Item 1.

Legal Proceedings

34

Item 1A.

Risk Factors

34

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

34

Item 3.

Defaults Upon Senior Securities

34

Item 4.

Mine Safety Disclosures

34

Item 5.

Other Information

34

Item 6.

Exhibits

35

Signatures

36

 

 

 

 

EXPLANATORY NOTE

 

CFSB Bancorp, Inc. (the “Company,” “we” or “our”) is the stock holding company for Colonial Federal Savings Bank that was created upon the reorganization of Colonial Federal Savings Bank into the mutual holding company structure that was closed on January 12, 2022. As of December 31, 2021, the reorganization had not been completed, and the Company was in formation and had no assets or liabilities and had not conducted any business activities other than formational activities. Accordingly, the unaudited consolidated financial statements and other financial information contained in this Quarterly Report on Form 10-Q relate solely to Colonial Federal Savings Bank and its subsidiary.

 

The unaudited consolidated financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes of Colonial Federal Savings Bank at June 30, 2021 and 2020 and for the years then ended contained in the Company’s definitive prospectus dated November 10, 2021 (the “Prospectus”), as filed with the Securities and Exchange Commission pursuant to Securities Act Rule 424(b)(3) on November 19, 2021.

1


 

 

 

Item 1. Financial Statements.

 

 

Colonial Federal Savings Bank and Subsidiary

Consolidated Balance Sheets

(In thousands)

 

 

 

 

December 31,
2021
(Unaudited)

 

 

June 30,
2021

 

Assets

 

Cash and due from banks

 

$

1,475

 

 

$

1,708

 

Short-term investments

 

 

46,358

 

 

 

38,970

 

Total cash and cash equivalents

 

 

47,833

 

 

 

40,678

 

Certificates of deposit

 

 

980

 

 

 

980

 

Securities available for sale, at fair value

 

 

254

 

 

 

2,294

 

Securities held to maturity, at amortized cost, fair value of $123,736 at
December 31, 2021 and $
107,391 at June 30, 2021

 

 

122,931

 

 

 

105,114

 

Federal Home Loan Bank stock, at cost

 

 

453

 

 

 

453

 

Loans, net of allowance for loan losses of $1,747 at December 31, 2021 and
$
1,722 at June 30, 2021

 

 

172,931

 

 

 

174,433

 

Premises and equipment, net

 

 

3,337

 

 

 

3,459

 

Accrued interest receivable

 

 

1,112

 

 

 

1,146

 

Bank-owned life insurance

 

 

10,008

 

 

 

9,250

 

Deferred tax asset

 

 

592

 

 

 

665

 

Other assets

 

 

1,398

 

 

 

382

 

 

 

$

361,829

 

 

$

338,854

 

Liabilities and Retained Earnings

 

Deposits

 

 

 

 

 

 

Non-interest bearing

 

$

52,378

 

 

$

30,129

 

Interest-bearing

 

 

255,182

 

 

 

254,505

 

Total deposits

 

 

307,560

 

 

 

284,634

 

Short-term borrowings

 

 

288

 

 

 

918

 

Mortgagors' escrow accounts

 

 

1,650

 

 

 

1,572

 

Accrued expenses and other liabilities

 

 

2,991

 

 

 

3,085

 

Total liabilities

 

 

312,489

 

 

 

290,209

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Retained earnings

 

 

49,334

 

 

 

48,628

 

Accumulated other comprehensive income

 

 

6

 

 

 

17

 

Total retained earnings

 

 

49,340

 

 

 

48,645

 

 

 

$

361,829

 

 

$

338,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

2


 

 

Colonial Federal Savings Bank and Subsidiary

Consolidated Statements of Net Income (Unaudited)

(In thousands)

 

 

 

 

Three Months Ended
December 31,

 

 

Six Months Ended
December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

1,640

 

 

$

1,820

 

 

$

3,294

 

 

$

3,671

 

Interest and dividends on debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

492

 

 

 

471

 

 

 

959

 

 

 

917

 

Tax exempt

 

 

120

 

 

 

142

 

 

 

243

 

 

 

285

 

Interest on short-term investments and certificates of deposit

 

 

16

 

 

 

11

 

 

 

33

 

 

 

22

 

Total interest and dividend income

 

 

2,268

 

 

 

2,444

 

 

 

4,529

 

 

 

4,895

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

255

 

 

 

612

 

 

 

529

 

 

 

1,280

 

Short-term borrowings

 

 

2

 

 

 

16

 

 

 

6

 

 

 

38

 

Total interest expense

 

 

257

 

 

 

628

 

 

 

535

 

 

 

1,318

 

Net interest income

 

 

2,011

 

 

 

1,816

 

 

 

3,994

 

 

 

3,577

 

Provision for loan losses

 

 

10

 

 

 

15

 

 

 

25

 

 

 

30

 

Net interest income, after provision for loan losses

 

 

2,001

 

 

 

1,801

 

 

 

3,969

 

 

 

3,547

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

31

 

 

 

33

 

 

 

61

 

 

 

60

 

Income on bank-owned life insurance

 

 

75

 

 

 

73

 

 

 

149

 

 

 

145

 

Gain on sale of securities available for sale

 

 

-

 

 

 

-

 

 

 

48

 

 

 

-

 

Other income

 

 

55

 

 

 

51

 

 

 

159

 

 

 

148

 

Total non-interest income

 

 

161

 

 

 

157

 

 

 

417

 

 

 

353

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,167

 

 

 

1,174

 

 

 

2,147

 

 

 

2,098

 

Occupancy and equipment

 

 

208

 

 

 

202

 

 

 

418

 

 

 

394

 

Advertising

 

 

37

 

 

 

22

 

 

 

78

 

 

 

47

 

Data processing

 

 

91

 

 

 

86

 

 

 

171

 

 

 

170

 

Deposit insurance

 

 

21

 

 

 

22

 

 

 

43

 

 

 

43

 

Other general and administrative

 

 

372

 

 

 

248

 

 

 

691

 

 

 

510

 

Total non-interest expense

 

 

1,896

 

 

 

1,754

 

 

 

3,548

 

 

 

3,262

 

Income before income taxes

 

 

266

 

 

 

204

 

 

 

838

 

 

 

638

 

Provision (benefit) for income taxes

 

 

32

 

 

 

(11

)

 

 

132

 

 

 

44

 

Net income

 

$

234

 

 

$

215

 

 

$

706

 

 

$

594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

3


 

Colonial Federal Savings Bank and Subsidiary

Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

 

 

 

 

 

Three Months Ended
December 31,

 

 

Six Months Ended
December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

234

 

 

$

215

 

 

$

706

 

 

$

594

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized holding gains (losses)

 

 

(1

)

 

 

-

 

 

 

33

 

 

 

(2

)

Reclassification adjustment for net realized gains included in income

 

 

-

 

 

 

-

 

 

 

(48

)

 

 

-

 

Net change in unrealized losses

 

 

(1

)

 

 

-

 

 

 

(15

)

 

 

(2

)

Tax effect

 

 

-

 

 

 

-

 

 

 

4

 

 

 

-

 

Net-of-tax amount

 

 

(1

)

 

 

-

 

 

 

(11

)

 

 

(2

)

Comprehensive income

 

$

233

 

 

$

215

 

 

$

695

 

 

$

592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The tax effect related to net realized gain on sale of security available for sale was $14,000 for the six months ended December 31, 2021. There were no sales for the three months ended December 31, 2021 or for the three and six months ended December 31, 2020.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4


 

Colonial Federal Savings Bank and Subsidiary

Consolidated Statements of Changes in Retained Earnings (Unaudited)

(In thousands)

 

 

 

 

Retained
 Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Total

 

Balance at June 30, 2021

 

$

48,628

 

 

$

17

 

 

$

48,645

 

Comprehensive income (loss)

 

 

472

 

 

 

(10

)

 

 

462

 

Balance at September 30, 2021

 

 

49,100

 

 

 

7

 

 

 

49,107

 

Comprehensive income (loss)

 

 

234

 

 

 

(1

)

 

 

233

 

Balance at December 31, 2021

 

$

49,334

 

 

$

6

 

 

$

49,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained
 Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Total

 

Balance at June 30, 2020

 

$

47,236

 

 

$

10

 

 

$

47,246

 

Comprehensive income (loss)

 

 

380

 

 

 

(2

)

 

 

378

 

Balance at September 30, 2020

 

 

47,616

 

 

 

8

 

 

 

47,624

 

Comprehensive income (loss)

 

 

215

 

 

 

-

 

 

 

215

 

Balance at December 31, 2020

 

$

47,831

 

 

$

8

 

 

$

47,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

5


 

Colonial Federal Savings Bank and Subsidiary

Consolidated Statements of Changes of Cash Flows (Unaudited)

(In thousands)

 

 

 

Six Months Ended December 31,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

706

 

 

$

594

 

Adjustments to reconcile net income to net cash
(used in) provided by operating activities:

 

 

 

 

 

 

Provision for loan losses

 

 

25

 

 

 

30

 

Gain on sales of securities available for sale, net

 

 

(48

)

 

 

-

 

Depreciation and amortization, net

 

 

409

 

 

 

335

 

Net change in:

 

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

 

(123

)

 

 

(122

)

Accrued interest receivable

 

 

34

 

 

 

56

 

Other, net

 

 

(1,033

)

 

 

(344

)

Net cash (used in) provided by operating activities

 

 

(30

)

 

 

549

 

Cash flows from investing activities:

 

 

 

 

 

 

Activity in securities available for sale:

 

 

 

 

 

 

Maturities, prepayments and calls

 

 

42

 

 

 

50

 

Sales

 

 

2,031

 

 

 

-

 

Activity in securities held to maturity:

 

 

 

 

 

 

Maturities, prepayments and calls

 

 

9,620

 

 

 

12,732

 

Purchases

 

 

(27,718

)

 

 

(12,272

)

Loan originations and payments, net

 

 

1,477

 

 

 

7,991

 

Additions to premises and equipment

 

 

(6

)

 

 

(62

)

Purchase of bank-owned life insurance

 

 

(635

)

 

 

-

 

Net cash (used in) provided by investing activities

 

 

(15,189

)

 

 

8,439

 

Cash flows from financing activities:

 

 

 

 

 

 

Net increase in deposits

 

 

22,926

 

 

 

3,662

 

Net (decrease) increase in short-term borrowings

 

 

(630

)

 

 

723

 

Repayments of long-term borrowings

 

 

-

 

 

 

(2,329

)

Net increase in mortgagors' escrow accounts

 

 

78

 

 

 

34

 

Net cash provided by financing activities

 

 

22,374

 

 

 

2,090

 

Net change in cash and cash equivalents

 

 

7,155

 

 

 

11,078

 

Cash and cash equivalents at beginning of year

 

 

40,678

 

 

 

38,344

 

Cash and cash equivalents at end of year

 

$

47,833

 

 

$

49,422

 

Supplemental information:

 

 

 

 

 

 

Interest paid on deposits, short term borrowings and long-term debt

 

$

535

 

 

$

1,318

 

Income taxes paid

 

$

175

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

6


Colonial Federal Savings Bank and Subsidiary

Notes to Unaudited Consolidated Financial Statements

 

 

1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NATURE OF BUSINESS

Basis of presentation and consolidation

These unaudited consolidated financial statements include the accounts of Colonial Federal Savings Bank (the “Bank”) and its wholly-owned subsidiary, Beach Street Security Corporation, which was established for the purpose of buying, holding and selling securities. All significant intercompany balances and transactions have been eliminated in consolidation.

In the opinion of management, all adjustments necessary for a fair presentation are reflected in these unaudited consolidated financial statements, and all adjustments made are of a normal recurring nature.

Business

The Bank provides a variety of financial services to individuals and small businesses through its offices in Quincy, Holbrook and Weymouth. Its primary deposit products are savings, checking and term certificate accounts, and its primary lending product are residential mortgage loans and, to a lesser extent, commercial and multi-family real estate loans.

Reorganization and Offering

On September 8, 2021, the Board of Directors of the Bank adopted the Plan of Reorganization from a Mutual Savings Bank to a Mutual Holding Company and Stock Issuance Plan (the “Plan”) whereby the Bank would reorganize from a federally chartered mutual savings bank to a two-tier mutual holding company structure. On January 12, 2022 the Bank received final approval of this plan from the Securities and Exchange Commission (SEC). The mutual holding company (the “MHC”) is a federal corporation, and all of the current ownership and voting rights of the members of the Bank were transferred to the MHC. As part of the Plan, the Bank converted to a federal stock savings bank (the “Stock Bank”). A stock holding company (the “Holding Company”) was established as a federal corporation and a majority-owned subsidiary of the MHC at all times so long as the MHC remains in existence. Concurrently with the reorganization, the Holding Company offered for sale 43% of its common stock in the stock offering and contributed 2% of its common stock to the charitable foundation established as a part of the reorganization. The remainder of the Holding Company common stock is held by the MHC. The Holding Company offered shares of common stock for sale on a priority basis to depositors of the Bank and the tax qualified employee plans of the Bank. The Company sold 2,804,306 shares of common stock at $10.00 per share for gross offering proceeds of $28.0 million. The offering was not oversubscribed. Accordingly, all valid orders were filled.

Use of estimates

In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the unaudited consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term is the allowance for loan losses and deferred income taxes.

Reclassification

Certain amounts in the 2020 unaudited consolidated financial statements have been reclassified to conform to the 2021 presentation.

Recent accounting pronouncements

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842). This ASU is intended to improve financial reporting about leasing transactions and the key provision impacting the Bank is the requirement for a lessee to record a right-to-use asset and a liability representing the obligation to make lease payments for long-term operating leases. The ASU, as amended, will be effective for fiscal years beginning after December 15, 2021. Management is currently evaluating the impact of

7


Colonial Federal Savings Bank and Subsidiary

Notes to Unaudited Consolidated Financial Statements (Continued)

 

adopting this ASU. It is expected that assets and liabilities will increase based on the estimated present value of remaining lease payments in place at the adoption date.

On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. The ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. This ASU, as amended, is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.. Management is currently evaluating the impact of adopting this ASU to the unaudited consolidated financial statements, which may be material. 

2.
RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS

Effective March 26, 2020, the Board of Governors of the Federal Reserve reduced reserve requirement ratios to zero percent and therefore no reserve balance was required at December 31, 2021 or June 30, 2021.

3.
SECURITIES

The amortized cost and fair value of securities, with gross unrealized gains and losses, follows:

 

 

December 31, 2021

 

(In thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

225

 

 

$

9

 

 

$

-

 

 

$

234

 

Collateralized mortgage obligations

 

 

20

 

 

 

-

 

 

 

-

 

 

 

20

 

Total securities available for sale

 

$

245

 

 

$

9

 

 

$

-

 

 

$

254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

37,889

 

 

$

872

 

 

$

(134

)

 

$

38,627

 

Collateralized mortgage obligations

 

 

11

 

 

 

-

 

 

 

-

 

 

 

11

 

Municipal bonds

 

 

46,583

 

 

 

305

 

 

 

(443

)

 

 

46,445

 

Corporate bonds

 

 

38,448

 

 

 

548

 

 

 

(343

)

 

 

38,653

 

Total securities held to maturity

 

$

122,931

 

 

$

1,725

 

 

$

(920

)

 

$

123,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8


Colonial Federal Savings Bank and Subsidiary

Notes to Unaudited Consolidated Financial Statements (Continued)

 

 

 

June 30, 2021

 

(In thousands)

 

Amortized
 Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Debt obligations

 

$

1,983

 

 

$

12

 

 

$

-

 

 

$

1,995

 

Mortgage-backed securities

 

 

260

 

 

 

12

 

 

 

-

 

 

 

272

 

Collateralized mortgage obligations

 

 

27

 

 

 

-

 

 

 

-

 

 

 

27

 

Total securities available for sale

 

$

2,270

 

 

$

24

 

 

$

-

 

 

$

2,294

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Debt obligations

 

$

1,001

 

 

$

12

 

 

$

-

 

 

$

1,013

 

Mortgage-backed securities

 

 

27,680

 

 

 

1,229

 

 

 

(12

)

 

 

28,897