0000950170-22-023925.txt : 20221109 0000950170-22-023925.hdr.sgml : 20221109 20221109163140 ACCESSION NUMBER: 0000950170-22-023925 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 73 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221109 DATE AS OF CHANGE: 20221109 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: 221373188 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-20220930.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 September 30, 2022

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

Stock, Par Value $0.01 Common 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 November 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)

3

 

Consolidated Balance Sheets

3

 

Consolidated Statements of Net Income

4

 

Consolidated Statements of Comprehensive Income

5

 

Consolidated Statements of Changes in Stockholders' Equity and Retained Earnings

6

 

Consolidated Statements of Cash Flows

7

 

Notes to Unaudited Consolidated Financial Statements

8

Item 2.

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

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4.

Controls and Procedures

34

 

 

 

PART II.

OTHER INFORMATION

35

 

 

 

Item 1.

Legal Proceedings

35

Item 1A.

Risk Factors

35

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

35

Item 3.

Defaults Upon Senior Securities

35

Item 4.

Mine Safety Disclosures

35

Item 5.

Other Information

35

Item 6.

Exhibits

36

Signatures

37

 

 

2


 

Item 1. Financial Statements.

 

CFSB Bancorp, Inc. and Subsidiary

Consolidated Balance Sheets

(In thousands, except per share data)

 

 

 

September 30,
2022 (Unaudited)

 

 

June 30,
2022

 

Assets

 

Cash and due from banks

 

$

1,481

 

 

$

1,609

 

Short-term investments

 

 

14,260

 

 

 

30,058

 

Total cash and cash equivalents

 

 

15,741

 

 

 

31,667

 

Securities available for sale, at fair value

 

 

183

 

 

 

199

 

Securities held to maturity, at amortized cost, fair value of $133,775 at
     September 30, 2022 and $
133,593 at June 30, 2022

 

 

152,141

 

 

 

145,239

 

Federal Home Loan Bank stock, at cost

 

 

191

 

 

 

191

 

Loans, net of allowance for loan losses of $1,747 at September 30, 2022 and
     $
1,747 at June 30, 2022

 

 

175,245

 

 

 

172,593

 

Premises and equipment, net

 

 

3,310

 

 

 

3,334

 

Accrued interest receivable

 

 

1,306

 

 

 

1,265

 

Bank-owned life insurance

 

 

10,208

 

 

 

10,144

 

Deferred tax asset

 

 

1,139

 

 

 

1,079

 

Operating lease right of use asset

 

 

1,021

 

 

 

-

 

Other assets

 

 

457

 

 

 

472

 

Total assets

 

$

360,942

 

 

$

366,183

 

Liabilities and Stockholders' Equity

 

Deposits

 

 

 

 

 

 

Non-interest bearing

 

$

34,148

 

 

$

31,168

 

Interest-bearing

 

 

245,904

 

 

 

255,907

 

Total deposits

 

 

280,052

 

 

 

287,075

 

Mortgagors' escrow accounts

 

 

1,618

 

 

 

1,555

 

Operating lease liability

 

 

1,023

 

 

 

-

 

Accrued expenses and other liabilities

 

 

3,332

 

 

 

3,303

 

Total liabilities

 

 

286,025

 

 

 

291,933

 

Stockholders' Equity

 

 

 

 

 

 

Preferred Stock, $.01 par value, 10,000,000 shares authorized as

 

 

 

 

 

 

   of September 30, 2022 and June 30, 2022, none issued and

 

 

 

 

 

 

   outstanding as of September 30, 2022 and June 30, 2022

 

 

-

 

 

 

-

 

Common Stock, $.01 par value, 90,000,000 shares authorized as

 

 

 

 

 

 

   of September 30, 2022 and June 30, 2022, 6,521,642  issued

 

 

 

 

 

 

   and outstanding as of September 30, 2022 and June 30, 2022

 

 

65

 

 

 

65

 

Additional paid-in capital

 

 

27,718

 

 

 

27,720

 

Retained earnings

 

 

49,615

 

 

 

48,970

 

Accumulated other comprehensive income (loss)

 

 

(1

)

 

 

-

 

Unearned compensation - ESOP

 

 

(2,480

)

 

 

(2,505

)

Total stockholders' equity

 

 

74,917

 

 

 

74,250

 

Total liabilities and stockholders' equity

 

$

360,942

 

 

$

366,183

 

 

 

 

 

 

 

 

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

 

3


 

CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Net Income (Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended
September 30,

 

 

2022

 

 

2021

 

Interest and dividend income:

 

 

 

 

 

Interest and fees on loans

$

1,619

 

 

$

1,654

 

Interest and dividends on debt securities:

 

 

 

 

 

Taxable

 

751

 

 

 

467

 

Tax exempt

 

108

 

 

 

123

 

Interest on short-term investments and certificates of deposit

 

127

 

 

 

17

 

Total interest and dividend income

 

2,605

 

 

 

2,261

 

Interest expense:

 

 

 

 

 

Deposits

 

242

 

 

 

274

 

Short-term borrowings

 

-

 

 

 

4

 

Total interest expense

 

242

 

 

 

278

 

Net interest income

 

2,363

 

 

 

1,983

 

Provision for loan losses

 

-

 

 

 

15

 

Net interest income, after provision for loan losses

 

2,363

 

 

 

1,968

 

Non-interest income:

 

 

 

 

 

Customer service fees

 

37

 

 

 

30

 

Income on bank-owned life insurance

 

64

 

 

 

60

 

Gain on sale of securities available for sale

 

-

 

 

 

48

 

Other income

 

99

 

 

 

104

 

Total non-interest income

 

200

 

 

 

242

 

Non-interest expense:

 

 

 

 

 

Salaries and employee benefits

 

1,018

 

 

 

967

 

Occupancy and equipment

 

243

 

 

 

210

 

Advertising

 

39

 

 

 

41

 

Data processing

 

94

 

 

 

80

 

Deposit insurance

 

21

 

 

 

22

 

Other general and administrative

 

333

 

 

 

318

 

Total non-interest expense

 

1,748

 

 

 

1,638

 

Income before income taxes

 

815

 

 

 

572

 

Provision for income taxes

 

170

 

 

 

100

 

Net income

$

645

 

 

$

472

 

Earnings per share:

 

 

 

 

 

Basic and diluted

$

0.10

 

 

N/A

 

Weighted average shares:

 

 

 

 

 

Basic and diluted

 

6,271,977

 

 

N/A

 

 

 

 

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

4


 

CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

 

 

 

 

Three Months Ended
September 30,

 

 

 

2022

 

 

2021

 

Net income

 

$

645

 

 

$

472

 

Other comprehensive income:

 

 

 

 

 

 

Change in unrealized holding (losses) gains

 

 

(1

)

 

 

34

 

Reclassification adjustment for net realized gains

 

 

-

 

 

 

(48

)

Net change in unrealized losses

 

 

(1

)

 

 

(14

)

Tax effect

 

 

-

 

 

 

4

 

Net-of-tax amount

 

 

(1

)

 

 

(10

)

Comprehensive income

 

$

644

 

 

$

462

 

The tax effect related to the net realized gain on sale of security available for sale was $14,000 for the three months ended September 30, 2021. There were no sales of securities for the three months ended September 30, 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

5


 

CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Changes in Stockholders' Equity and Retained Earnings (Unaudited)

(Dollars in thousands)

 

 

 

Shares of Common Stock

 

 

Common Stock

 

 

Additional Paid-in Capital

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Unearned Compensation
 ESOP

 

 

Total

 

Balance at June 30, 2022

 

 

6,521,642

 

 

$

65

 

 

$

27,720

 

 

$

48,970

 

 

$

-

 

 

$

(2,505

)

 

$

74,250

 

Comprehensive income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

645

 

 

 

(1

)

 

 

-

 

 

 

644

 

ESOP shares committed to be released - 7,668

 

 

-

 

 

 

-

 

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

25

 

 

 

23

 

Balance at September 30, 2022

 

 

6,521,642

 

 

$

65

 

 

$

27,718

 

 

$

49,615

 

 

$

(1

)

 

$

(2,480

)

 

$

74,917

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

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

 

 

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

 

 

6


 

CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Changes of Cash Flows (Unaudited)

(In thousands)

 

 

 

Three Months Ended
September 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

645

 

 

$

472

 

Adjustments to reconcile net income to net cash
provided by operating activities:

 

 

 

 

 

 

Provision for loan losses

 

 

-

 

 

 

15

 

Gain on sales of securities available for sale, net

 

 

-

 

 

 

(48

)

Amortization of securities, net

 

 

116

 

 

 

134

 

Increase in cash surrender value of bank-owned life insurance

 

 

(64

)

 

 

(60

)

Depreciation and amortization, net

 

 

64

 

 

 

65

 

Deferred income tax expense

 

 

(60

)

 

 

(69

)

ESOP expense

 

 

23

 

 

 

-

 

Net change in:

 

 

 

 

 

 

Accrued interest receivable

 

 

(41

)

 

 

66

 

Other, net

 

 

47

 

 

 

(168

)

Net cash provided by operating activities

 

 

730

 

 

 

407

 

Cash flows from investing activities:

 

 

 

 

 

 

Activity in securities available for sale:

 

 

 

 

 

 

Maturities, prepayments and calls

 

 

14

 

 

 

23

 

Sales

 

 

-

 

 

 

2,031

 

Activity in securities held to maturity:

 

 

 

 

 

 

Maturities, prepayments and calls

 

 

2,700

 

 

 

5,061

 

Purchases

 

 

(9,718

)

 

 

(10,259

)

Loan originations and payments, net

 

 

(2,652

)

 

 

3,306

 

Additions to premises and equipment

 

 

(40

)

 

 

(6

)

Purchase of bank-owned life insurance

 

 

-

 

 

 

(635

)

Net cash used in investing activities

 

 

(9,696

)

 

 

(479

)

Cash flows from financing activities:

 

 

 

 

 

 

Net decrease in deposits

 

 

(7,023

)

 

 

(2,452

)

Net decrease in short-term borrowings

 

 

-

 

 

 

(459

)

Net increase in mortgagors' escrow accounts

 

 

63

 

 

 

12

 

Net cash used in financing activities

 

 

(6,960

)

 

 

(2,899

)

Net change in cash and cash equivalents

 

 

(15,926

)

 

 

(2,971

)

Cash and cash equivalents at beginning of year

 

 

31,667

 

 

 

40,678

 

Cash and cash equivalents at end of year

 

$

15,741

 

 

$

37,707

 

Supplemental information:

 

 

 

 

 

 

Interest paid on deposits and short-term borrowings

 

$

242

 

 

$

278

 

Income taxes paid

 

$

435

 

 

$

83

 

 

 

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

7


CFSB Bancorp, Inc. 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 of CFSB Bancorp, Inc. (the "Company") 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.

The unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission and the Federal Deposit Insurance Corporation (the “FDIC”). Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements. 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. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the Company's annual report on Form 10-K for the year ended June 30, 2022.

Business

The Bank conducts operations from its three full-service banking offices and one limited-service banking office located in Quincy, Holbrook and Weymouth, Massachusetts, all within Norfolk County. The Bank considers its primary lending market area to be Norfolk and Plymouth Counties; however, the Bank occasionally makes loans secured by properties located outside of its primary lending market. The Bank's business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential real estate loans and, to a lesser extent, multi-family real estate loans, commercial real estate loans, second mortgage loans and home equity lines of credit, and consumer loans. Subject to market conditions, the Bank will continue its focus on growing its balance sheet and improving profitability by continuing to originate one- to four-family residential mortgage loans and increasing the origination of multi-family and commercial real estate loans.

Reorganization and Offering

On January 12, 2022 the Bank reorganized from a federally chartered mutual savings bank to a two-tier mutual holding company structure. As part of the reorganization, a mutual holding company (the “MHC”) was formed as a federal corporation, into which all of the current voting rights of the members of the Bank were transferred. As part of the reorganization, 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 a stock offering and contributed 2% of its common stock to a 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.

Employee Stock Ownership Plan (the "ESOP")

The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of stockholders' equity. The Company records compensation expense for the ESOP equal to fair market value of shares when they are committed to be released from the suspense account to participants' accounts under the plan.

8


CFSB Bancorp, Inc. and Subsidiary

Notes to Unaudited Consolidated Financial Statements (Continued)

 

Earnings Per Share

The following table presents the factors used in the earnings per share calculation:

 

 

Three Months Ended

 

Basic and diluted

 

September 30, 2022

 

 

 

 

 

Net income

 

$

645

 

Weighted average number of common shares outstanding

 

 

6,521,642

 

Less: Average unallocated ESOP shares

 

 

(249,665

)

Weighted average number of common shares outstanding, net

 

 

6,271,977

 

Basic and diluted earnings per common share

 

$

0.10

 

Use of estimates

In preparing consolidated financial statements in conformity with GAAP, 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 the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term are the allowance for loan losses and deferred income taxes.

Management believes that the allowance for loan losses was adequate as of September 30, 2022 and June 30, 2022. While management uses current information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions or other factors. In addition, the Office of the Comptroller of the Currency, as an integral part of its examination process, periodically reviews the bank's allowance for loan losses, and as a result of such reviews, management may have to adjust the allowance for loan losses. However, regulatory agencies are not directly involved in establishing the allowance for loan losses as the process is management's responsibility and any increase or decrease in the allowance is the responsibility of management.

Management believes that the deferred tax provision was adequate as of September 30, 2022 and June 30, 2022. In accordance with Accounting Standards Codification (“ASC”) Topic 740 “Income Taxes,” management uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. If currently available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Management exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax assets and liabilities. These judgments require management to make projections of future taxable income. The judgments and estimates management makes in determining the deferred tax assets are inherently subjective and are reviewed on a regular basis as regulatory or business factors change. Any reduction in estimated future taxable income may require management to record a valuation allowance against the deferred tax assets. A valuation allowance that results in additional income tax expense in the period in which it is recognized would negatively affect earnings. Management believes, based upon current facts, that it is more likely than not that there will be sufficient taxable income in future years to realize the federal and state portion of its deferred tax asset.

Reclassification

Certain amounts in the 2021 unaudited consolidated financial statements have been reclassified to conform to the 2022 presentation.

 

 

9


CFSB Bancorp, Inc. and Subsidiary

Notes to Unaudited Consolidated Financial Statements (Continued)

 

Recent accounting pronouncements

On June 16, 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 September 30, 2022 or June 30, 2022.

3.
SECURITIES

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

 

 

September 30, 2022

 

(In thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

173

 

 

$

-

 

 

$

(1

)

 

$

172

 

Collateralized mortgage obligations

 

 

11

 

 

 

-

 

 

 

-

 

 

 

11

 

Total securities available for sale

 

$

184

 

 

$

-

 

 

$

(1

)

 

$

183

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Debt obligations

 

$

994

 

 

$

-

 

 

$

(29

)

 

$

965

 

Mortgage-backed securities

 

 

51,097

 

 

 

1

 

 

 

(4,219

)

 

 

46,879

 

Collateralized mortgage obligations

 

 

5

 

 

 

-

 

 

 

-

 

 

 

5

 

Municipal bonds

 

 

46,489

 

 

 

1

 

 

 

(7,359

)

 

 

39,131

 

Corporate bonds

 

 

53,556

 

 

 

-

 

 

 

(6,761

)

 

 

46,795

 

Total securities held to maturity

 

$

152,141

 

 

$

2

 

 

$

(18,368

)

 

$

133,775

 

 

10


CFSB Bancorp, Inc. and Subsidiary

Notes to Unaudited Consolidated Financial Statements (Continued)

 

 

 

June 30, 2022

 

(In thousands)

 

Amortized
 Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

186

 

 

$

-

 

 

$

-

 

 

$