PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

12 Months Ended

Jun. 30, 2023

15. Parent Company Condensed Financial Statements

Financial information as of June 30, 2023 and 2022 and for the years then ended pertaining to CFSB Bancorp, Inc. is as follows:

BALANCE SHEETS


	June 30,			June 30,
	2023			2022
Assets:
Cash and due from banks	$	9,551		$	10,213
Investment in Colonial Federal Savings Bank		62,781			60,934
Due from Colonial Federal Savings Bank		614			-
Accrued interest receivable on ESOP loan		40			40
Deferred tax assets		218			302
ESOP loan		2,486			2,556
Other assets		206			234
Total assets	$	75,896		$	74,279

Liabilities and Stockholders' Equity:
Liabilities
Other liabilities	$	7		$	29
Total liabilities		7			29
Stockholders' Equity
Common stock	$	65		$	65
Additional paid-in capital		27,814			27,720
Retained earnings		50,416			48,970
Accumulated other comprehensive loss		(3	)		-
ESOP-Unearned compensation		(2,403	)		(2,505	)
Total stockholders' equity		75,889			74,250
Total liabilities and stockholders' equity	$	75,896		$	74,279

STATEMENTS OF OPERATIONS


	For the Year Ended
	June 30,			June 30,
	2023			2022
Interest income	$	80		$	40
Operating expenses		356			1,666
Loss before income taxes and equity in undistributed net income in Colonial Federal Savings Bank		(276	)		(1,626	)
Applicable income tax expense (benefit)		(68	)		(311	)
Loss before equity in undistributed net income of Colonial Federal Savings Bank		(208	)		(1,315	)
Equity in undistributed net income of Colonial Federal Savings Bank		1,654			1,757
Net income	$	1,446		$	442

STATEMENTS OF CASH FLOWS


	For the Year Ended June 30,
	2023			2022
Cash flows from operating activities:
Net income	$	1,446		$	442
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed net income of Colonial Federal Savings Bank		(1,654	)		(1,757	)
Stock contribution to Charitable Foundation		-			1,429
Increase in due from Colonial Federal Savings Bank		(614	)		-
Increase in accrued interest receivable		-			(40	)
Decrease (increase) in deferred tax assets		84			(302	)
Decrease (increase) in other assets		28			(234	)
(Decrease) increase in other liabilities		(22	)		29
Net cash used in operating activities		(732	)		(433	)
Cash flows from investing activities:
Contribution of common stock sale proceeds to Colonial Federal Savings Bank		-			(13,280	)
Principal payments received on ESOP loan		70			-
Net cash provided by (used in) investing activities		70			(13,280	)
Cash flows from financing activities:
Proceeds from sale of common stock, net		-			26,482
Common stock purchased by ESOP		-			(2,556	)
Net cash (used in) provided by financing activities		-			23,926
Net change in cash and cash equivalents		(662	)		10,213
Cash and cash equivalents at beginning of period		10,213			-
Cash and cash equivalents at end of period	$	9,551		$	10,213