☐☐
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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:
(Exact Name of Registrant as Specified in its Charter)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
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.
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).
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 |
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Accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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 ☐
As of February 6, 2023, the registrant had
Table of Contents
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PART I. |
FINANCIAL INFORMATION |
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Item 1. |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
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Item 4. |
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PART II. |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
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2
Item 1. Financial Statements.
CFSB Bancorp, Inc. and Subsidiary
Consolidated Balance Sheets (Unaudited)
(In thousands, except per share data)
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December 31, |
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June 30, |
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2022 |
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2022 |
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Assets: |
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Cash and due from banks |
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$ |
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$ |
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Short-term investments |
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Total cash and cash equivalents |
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Securities available for sale, at fair value |
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Securities held to maturity, at amortized cost, fair value of $ |
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Federal Home Loan Bank stock, at cost |
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Loans, net of allowance for loan losses of $ |
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Premises and equipment, net |
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Accrued interest receivable |
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Bank-owned life insurance |
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Deferred tax asset |
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Operating lease right of use asset |
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Other assets |
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Total assets |
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$ |
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$ |
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Liabilities and Stockholders' Equity: |
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Deposits |
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Non-interest bearing |
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$ |
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$ |
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Interest-bearing |
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Total deposits |
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Mortgagors' escrow accounts |
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Operating lease liability |
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Accrued expenses and other liabilities |
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Total liabilities |
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Stockholders' Equity |
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Preferred Stock, $. |
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$ |
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$ |
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Common Stock, $. |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive income |
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Unearned compensation - ESOP, |
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Total stockholders' equity |
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Total liabilities and stockholders' equity |
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$ |
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$ |
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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)
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For the Three Months Ended |
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For the Six Months Ended |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
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2022 |
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2021 |
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2022 |
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2021 |
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Interest and dividend income: |
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Interest and fees on loans |
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$ |
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$ |
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$ |
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$ |
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Interest and dividends on debt securities: |
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Taxable |
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Tax-exempt |
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Interest on short-term investments and certificates of deposit |
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Total interest and dividend income |
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Interest expense: |
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Deposits |
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Borrowings |
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- |
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Total interest expense |
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Net interest income |
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Provision for loan losses |
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Net interest income after provision for loan losses |
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Non-interest income: |
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Customer service fees |
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Income on bank-owned life insurance |
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Gain on sale of securities available for sale |
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- |
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- |
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- |
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Other income |
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Total non-interest income |
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Non-interest expenses: |
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Salaries and employee benefits |
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Occupancy and equipment |
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Advertising |
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Data processing |
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Deposit insurance |
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Other general and administrative |
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Total non-interest expenses |
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Income before income taxes |
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Provision for income taxes |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Net income per share: |
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Basic and diluted |
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$ |
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N/A |
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$ |
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N/A |
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Weighted average shares outstanding: |
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Basic and diluted |
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N/A |
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N/A |
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Reclassification
Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation.
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)
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For the Three Months Ended |
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For the Six Months Ended |
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December 31, |
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December 31, |
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2022 |
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2021 |
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2022 |
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2021 |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Other comprehensive income: |
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Change in unrealized holding (losses) gains |
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( |
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( |
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( |
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Reclassification adjustment for net realized gains |
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- |
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- |
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- |
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( |
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Net change in unrealized losses |
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( |
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( |
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( |
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Tax effect |
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- |
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- |
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- |
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Net-of-tax amount |
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( |
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( |
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( |
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( |
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Comprehensive income |
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$ |
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$ |
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$ |
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$ |
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There were
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 (Unaudited)
(Dollars in thousands)
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Accumulated |
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Additional |
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Other |
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Unearned |
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Common Stock |
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Paid-in |
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Retained |
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Comprehensive |
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Compensation |
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Shares |
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Amount |
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Capital |
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Earnings |
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Income (Loss) |
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ESOP |
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Total |
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Balance at September 30, 2022 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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Net income |
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- |
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- |
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- |
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- |
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- |
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Other comprehensive loss |
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- |
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- |
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- |
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- |
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( |
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- |
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( |
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ESOP shares committed to be released |
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- |
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- |
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( |
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- |
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- |
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Balance at December 31, 2022 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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Balance at September 30, 2021 |
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- |
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$ |
- |
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$ |
- |
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$ |
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$ |
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$ |
- |
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$ |
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Net income |
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- |
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- |
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- |
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- |
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- |
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Other comprehensive loss |
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- |
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- |
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- |
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- |
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( |
) |
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- |
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( |
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Balance at December 31, 2021 |
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- |
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$ |
- |
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$ |
- |
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$ |
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$ |
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$ |
- |
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$ |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
6
CFSB Bancorp, Inc. and Subsidiary
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(Dollars in thousands)
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Accumulated |
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Additional |
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Other |
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Unearned |
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Common Stock |
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Paid-in |
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Retained |
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Comprehensive |
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Compensation |
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Shares |
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Amount |
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Capital |
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Earnings |
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Income (Loss) |
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ESOP |
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Total |
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Balance at June 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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Net income |
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- |
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- |
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- |
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- |
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- |
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Other comprehensive loss |
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- |
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- |
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- |
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- |
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( |
) |
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