CFSB Bancorp Inc, the holding company for Colonial Federal Savings Bank, reported QQ4 2024 results with revenue of $3.421 million, up 19.4% year over year and 9.3% quarter over quarter. Despite top-line growth, net income was modest at $0.160 million and earnings per share (EPS) stood at $0.03 due to a substantial interest expense of $1.507 million and a favorable tax line that produced a negative tax expense of $0.106 million. The quarter maintained an overall positive operating result (operating income of $0.054 million), but the bottom line remains highly sensitive to funding costs, given the structure of the balance sheet and the sizable interest burden relative to revenue.
From a balance-sheet perspective, total assets stood at $363.4 million with cash and cash equivalents of $26.96 million. The most striking feature is an unusually large goodwill/intangible asset base of $291.93 million, representing a substantial portion of non-current assets. This raises impairment risk considerations and places a focus on ongoing capital planning and asset quality over time. Liquidity metrics are tight by traditional banking standards, with current/quick/cash ratios around 0.33 and a current liability base that appears larger than current assets, underscoring liquidity sensitivity in a rising-rate environment.
On the cash-flow front, operating cash flow was modest at $0.308 million for QQ4 2024, with financing activities contributing meaningfully to the cash position (+$5.124 million) and free cash flow of $0.268 million reported. The financing activity pattern suggests one-off or episodic funding actions rather than ongoing organic balance-sheet expansion. Trading multiples imply modestly depressed valuation relative to book value (price-to-book about 0.54) and elevated price-to-earnings (around 64.6x), reflecting the small-bank niche and the high weight of intangible assets in the balance sheet.
Overall, the quarterly results point to a company with positive but constrained profitability, a balance-sheet profile dominated by intangibles, and liquidity characteristics that require close monitoring as interest rates and competitive dynamics evolve in the regional banking landscape.