CMS Bancorp, Inc. Announces June 30, 2010 Quarterly Results
WHITE PLAINS, N.Y., Aug. 4, 2010 (GLOBE NEWSWIRE) -- CMS Bancorp, Inc. (Nasdaq:CMSB) (the "Company"), the parent of Community Mutual Savings Bank, announced results for the quarter and nine months ended June 30, 2010, which reflect net income of $20,000, or $.01 per share, in the quarter ended June 30, 2010, compared to a net loss of $119,000, or $0.07 per share, in the quarter ended June 30, 2009. In the nine month period ended June 30, 2010, the Company had net income of $87,000, or $0.05 per share, compared to a net loss of $105,000, or $0.06 per share, in the nine months ended June 30, 2009.
President and CEO John Ritacco stated that "we continue to make progress toward achieving long term profitability goals, as evidenced by the substantial growth in our net interest income, which rose by 23.6% and 19.5% in the three and nine month periods ended March 31, 2010, respectively, compared to the same periods in 2009. Net interest income was $1.9 million in the three month period ended June 30, 2010, compared to $1.6 million in the three months ended June 30, 2009, and $5.7 million in the nine month period ended June 30, 2010, compared to $4.8 million in the comparable period of 2009."
Commenting on the increase in net interest income, Mr. Ritacco reported that "while the historically low interest rate environment has led to a record level of prepayments in our one-to-four-family mortgage portfolio, we have experienced $9.5 million of net additions to our portfolio in the last nine months, principally in the non-residential real estate mortgage, multi-family and secured commercial loan portfolios. These new loans, along with reduced interest costs helped contribute to the improvement in interest rate spreads from 2.51% in the quarter ended June 30, 2009 to 3.20% in the quarter ended June 30, 2010, and from 2.71% in the nine months ended June 30, 2009 to 3.15% in the nine months ended June 30, 2010."
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