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CMS Bancorp, Inc. Announces Strong Financial Results For The Three Months And Nine Months Ended June 30, 2013

Stocks in this article: CMSB

WHITE PLAINS, N.Y., Aug. 12, 2013 (GLOBE NEWSWIRE) -- CMS Bancorp, Inc. (Nasdaq:CMSB) (the "Company"), the parent of CMS Bank (the "Bank"), announced net income available to common shareholders of $491,000 or $0.28 per share, for the three months ended June 30, 2013, compared to a net loss of $150,000, or $0.09 per share, for the three months ended June 30, 2012. For the nine months ended June 30, 2013 net income available to common shareholders was $792,000 or $0.46 per share, compared to a net loss of $390,000, or $0.23 per share, for the nine months ended June 30, 2012.

Commenting on these positive results, President and Chief Executive Officer John Ritacco stated that "the earnings improvement was due to the continued growth and diversification in the loan portfolio, lower interest costs, lower provisions for loan losses and cost containment measures undertaken by the Bank's management." In addition, the Company's results were favorably impacted by a $300,000 reimbursement from Customers Bancorp. Inc ("Customers") for prior period merger related expenses, which was paid by Customers in the three month period ended June 30, 2013 pursuant to the terms of an Amendment to the Agreement and Plan of Merger dated August 10, 2012, by and between the Company and Customers (the "Amendment"). A discussion regarding additional key terms agreed to by the parties under the Amendment is available in the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on April 24, 2013, available at .

Mr. Ritacco reported that "from September 30, 2012 to June 30, 2013, the Company continued to experience moderate growth and diversity in its loan portfolio mix, especially in the areas of in the multi-family, non-residential and commercial sectors. During this period, the loan portfolio grew by 4.0% from $201.5 million at September 30, 2012 to $209.5 million at June 30, 2013, an increase of $8.0 million. Equally as important, during the nine month period, impaired loans declined from $11.4 million to $7.8 million, substandard loans declined from $8.8 million to $4.2 million and non-accrual loans declined from $6.2 million to $3.9 million as of September 30, 2012 and June 30, 2013, respectively."

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