CFS Bancorp Inc. (CITZ, Financial) filed Quarterly Report for the period ended 2011-09-30.
Cfs Bancorp Inc. has a market cap of $51.9 million; its shares were traded at around $4.77 with a P/E ratio of 17.1 and P/S ratio of 0.9. The dividend yield of Cfs Bancorp Inc. stocks is 0.9%.
Our pre-tax, pre-provision earnings, as adjusted, totaled $2.7 million for the third quarter of 2011 compared to $2.3 million for the third quarter of 2010. The pre-tax, pre-provision earnings, as adjusted, for the third quarter of 2011 compared to the 2010 period was positively impacted by gains on the sale of loans receivable, increased card-based fees and commission income, and reduced FDIC insurance premiums and regulatory assessments and professional fees.
Interest Income. Interest income decreased to $10.8 million for the three months ended September 30, 2011 compared to $11.5 million for the comparable 2010 period. For the nine months ended September 30, 2011, interest income decreased to $33.0 million from $35.4 million for the 2010 period. The weighted-average rate on interest-earning asset decreased to 4.12% and 4.30% for the three and nine months ended September 30, 2011, respectively, from 4.56% and 4.78% for the comparable 2010 periods. The decrease was primarily due to higher average balances of investment securities, lower average balances of loans receivable, and the current lower interest rate environment which reduced the yields on loans receivable and investment securities. The
Interest expense on interest-earning deposits decreased to $1.6 million and $5.3 million, respectively, for the three and nine month periods ended September 30, 2011 from $2.1 million and $6.3 million, respectively, for the comparable 2010 periods. The weighted-average cost of deposits decreased 29 and 25 basis points to .73% and .81%, respectively, for the three and nine month periods ended September 30, 2011 from 1.02% and 1.06% for the comparable 2010 periods as a result of disciplined pricing on deposits, the repricing of certificates of deposit at lower interest rates, and increases in the average balance of non-interest bearing deposits, which was partially offset by increases in the average balance of interest bearing deposits.
The Bank strives to grow deposits through many channels including enhancing its brand recognition within its communities, offering attractive deposit products, bringing in new client relationships by meeting all of their banking needs, and holding its experienced sales team accountable for growing deposits and relationships. During 2011, we increased our core deposits by $57.4 million, including increases of $16.2 million in non-interest bearing checking deposits and $22.1 million in interest bearing checking deposits. Increasing core deposits is reflective of our success in deepening our client relationships, one of our core Strategic Plan objectives. Total certificates of deposit decreased by $16.9 million, or 4.2%, at September 30, 2011 compared to December 31, 2010 as management continues to be disciplined about pricing these deposits.
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Cfs Bancorp Inc. has a market cap of $51.9 million; its shares were traded at around $4.77 with a P/E ratio of 17.1 and P/S ratio of 0.9. The dividend yield of Cfs Bancorp Inc. stocks is 0.9%.
Highlight of Business Operations:
We continue to have success in growing core deposits through many channels including enhancing our brand recognition within our communities, offering attractive deposit products, bringing in new client relationships by meeting all of their banking needs, and holding our experienced sales team accountable for growing deposits and relationships. During 2011, we increased our core deposits by $57.4 million, or 10.6%, and core deposits represent 60.5% of total deposits compared to 57.0% at December 31, 2010. Total deposits increased by $40.6 million, or 4.3%, from December 31, 2010 and by $56.6 million, or 6.1%, from September 30, 2010.Our pre-tax, pre-provision earnings, as adjusted, totaled $2.7 million for the third quarter of 2011 compared to $2.3 million for the third quarter of 2010. The pre-tax, pre-provision earnings, as adjusted, for the third quarter of 2011 compared to the 2010 period was positively impacted by gains on the sale of loans receivable, increased card-based fees and commission income, and reduced FDIC insurance premiums and regulatory assessments and professional fees.
Interest Income. Interest income decreased to $10.8 million for the three months ended September 30, 2011 compared to $11.5 million for the comparable 2010 period. For the nine months ended September 30, 2011, interest income decreased to $33.0 million from $35.4 million for the 2010 period. The weighted-average rate on interest-earning asset decreased to 4.12% and 4.30% for the three and nine months ended September 30, 2011, respectively, from 4.56% and 4.78% for the comparable 2010 periods. The decrease was primarily due to higher average balances of investment securities, lower average balances of loans receivable, and the current lower interest rate environment which reduced the yields on loans receivable and investment securities. The
Interest expense on interest-earning deposits decreased to $1.6 million and $5.3 million, respectively, for the three and nine month periods ended September 30, 2011 from $2.1 million and $6.3 million, respectively, for the comparable 2010 periods. The weighted-average cost of deposits decreased 29 and 25 basis points to .73% and .81%, respectively, for the three and nine month periods ended September 30, 2011 from 1.02% and 1.06% for the comparable 2010 periods as a result of disciplined pricing on deposits, the repricing of certificates of deposit at lower interest rates, and increases in the average balance of non-interest bearing deposits, which was partially offset by increases in the average balance of interest bearing deposits.
The Bank strives to grow deposits through many channels including enhancing its brand recognition within its communities, offering attractive deposit products, bringing in new client relationships by meeting all of their banking needs, and holding its experienced sales team accountable for growing deposits and relationships. During 2011, we increased our core deposits by $57.4 million, including increases of $16.2 million in non-interest bearing checking deposits and $22.1 million in interest bearing checking deposits. Increasing core deposits is reflective of our success in deepening our client relationships, one of our core Strategic Plan objectives. Total certificates of deposit decreased by $16.9 million, or 4.2%, at September 30, 2011 compared to December 31, 2010 as management continues to be disciplined about pricing these deposits.
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