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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~December~~March 31, ~~2024~~2025


☐	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: 001-41220

CFSB Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)


United States of America	87-4396534
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
15 Beach Street Quincy, Massachusetts	02170
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (617) 471-0750

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Stock, Par Value $0.01 Common Per Share CFSB The Nasdaq Stock Market, LLC

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. Yes ☒ No ☐

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). Yes ☒ No ☐

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	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

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 ☐ No ☒

As of ~~February~~May 1012, 2025, the registrant had 6,548,575 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Net Loss	4
	Consolidated Statements of Net Income (Loss)	4
	Consolidated Statements of Comprehensive Loss	5
	Consolidated Statements of Comprehensive Income (Loss)	5
	Consolidated Statements of Changes in Stockholders' Equity	6
	Consolidated Statements of Cash Flows	8
	Notes to Unaudited Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4445
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5859
Item 4.	Controls and Procedures	5960
PART II.	OTHER INFORMATION	6061
Item 1.	Legal Proceedings	6061
Item 1A.	Risk Factors	6061
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6061
Item 3.	Defaults Upon Senior Securities	6061
Item 4.	Mine Safety Disclosures	6061
Item 5.	Other Information	6061
Item 6.	Exhibits	6162
Signatures		6263

Item 1. Financial Statements.

CFSB Bancorp, Inc. and Subsidiary

Consolidated Balance Sheets (Unaudited)

(In thousands, except per share data)

	December 31,			June 30,
	March 31,			June 30,
	2024			2024
	2025			2024
Assets:
Cash and due from banks	$	1,~~506~~205		$	1,339
Short-term investments		27,~~323~~045			25,620
Total cash and cash equivalents		28,~~829~~250			26,959
Securities available for sale, at fair value		~~103~~97			113
Securities held to maturity, net of allowance for credit losses of $119 and $149, fair value of $135,388 and $133,420 at December 31, 2024 and June 30, 2024, respectively		147,917			146,994
Securities held to maturity, net of allowance for credit losses of $114 and $149, fair value of $135,475 and $133,420 at March 31, 2025 and June 30, 2024, respectively		145,869			146,994
Federal Home Loan Bank stock, at cost		704			704
Loans, net of allowance for credit losses of $1,407 and $1,553 at December 31, 2024 and June 30, 2024, respectively		167,152			170,438
Loans, net of allowance for credit losses of $1,504 and $1,553 at March 31, 2025 and June 30, 2024, respectively		173,164			170,438
Premises and equipment, net		3,~~130~~078			3,246
Accrued interest receivable		1,~~355~~382			1,398
Bank-owned life insurance		10,~~809~~877			10,670
Deferred tax asset		1,~~193~~226			1,245
Operating lease right of use asset		~~812~~788			860
Other assets		~~754~~765			812
Total assets	$	~~362~~366,~~758~~200		$	363,439
Liabilities and Stockholders' Equity:
Deposits
Non-interest-bearing	$	2729,~~991~~430		$	34,124
Interest-bearing		~~242~~244,~~367~~331			236,717
Total deposits		~~270~~273,~~358~~761			270,841
Federal Home Loan Bank of Boston advances		10,350			10,350
Mortgagors' escrow accounts		1,~~684~~638			1,525
Operating lease liability		~~833~~811			877
Accrued expenses and other liabilities		3,~~862~~925			3,796
Total liabilities		~~287~~290,~~087~~485			287,389
Stockholders' Equity
Preferred Stock, $.01 par value, 10,000,000 shares authorized, none outstanding	$	-		$	-
Common Stock, $.01 par value, 90,000,000 shares authorized, 6,558,407 issued and outstanding as of December 31, 2024 and 6,621,152 issued and outstanding as of June 30, 2024		65			65
Common Stock, $.01 par value, 90,000,000 shares authorized, 6,548,575 issued and outstanding as of March 31, 2025 and 6,621,152 issued and outstanding as of June 30, 2024		65			65
Additional paid-in capital		28,~~302~~385			28,139
Treasury stock at cost, 74,235 and 11,490 shares at December 31, 2024 and June 30, 2024, respectively		(504	)		(78	)
Treasury stock at cost, 84,067 and 11,490 shares at March 31, 2025 and June 30, 2024, respectively		(573	)		(78	)
Retained earnings		50,~~058~~062			50,226
Accumulated other comprehensive loss		-			(1	)
Unearned compensation - ESOP, 224,970 and 230,084 shares unallocated at December 31, 2024 and June 30, 2024, respectively		(2,250	)		(2,301	)
Unearned compensation - ESOP, 222,412 and 230,084 shares unallocated at March 31, 2025 and June 30, 2024, respectively		(2,224	)		(2,301	)
Total stockholders' equity		75,~~671~~715			76,050
Total liabilities and stockholders' equity	$	~~362~~366,~~758~~200		$	363,439

The accompanying notes are an integral part of these unaudited consolidated financial statements.

CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Net Income (Loss) (Unaudited)

(In thousands, except per share data)

	For the Three Months Ended						For the ~~Six~~Nine Months Ended
	December 31,			December 31,			December 31,			December 31,
	March 31,			March 31,			March 31,			March 31,
	2024			2023			2024			2023
	2025			2024			2025			2024
Interest and dividend income:
Interest and fees on loans	$	1,~~765~~838		$	1,~~758~~777		$	35,~~549~~387		$	35,~~480~~257
Interest and dividends on debt securities:
Taxable		1,~~083~~095			~~904~~965			23,~~111~~206			12,~~772~~737
Tax-exempt		7371			9389			~~150~~221			~~190~~279
Interest on short-term investments		~~342~~262			49176			~~672~~934			94270
Total interest and dividend income		3,~~263~~266			23,~~804~~007			69,~~482~~748			58,~~536~~543
Interest expense:
Deposits		1,~~455~~395			1,~~051~~197			24,~~912~~307			13,~~927~~124
Borrowings		~~119~~117			~~114~~171			~~238~~355			~~164~~335
Total interest expense		1,~~574~~512			1,~~165~~368			34,~~150~~662			23,~~091~~459
Net interest income		1,~~689~~754			1,639			35,~~332~~086			35,~~445~~084
Reversal of credit losses for securities held to maturity		(15	)		(99	)		(30	)		(141	)
(Reversal) provision of credit losses for securities held to maturity		(5	)		44			(35	)		(97	)
Provision (reversal) of credit losses for off-balance sheet exposures		33			3			25			(12	)
(Reversal) provision of credit losses for off-balance sheet exposures		(26	)		15			(1	)		3
Reversal of credit losses for loans		(97	)		(8	)		(145	)		(117	)
Provision (reversal) of credit losses for loans		97			(79	)		(48	)		(196	)
Net interest income after reversal of provision for credit losses		1,768			1,743			3,482			3,715
Net interest income after (reversal) provision of credit losses		1,688			1,659			5,170			5,374
Non-interest income:
Customer service fees		3637			3741			77114			77118
Income on bank-owned life insurance		7068			6867			~~139~~207			~~134~~201
Other income		5955			6759			~~119~~174			~~121~~180
Total non-interest income		~~165~~160			~~172~~167			~~335~~495			~~332~~499
Non-interest expenses:
Salaries and employee benefits		1,~~218~~038			1,~~267~~117			23,~~314~~352			23,~~411~~528
Occupancy and equipment		~~237~~257			~~240~~256			~~488~~745			~~494~~750
Advertising		3835			3632			74109			74106
Data processing		~~108~~103			~~101~~97			~~202~~305			~~190~~287
Deposit insurance		3534			33			69103			6699
Other general and administrative		~~408~~380			~~432~~373			~~768~~1,148			~~790~~1,163
Total non-interest expenses		21,~~044~~847			21,~~109~~908			35,~~915~~762			45,~~025~~933
Income (loss) before income taxes		~~(111~~1	)		(~~194~~82	)		(9897	)		22(60	)
Provision for income taxes		51			16			70			109
(Benefit) provision for income taxes		(3	)		(42	)		67			67
Net loss	$	(162	)	$	(210	)	$	(168	)	$	(87	)
Net income (loss)	$	4		$	(40	)	$	(164	)	$	(127	)
Net loss per share:
Basic	$	(0.0300	)	$	(0.0301	)	$	(0.03	)	$	(0.0102	)
Diluted	$	(0.0300	)	$	(0.0301	)	$	(0.03	)	$	(0.0102	)
Weighted average shares outstanding:
Basic		6,~~271~~241,~~579~~324			6,~~284~~292,~~768~~060			6,~~283~~269,~~091~~372			6,~~283~~286,~~485~~323
Diluted		6,~~271~~241,~~579~~324			6,~~284~~292,~~768~~060			6,~~283~~269,~~091~~372			6,~~283~~286,~~485~~323

The accompanying notes are an integral part of these unaudited consolidated financial statements.

CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(In thousands)

	For the Three Months Ended						For the ~~Six~~Nine Months Ended
	December 31,						December 31,
	March 31,						March 31,
	2024			2023			2024			2023
	2025			2024			2025			2024
Net loss	$	(162	)	$	(210	)	$	(168	)	$	(87	)
Net income (loss)	$	4		$	(40	)	$	(164	)	$	(127	)
Other comprehensive loss:
Change in unrealized holding losses		-			2-			1			34
Net change in unrealized losses		-			2-			1			34
Tax effect		-			-			-			(12	)
Net-of-tax amount		-			2-			1			2
Comprehensive loss	$	(162	)	$	(208	)	$	(167	)	$	(85	)
Comprehensive income (loss)	$	4		$	(40	)	$	(163	)	$	(125	)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Changes in Stockholders' Equity (Unaudited)

(Dollars in thousands)

															Accumulated
						Additional									Other			Unearned
	Common Stock					Paid-in			Treasury			Retained			Comprehensive			Compensation
	Shares			Amount		Capital			Stock			Earnings			Income (Loss)			ESOP			Total
Balance at September 30, 2024		6,603,841		$	65	$	28,220		$	(195	)	$	50,220		$	-		$	(2,275	)	$	76,035
Net loss		-			-		-			-			(162	)		-			-			(162	)
Other comprehensive income		-			-		-			-			-			-			-			-
Stock-based compensation		-			-		90			-			-			-			-			90
Treasury stock purchased		(45,434	)		-		-			(309	)		-			-			-			(309	)
ESOP shares committed to be released		-			-		(8	)		-			-			-			25			17
Balance at December 31, 2024		6,558,407		$	65	$	28,302		$	(504	)	$	50,058		$	-		$	(2,250	)	$	75,671
Balance at September 30, 2023		6,632,642		$	65	$	27,896		$	-		$	50,316		$	(3	)	$	(2,377	)	$	75,897
Net income		-			-		-			-			4			-			-			4
Net loss		-			-		-			-			(210	)		-			-			(210	)
Other comprehensive income		-			-		-			-			-			-			-			-
Other comprehensive income		-			-		-			-			-			2			-			2
Stock-based compensation		-			-		89			-			-			-			-			89
ESOP shares committed to be released		-			-		(9	)		-			-			-			26			17
Treasury stock purchased		(9,832	)		-		-			(69	)		-			-			-			(69	)
ESOP shares committed to be released		-			-		(6	)		-			-			-			26			20
Balance at March 31, 2025		6,548,575		$	65	$	28,385		$	(573	)	$	50,062		$	-		$	(2,224	)	$	75,715
Balance at December 31, 2023		6,632,642		$	65	$	27,976		$	-		$	50,106		$	(1	)	$	(2,351	)	$	75,795
Net loss		-			-		-			-			(40	)		-			-			(40	)
Other comprehensive income		-			-		-			-			-			-			-			-
Stock-based compensation		-			-		90			-			-			-			-			90
ESOP shares committed to be released		-			-		(8	)		-			-			-			25			17
Balance at March 31, 2024		6,632,642		$	65	$	28,058		$	-		$	50,066		$	(1	)	$	(2,326	)	$	75,862

The accompanying notes are an integral part of these unaudited consolidated financial statements.

CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Changes in Stockholders' Equity (Unaudited)

(Dollars in thousands)

															Accumulated
						Additional									Other			Unearned
	Common Stock					Paid-in			Treasury			Retained			Comprehensive			Compensation
	Shares			Amount		Capital			Stock			Earnings			Income (Loss)			ESOP			Total
Balance at June 30, 2024		6,621,152		$	65	$	28,139		$	(78	)	$	50,226		$	(1	)	$	(2,301	)	$	76,050
Net loss		-			-		-			-			(~~168~~164	)		-			-			(~~168~~164	)
Other comprehensive income		-			-		-			-			-			1			-			1
Stock-based compensation		-			-		~~180~~269			-			-			-			-			~~180~~269
Treasury stock purchased		(6272,~~745~~577	)		-		-			(~~426~~495	)		-			-			-			(~~426~~495	)
ESOP shares committed to be released		-			-		(1723	)		-			-			-			5177			3454
Balance at December 31, 2024		6,558,407		$	65	$	28,302		$	(504	)	$	50,058		$	-		$	(2,250	)	$	75,671
Balance at March 31, 2025		6,548,575		$	65	$	28,385		$	(573	)	$	50,062		$	-		$	(2,224	)	$	75,715
Balance at June 30, 2023		6,632,642		$	65	$	27,814		$	-		$	50,416		$	(3	)	$	(2,403	)	$	75,889
Cumulative effect accounting adjustment(1)		-			-		-						(223	)		-			-			(223	)
Net loss		-			-		-			-			(87127	)		-			-			(87127	)
Other comprehensive income		-			-		-			-			-			2			-			2
Stock-based compensation		-			-		~~179~~269			-			-			-			-			~~179~~269
ESOP shares committed to be released		-			-		(1725	)					-			-			5277			3552
Balance at December 31, 2023		6,632,642		$	65	$	27,976		$	-		$	50,106		$	(1	)	$	(2,351	)	$	75,795
Balance at March 31, 2024		6,632,642		$	65	$	28,058		$	-		$	50,066		$	(1	)	$	(2,326	)	$	75,862

(1) Represents adjustment needed to reflect the cumulative impact on retained earnings pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment presented includes $12,000 ($9,000, net of tax) attributable to the change in accounting methodology for estimating the allowance for credit losses related to loans, $276,000 ($198,000, net of tax) attributable to the change in accounting methodology for estimating the allowance for credit losses related to securities held to maturity and $23,000 ($16,000, net of tax) related to the reserve for off-balance sheet exposures resulting from the Company's adoption of the standard. The amount shown in the table above is presented net of tax.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Changes of Cash Flows (Unaudited)

(In thousands)

	For the Six Months Ended
	For the Nine Months Ended
	December 31,
	March 31,
	2024			2023
	2025			2024
Cash flows from operating activities:
Net loss	$	(~~168~~164	)	$	(87127	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Adjustments to reconcile net loss to net cash provided by operating activities:
Reversal of credit losses		(~~150~~84	)		(~~270~~290	)
Amortization of securities, net		~~108~~141			~~187~~257
Net change in deferred loan costs and fees		(1134	)		4448
Increase in cash surrender value of bank-owned life insurance		(~~139~~207	)		(~~134~~201	)
Depreciation and amortization, net		~~118~~170			~~117~~176
Deferred income tax expense		5219			-
ESOP expense		3454			3552
Stock-based compensation		~~180~~269			~~179~~269
Net change in accrued interest receivable		4316			(~~104~~37	)
Other, net		~~100~~181			(3151	)
Net cash provided by (used in) operating activities		167			(64	)
Net cash provided by operating activities		361			96
Cash flows from investing activities:
Activity in securities available for sale:
Maturities, prepayments and calls		1117			1730
Activity in securities held to maturity:
Maturities, prepayments and calls		812,~~284~~582			713,~~248~~769
Purchases		(911,~~284~~563	)		(812,~~784~~766	)
Purchases of Federal Home Loan Bank of Boston stock		-			(~~569~~323	)
Loan originations and payments, net		3(2,~~444~~642	)		25,~~249~~161
Purchase of Participation Loans		-			(1,250	)
Additions to premises and equipment		(2	)		(31	)
Additions to premises and equipment		(2	)		(21	)
Net cash (used in) provided by investing activities		(1,608	)		5,840
Net cash provided by (used in) investing activities		2,453			(1,110	)
Cash flows from financing activities:
Net decrease in deposits		(483	)		(5,436	)
Net increase in deposits		2,920			2,262
Treasury stock purchased		(~~426~~495	)		-
Net increase in short-term borrowings		-			5,075
Net change in short-term borrowings		7,790			(3,675	)
Net increase in long-term borrowings		-			10,350
Net change in long-term borrowings		(7,790	)		10,350
Net increase in mortgagors' escrow accounts		159			48
Net change in mortgagors' escrow accounts		113			(70	)
Net cash (used in) provided by financing activities		(750	)		10,037
Net cash provided by financing activities		2,538			8,867
Net change in cash and cash equivalents		1,~~870~~291			814,~~863~~803
Cash and cash equivalents at beginning of period		26,959			6,861
Cash and cash equivalents at end of period	$	28,~~829~~250		$	1521,~~724~~664
Supplemental information:
Interest paid on deposits and long-term borrowings	$	34,~~182~~693		$	23,~~054~~393
Income taxes paid	$	3040		$	85
Adoption of ASU 2016-13	$	-		$	223

The accompanying notes are an integral part of these unaudited consolidated financial statements.

CFSB Bancorp, Inc. and Subsidiary

Notes to Unaudited Consolidated Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NATURE OF BUSINESS

Basis of presentation and consolidation

These unaudited consolidated financial statements of CFSB Bancorp, Inc. (the "Company") include the accounts of Colonial Federal Savings Bank (the “Bank”) and its wholly owned subsidiary, Beach Street Securities Corporation, which was established for the purpose of buying, holding, and selling securities. All significant intercompany balances and transactions have been eliminated in consolidation.

The unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements. In the opinion of management, all adjustments necessary for a fair presentation are reflected in these unaudited consolidated financial statements, and all adjustments made are of a normal recurring nature. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended June 30, 2024.

Reclassification

Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation.

Business

The Bank conducts operations from its three full-service banking offices and one limited-service banking office located in Quincy, Holbrook and Weymouth, Massachusetts, all within Norfolk County. The Bank considers its primary lending market area to be Norfolk and Plymouth Counties; however, the Bank occasionally makes loans secured by properties located outside of its primary lending market. The Bank's business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential real estate loans and, to a lesser extent, multi-family real estate loans, commercial real estate loans, second mortgage loans and home equity lines of credit, consumer loans and construction loans.

Reorganization and Offering

On January 12, 2022, the Bank reorganized from a federally chartered mutual savings bank into the two-tier mutual holding company structure. As part of the reorganization, a mutual holding company (the “MHC”) was formed as a federal corporation, into which all of the current voting rights of the members of the Bank were transferred. As part of the reorganization, the Bank converted to a federal stock savings bank. A stock holding company (the “Holding Company”) was established as a federal corporation and a majority-owned subsidiary of the MHC at all times so long as the MHC remains in existence. Concurrently with the reorganization, the Holding Company offered for sale 43% of its common stock in a stock offering and contributed 2% of its common stock to a charitable foundation established as a part of the reorganization. The remainder of the Holding Company common stock is held by the MHC. The Holding Company offered shares of common stock for sale on a priority basis to depositors of the Bank and the tax qualified employee plans of the Bank. The Company sold 2,804,306 shares of common stock at $10.00 per share ~~for gross offering proceeds of $28~~.0 ~~million.~~

Earnings Per Share

Basic earnings per share represent income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents (such as

CFSB Bancorp, Inc. and Subsidiary

options) were issued during the period. There were no anti-dilutive options for the three and ~~six~~nine months ended ~~December~~March 31, ~~2024~~2025 or ~~2023~~2024. Unearned ESOP shares are not deemed outstanding for earnings per share calculations.

The following table presents the factors used in the earnings per share calculation:

	For the Three Months Ended						For the ~~Six~~Nine Months Ended
(Dollars In thousands)	~~December~~March 31, ~~2024~~2025			~~December~~March 31, ~~2023~~2024			~~December~~March 31, ~~2024~~2025			~~December~~March 31, ~~2023~~2024
Net loss	$	(162	)	$	(210	)	$	(168	)	$	(87	)
Net income (loss)	$	4		$	(40	)	$	(164	)	$	(127	)
Weighted average number of common shares outstanding		6,~~587~~550,~~027~~001			6,632,642			6,~~599~~583,~~822~~457			6,632,642
Less: Average unallocated ESOP shares		(~~226~~224,~~648~~090	)		(~~236~~234,~~874~~316	)		(~~227~~226,~~931~~669	)		(~~238~~236,~~157~~886	)
Less: Average non-vested restricted shares		(8884,~~800~~587	)		(~~111~~106,~~000~~266	)		(8887,~~800~~416	)		(~~111~~109,~~000~~433	)
Weighted average number of common shares outstanding used to calculate basic earnings per common share		6,~~271~~241,~~579~~324			6,~~284~~292,~~768~~060			6,~~283~~269,~~091~~372			6,~~283~~286,~~485~~323
Dilutive effect of share-based compensation		-			-			-			-
Weighted average number of common shares outstanding used to calculate diluted earnings per common share		6,~~271~~241,~~579~~324			6,~~284~~292,~~768~~060			6,~~283~~269,~~091~~372			6,~~283~~286,~~485~~323
Loss per common share
Basic	$	(0.0300	)	$	(0.0301	)	$	(0.03	)	$	(0.0102	)
Diluted	$	(0.0300	)	$	(0.0301	)	$	(0.03	)	$	(0.0102	)

Use of estimates

In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the unaudited consolidated balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term are the allowance for credit losses and deferred income taxes.

Management believes that the allowance for credit losses was adequate as of ~~December~~March 31, ~~2024~~2025 and June 30, 2024. While management uses current information and reasonable and supportable forecasts to recognize losses on loans, securities and off-balance sheet commitments, future additions to the allowance for credit losses may be necessary based on changes in economic conditions or other factors. In addition, the Office of the Comptroller of the Currency, as an integral part of its examination process, periodically reviews the Bank's allowance for credit losses, and as a result of such reviews, management may have to adjust the allowance for credit losses. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is management's responsibility and any increase or decrease in the allowance is the responsibility of management.

Management believes that the deferred tax provision was adequate as of ~~December~~March 31, ~~2024~~2025 and June 30, 2024. In accordance with Accounting Standards Codification (“ASC”) Topic 740 “Income Taxes,” management uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. If currently available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. A valuation allowance results in additional income tax expense in the period in which it is recognized, which would negatively affect earnings. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Management exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax assets and liabilities. These judgments require management to make projections of future taxable income. The judgments and estimates management makes in determining the deferred tax assets are inherently subjective and are reviewed on a regular basis as regulatory, economic, or business factors change. Management believes, based upon current facts, that it is more likely than not that there will be ~~sufficient~~insufficient taxable income in future years to realize the federal and state portion of its deferred tax asset.

CFSB Bancorp, Inc. and Subsidiary

Recent accounting pronouncements

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes-Improvements to Income Tax Disclosures (Topic 740), which requires entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. On an annual basis, entities must disclose: (1) the amount of income taxes paid, net of refunds, disaggregated by federal, state and foreign sources and (2) the amount of income taxes paid, net of refunds, disaggregated by individual jurisdictions in which income taxes paid, net of refunds received, for amounts equal to or greater than 5% of total income taxes paid. Further, the amendments also require entities to disclose: (1) income or loss from continued operations before income tax expense (or benefit) disaggregated between domestic and foreign sources; and (2) income or loss from continued operations disaggregated by federal, state, and foreign sources. This ASU, as amended, is effective for the Company in fiscal years beginning after December 15, 2024 and is not expected to have a material impact on the Company's consolidated financial statements.

CFSB Bancorp, Inc. and Subsidiary

RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS

Effective March 26, 2020, the Board of Governors of the Federal Reserve reduced reserve requirement ratios to zero percent and therefore no reserve balance was required at ~~December~~March 31, ~~2024~~2025 or June 30, 2024.

SECURITIES

The amortized cost and fair value of securities, with gross unrealized gains and losses and allowance for credit losses, follows:

	December 31, 2024
	March 31, 2025
(In thousands)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Securities available for sale:
Government-sponsored enterprises:
Mortgage-backed securities - residential	$	~~103~~97	$	-	$	~~103~~97	$	-	$	-		$	~~103~~97
Total securities available for sale	$	~~103~~97	$	-	$	~~103~~97	$	-	$	-		$	~~103~~97
Securities held to maturity:
Government-sponsored enterprises:
Debt obligations	$	~~999~~1,000	$	-	$	~~999~~1,000	$	-	$	(53	)	$	~~994~~997
Mortgage-backed securities - residential		4948,~~824~~612		-		4948,~~824~~612		41107		(21,~~485~~808	)		4746,~~380~~911
Mortgage-backed securities - commercial		54,~~015~~961		-		54,~~015~~961		119		(47	)		54,~~022~~963
Collateralized mortgage obligations		24,~~950~~183		-		24,~~950~~183		76		-(1	)		24,~~957~~188
Municipal bonds		3937,~~136~~925		1		3937,~~135~~924		-2		(65,~~350~~633	)		32,~~785~~293
Corporate bonds		5049,~~112~~302		~~118~~113		49,~~994~~189		1122		(3,~~755~~088	)		46,~~250~~123
Total securities held to maturity	$	~~148~~145,~~036~~983	$	~~119~~114	$	~~147~~145,~~917~~869	$	70146	$	(1210,~~599~~540	)	$	135,~~388~~475


	June 30, 2024
(In thousands)	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Securities available for sale:
Government-sponsored enterprises:
Mortgage-backed securities - residential	$	114	$	-	$	114	$	-	$	(1	)	$	113
Total securities available for sale	$	114	$	-	$	114	$	-	$	(1	)	$	113

Securities held to maturity:
Government-sponsored enterprises:
Debt obligations	$	998	$	-	$	998	$	-	$	(19	)	$	979
Mortgage-backed securities - residential		46,556		-		46,556		13		(2,763	)		43,806
Mortgage-backed securities - commercial		4,462		-		4,462		11		(3	)		4,470
Collateralized mortgage obligations		2,975		-		2,975		9		-			2,984
Municipal bonds		41,171		2		41,169		-		(6,347	)		34,822
Corporate bonds		50,981		147		50,834		3		(4,478	)		46,359
Total securities held to maturity	$	147,143	$	149	$	146,994	$	36	$	(13,610	)	$	133,420

Securities with an amortized cost of $32,~~174~~173,000 and a fair value of $2728,~~998~~535,000 at ~~December~~March 31, ~~2024~~2025 were pledged to secure a credit line with the Federal Reserve Bank. See Note 7 of these unaudited consolidated financial statements.

CFSB Bancorp, Inc. and Subsidiary

The amortized cost and fair value of debt securities, by contractual maturity, is shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	December 31, 2024
	March 31, 2025
	Due in One Year or Less				Due After One Year to Five Years				Due after Five Years to Ten Years				Due After 10 Years				Total
(In thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Securities available for sale:
Government-sponsored enterprises:
Mortgage-backed securities - residential	$	-	$	-	$	910	$	910	$	8377	$	8377	$	1110	$	1110	$	~~103~~97	$	~~103~~97
Total securities available for sale	$	-	$	-	$	910	$	910	$	8377	$	8377	$	1110	$	1110	$	~~103~~97	$	~~103~~97
Securities held to maturity:
Government-sponsored enterprises:
Debt obligations	$	~~999~~1,000	$	~~994~~997	$	-	$	-	$	-	$	-	$	-	$	-	$	~~999~~1,000	$	~~994~~997
Mortgage-backed securities - residential		2632		2532		2,~~762~~536		2,~~692~~479		1514,~~230~~205		1413,~~295~~496		31,~~806~~839		30,~~368~~904		4948,~~824~~612		4746,~~380~~911
Mortgage-backed securities - commercial		-		-		1,~~783~~779		1,~~779~~772		3,~~232~~182		3,~~243~~191		-		-		54,~~015~~961		54,~~022~~963
Collateralized mortgage obligations		-		-		-		-		24,~~950~~183		24,~~957~~188		-		-		24,~~950~~183		24,~~957~~188
Municipal bonds		~~1,235~~-		~~1,231~~-		7,~~167~~536		7,~~054~~456		15,~~977~~637		13,~~469~~420		14,~~757~~752		11,~~031~~417		3937,~~136~~925		32,~~785~~293
Corporate bonds		12,999		12,~~988~~956		3637,~~522~~465		3435,~~326~~485		97,~~905~~156		86,~~664~~369		1,~~686~~682		1,~~272~~313		5049,~~112~~302		46,~~250~~123
Total securities held to maturity	$	4,~~259~~031	$	43,~~238~~985	$	4849,~~234~~316	$	4547,~~851~~192	$	4744,~~294~~363	$	4240,~~628~~664	$	48,~~249~~273	$	4243,~~671~~634	$	~~148~~145,~~036~~983	$	135,~~388~~475

	June 30, 2024
	Due in One Year or Less				Due After One Year to Five Years				Due after Five Years to Ten Years				Due After 10 Years				Total
(In thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Securities available for sale:
Government-sponsored enterprises:
Mortgage-backed securities - residential	$	1	$	1	$	8	$	8	$	93	$	92	$	12	$	12	$	114	$	113
Total securities available for sale	$	1	$	1	$	8	$	8	$	93	$	92	$	12	$	12	$	114	$	113
Securities held to maturity:
Government-sponsored enterprises:
Debt obligations	$	998	$	979	$	-	$	-	$	-	$	-	$	-	$	-	$	998	$	979
Mortgage-backed securities - residential		-		-		3,255		3,135		17,201		15,965		26,100		24,706		46,556		43,806
Mortgage-backed securities - commercial		-		-		1,006		1,004		3,456		3,466		-		-		4,462		4,470
Collateralized mortgage obligations		-		-		-		-		2,975		2,984		-		-		2,975		2,984
Municipal bonds		3,320		3,295		7,144		6,978		13,510		11,489		17,197		13,060		41,171		34,822
Corporate bonds		1,247		1,234		38,095		35,253		9,946		8,568		1,693		1,304		50,981		46,359
Total securities held to maturity	$	5,565	$	5,508	$	49,500	$	46,370	$	47,088	$	42,472	$	44,990	$	39,070	$	147,143	$	133,420

On July 1, 2023, the Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments, as amended, which replaced the incurred loss methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and securities held to maturity. In addition, ASC 326 made changes to the accounting for securities available for sale.

CFSB Bancorp, Inc. and Subsidiary

Allowance for Credit Losses - Securities Available for Sale

The Company measures expected credit losses on securities available for sale based upon the gain or loss position of the security. For securities available for sale in an unrealized loss position which the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost, the Company evaluates qualitative criteria to determine any expected loss. This includes among other items the financial health of, and specific prospects for the issuer, including whether the issuer is in compliance with the terms and covenants of the security. The Company also evaluates quantitative criteria including determining whether there has been an adverse change in expected future cash flows of the security. Securities available for sale which are guaranteed by government agencies do not have an allowance for credit losses, as these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. In assessing the Company’s investments in government-sponsored and U.S. government guaranteed mortgage-backed securities and government-sponsored enterprise obligations, the contractual cash flows of these investments are guaranteed by the respective government-sponsored enterprise Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”), or Government National Mortgage Association (“GNMA”). Accordingly, it is expected that the securities would not be settled at a price less than the par value of the Company’s investments. Certain items may cause the Company to change this methodology, which include legislative changes that remove a government-sponsored enterprise’s ability to draw funds from the U.S. government, or legislative changes to housing policy that reduce or eliminate the U.S. government’s implicit guarantee on such securities. The Company will evaluate its position no less than annually. Accrued interest receivable on securities available for sale guaranteed by government agencies totaled $~~1,000~~460 at ~~December~~March 31, ~~2024~~2025 and is excluded from the estimate of credit losses. If the Company does not expect to recover the entire amortized cost basis of the security, an allowance for credit losses would be recorded, with a related charge to earnings, limited by the amount of the fair value of the security less its amortized cost. If the Company intends to sell the security or it is more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company recognizes the entire difference between the amortized cost basis of the security and its fair value in earnings. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. There were no securities available for sale not guaranteed by government agencies at ~~June~~March 3031, ~~2024~~ 2025.

Allowance for Credit Losses - Securities Held to Maturity

The Company measures expected credit losses on securities held to maturity on a collective basis by security type and risk rating where available. The reserve for each pool is calculated based on a Probability of Default/Loss Given Default basis taking into consideration the expected life of each security. Held-to-maturity securities which are issued by the United States Treasury or are guaranteed by government agencies do not have an allowance for credit losses as these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. In assessing the Company’s investments in government-sponsored and U.S. government guaranteed mortgage-backed securities and government-sponsored enterprise obligations, the contractual cash flows of these investments are guaranteed by the respective government-sponsored enterprise FHLMC, FNMA, or GNMA. Accordingly, it is expected that the securities would not be settled at a price less than the par value of the Company’s investments. Certain items may cause the Company to change this methodology which include legislative changes that remove a government-sponsored enterprise’s ability to draw funds from the U.S. government, or legislative changes to housing policy that reduce or eliminate the U.S. government’s implicit guarantee on such securities. The Company will evaluate its position no less than annually. Any expected credit losses on held-to-maturity securities would be presented as an allowance for credit loss. Accrued interest receivable on held-to-maturity securities totaled $~~877~~840,000 at ~~June~~March 3031, ~~2024~~2025 and is excluded from the estimate of credit losses.

CFSB Bancorp, Inc. and Subsidiary

The following tables summarize the activity in the allowance for credit losses for securities held to maturity by security type for the dates indicated:

	Government-sponsored Enterprises
(In thousands)	Debt Obligations		Mortgage-backed Securities		Municipal Bonds		Corporate Bonds			Total
Balance at September 30, 2024	$	-	$	-	$	1	$	133		$	134
Reversal of credit losses		-		-		-		(15	)		(15	)
Balance at December 31, 2024	$	-	$	-	$	1	$	118		$	119
Reversal of credit losses		-		-		-		(5	)		(5	)
Balance at March 31, 2025	$	-	$	-	$	1	$	113		$	114

	Government-sponsored Enterprises
(In thousands)	Debt Obligations		Mortgage-backed Securities		Municipal Bonds			Corporate Bonds			Total
Balance at June 30, 2024	$	-	$	-	$	2		$	147		$	149
Reversal of credit losses		-		-		(1	)		(2934	)		(3035	)
Balance at December 31, 2024	$	-	$	-	$	1		$	118		$	119
Balance at March 31, 2025	$	-	$	-	$	1		$	113		$	114

	Government-sponsored Enterprises
(In thousands)	Debt Obligations		~~Mortgage-backed Securities~~	~~Municipal~~Mortgage-backed ~~Bonds~~Securities		~~Corporate Bonds~~	~~Total~~Municipal Bonds			Corporate Bonds		Total
Balance at September 30, 2023	$-		$-	$2		$231	$233
Balance at December 31, 2023	$	-		$	-		$	2		$	132	$	134
Provision for (reversal of) credit losses	-	-	-	-	-	~~(99)~~	~~(99)~~	(1	)		45		44
Balance at December 31, 2023	$-		$-	$2		$132	$134
Balance at March 31, 2024	$	-		$	-		$	1		$	177	$	178

	Government-sponsored Enterprises
(In thousands)	Debt Obligations		~~Mortgage-backed Securities~~	~~Municipal~~Mortgage-backed ~~Bonds~~Securities		~~Corporate Bonds~~	~~Total~~Municipal Bonds			Corporate Bonds			Total
Balance at June 30, 2023	$-	-	$-	$-	-	$-	$-	-		$	-		$	-
Adoption of ASU 2016-13	-	-	-	2	-	~~274~~	~~276~~	2			274			276
Adjusted beginning balance	$-	-	$-	$2	-	~~$274~~	~~$276~~	2			274			276
Provision for (reversal of) credit losses	-		-	-		(142)	(142)
Reversal of credit losses		-			-			(1	)		(97	)		(98	)
Balance at December 31, 2023	$-		$-	$2		$132	$134
Balance at March 31, 2024	$	-		$	-		$	1		$	177		$	178

CFSB Bancorp, Inc. and Subsidiary

Information pertaining to securities with gross unrealized losses at ~~December~~March 31, ~~2024~~2025 or June 30, 2024 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	December 31, 2024
	March 31, 2025
	Less Than Twelve Months									Over Twelve Months
(In thousands)	Number of Securities		Gross Unrealized Losses		Estimated Fair Value		Depreciation from Amortized Cost Basis (%)			Number of Securities		Gross Unrealized Losses		Estimated Fair Value		Depreciation from Amortized Cost Basis (%)
Securities available for sale:
Mortgage-backed securities - residential		-	$	-	$	-		-	%		-	$	-	$	-		-	%
Total temporarily impaired securities available for sale		-	$	-	$	-		-	%		-	$	-	$	-		-	%
Securities held to maturity:
Government-sponsored enterprises:
Debt obligations		-	$	-	$	-		-	%		1	$	53	$	~~994~~997		0.53	%
Mortgage-backed securities - residential		1810		~~215~~51		158,~~600~~191		10.46			~~104~~105		21,~~270~~757		2827,~~248~~154		76.41
Mortgage-backed securities - commercial		23		47		12,~~779~~510		0.23			-		-		-		-
Municipal bonds		10		220		6,043		3.5			33		6,130		25,324		19.5
Collateralized mortgage obligations		1		1		1,237		0.1			-		-		-		-
Corporate bonds		1		8		992		0.8			38		3,747		43,837		7.9
Municipal bonds		9		180		5,718		3.1			33		5,453		25,156		17.8
Total temporarily impaired securities held to maturity		31	$	447	$	24,414		1.8	%		176	$	12,152	$	98,403		11.0	%
Corporate bonds		1		4		996		0.4			37		3,084		43,692		6.6
Total temporarily impaired securities held to maturity		24	$	243	$	18,652		1.3	%		176	$	10,297	$	96,999		9.6	%


	June 30, 2024
	Less Than Twelve Months									Over Twelve Months
(In thousands)	Number of Securities		Gross Unrealized Losses		Estimated Fair Value		Depreciation from Amortized Cost Basis (%)			Number of Securities		Gross Unrealized Losses		Estimated Fair Value		Depreciation from Amortized Cost Basis (%)
Securities available for sale:
Mortgage-backed securities - residential		-	$	-	$	-		-	%		31	$	1	$	74		1.3	%
Total temporarily impaired securities available for sale		-	$	-	$	-		-	%		31	$	1	$	74		1.3	%

Securities held to maturity:
Government-sponsored enterprises:
Debt obligations		-	$	-	$	-		-	%		1	$	19	$	979		1.9	%
Mortgage-backed securities - residential		5		25		3,575		0.7			122		2,738		34,679		7.3
Mortgage-backed securities - commercial		2		3		1,885		0.1			-		-		-		-
Municipal bonds		8		56		3,724		1.5			41		6,291		30,085		17.3
Corporate bonds		1		5		1,529		0.3			38		4,473		43,975		9.2
Total temporarily impaired securities held to maturity		16	$	89	$	10,713		0.8	%		202	$	13,521	$	109,718		11.0	%

At December 31, 2024, 207 debt securities had unrealized losses with an aggregate depreciation of 9.3% from the Bank’s amortized cost basis. These unrealized losses are the result of changes in the interest rate environment and there have been no downgrades in the investment quality of these securities.

CFSB Bancorp, Inc. and Subsidiary

~~Credit~~At ~~Quality~~March ~~Indicators~~31, 2025, 200 debt securities had unrealized losses with an aggregate depreciation of 8.4% from the Bank’s amortized cost basis. These unrealized losses are the result of changes in the interest rate environment and there have been no downgrades in the investment quality of these securities.

The Company monitors the credit quality of securities through the use of Standard &Poor's credit ratings on a quarterly basis. Based on credit ratings, all securities are investment grade at December 31, 2024 and June 30, 2024. The following tables provide the amortized cost of securities available for sale and securities held to maturity at the dates indicated:

	December 31, 2024
(In thousands)	Aaa		Aa1		Aa2		Aa3		A1		A2		A3		Baa1		Baa2		Total
Securities available for sale:
Government-sponsored enterprises:
Mortgage-backed securities - residential	$	103	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	103
Total securities available for sale	$	103	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	103
Securities held to maturity:
Government-sponsored enterprises:
Debt obligations	$	999	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	999
Mortgage-backed securities - residential		49,824		-		-		-		-		-		-		-		-		49,824
Mortgage-backed securities - commercial		5,015		-		-		-		-		-		-		-		-		5,015
Collateralized mortgage obligations		2,950		-		-		-		-		-		-		-		-		2,950
Municipal bonds		9,174		12,913		12,369		2,967		-		1,713		-		-		-		39,136
Corporate bonds		2,186		-		4,737		5,578		15,005		10,237		8,004		3,852		513		50,112
Total securities held to maturity	$	70,148	$	12,913	$	17,106	$	8,545	$	15,005	$	11,950	$	8,004	$	3,852	$	513	$	148,036

CFSB Bancorp, Inc. and Subsidiary

	June 30, 2024
(In thousands)	Aaa		Aa1		Aa2		Aa3		A1		A2		A3		Baa2		Total
Securities available for sale:
Government-sponsored enterprises:
Mortgage-backed securities - residential	$	114	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	114
Total securities available for sale	$	114	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	114
Securities held to maturity:
Government-sponsored enterprises:
Debt obligations	$	998	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	998
Mortgage-backed securities - residential		46,556		-		-		-		-		-		-		-		46,556
Mortgage-backed securities - commercial		4,462		-		-		-		-		-		-		-		4,462
Collateralized mortgage obligations		2,975		-		-		-		-		-		-		-		2,975
Municipal bonds		8,741		13,882		13,173		2,643		1,020		1,712		-		-		41,171
Corporate bonds		2,192		-		4,767		2,062		16,475		14,281		10,690		514		50,981
Total securities held to maturity	$	65,924	$	13,882	$	17,940	$	4,705	$	17,495	$	15,993	$	10,690	$	514	$	147,143

Credit Quality Indicators

~~There~~The ~~were~~Company nomonitors ~~sales~~the credit quality of securities ~~during~~through the ~~six~~use ~~months~~of ~~ended~~Standard ~~December~~& Poor's credit ratings on a quarterly basis. Based on credit ratings, all securities are investment grade at March 31, ~~2024~~2025 orand ~~2023~~June 30, 2024. The following tables provide the amortized cost of securities available for sale and securities held to maturity at the dates indicated:


	March 31, 2025
(In thousands)	Aaa		Aa1		Aa2		Aa3		A1		A2		A3		Baa1		Baa2		Total
Securities available for sale:
Government-sponsored enterprises:
Mortgage-backed securities - residential	$	97	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	97
Total securities available for sale	$	97	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	97

Securities held to maturity:
Government-sponsored enterprises:
Debt obligations	$	1,000	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	1,000
Mortgage-backed securities - residential		48,612		-		-		-		-		-		-		-		-		48,612
Mortgage-backed securities - commercial		4,961		-		-		-		-		-		-		-		-		4,961
Collateralized mortgage obligations		4,183		-		-		-		-		-		-		-		-		4,183
Municipal bonds		9,171		12,932		11,140		2,969		-		1,713		-		-		-		37,925
Corporate bonds		2,182		-		4,722		5,574		14,235		10,218		8,000		3,859		512		49,302
Total securities held to maturity	$	70,109	$	12,932	$	15,862	$	8,543	$	14,235	$	11,931	$	8,000	$	3,859	$	512	$	145,983

CFSB Bancorp, Inc. and Subsidiary


	June 30, 2024
(In thousands)	Aaa		Aa1		Aa2		Aa3		A1		A2		A3		Baa2		Total
Securities available for sale:
Government-sponsored enterprises:
Mortgage-backed securities - residential	$	114	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	114
Total securities available for sale	$	114	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	114

Securities held to maturity:
Government-sponsored enterprises:
Debt obligations	$	998	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	998
Mortgage-backed securities - residential		46,556		-		-		-		-		-		-		-		46,556
Mortgage-backed securities - commercial		4,462		-		-		-		-		-		-		-		4,462
Collateralized mortgage obligations		2,975		-		-		-		-		-		-		-		2,975
Municipal bonds		8,741		13,882		13,173		2,643		1,020		1,712		-		-		41,171
Corporate bonds		2,192		-		4,767		2,062		16,475		14,281		10,690		514		50,981
Total securities held to maturity	$	65,924	$	13,882	$	17,940	$	4,705	$	17,495	$	15,993	$	10,690	$	514	$	147,143

There were no sales of securities during the nine months ended March 31, 2025 or 2024.

CFSB Bancorp, Inc. and Subsidiary

LOANS AND ALLOWANCE FOR CREDIT LOSSES

A summary of the balances of loans follows:

(In thousands)	~~December~~March 31, ~~2024~~2025			June 30, 2024
Mortgage loans on real estate:
Residential:
1-4 family	$	~~136~~138,~~195~~130		$	138,005
Multifamily		1116,~~720~~159			12,066
Second mortgages and home equity lines of credit		4,~~004~~007			3,372
Commercial		1514,~~056~~736			16,833
Total mortgage loans on real estate		~~166~~173,~~975~~032			170,276
Consumer loans:
Consumer		9285			65
Home improvement		1,~~868~~904			2,037
Total other loans		1,~~960~~989			2,102
Total loans		~~168~~175,~~935~~021			172,378
Allowance for credit losses		(1,~~407~~504	)		(1,553	)
Net deferred loan fees		(~~376~~353	)		(387	)
Loans, net	$	~~167~~173,~~152~~164		$	170,438

Residential loans are subject to a blanket lien securing Federal Home Loan Bank (“FHLB”) advances. See Note 7 of these unaudited consolidated financial statements.

Effect of New Financial Accounting Standards

On July 1, 2023, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments, as amended, which requires that the recognition of the allowance for credit losses be estimated using the CECL methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including ~~loan~~loans ~~receivables~~receivable and securities held to maturity. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for securities available for sale. One such change is to require credit losses be presented as an allowance rather than as a write-down on securities available for sale that are determined to have impairment related to credit losses.

The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning July 1, 2023 are presented under ASC 326.

1920

CFSB Bancorp, Inc. and Subsidiary

The Company recorded a net decrease to retained earnings of $223,000 as of July 1, 2023 for the cumulative effect of adopting ASC 326, which includes a net deferred tax liability of $88,000.

The following table illustrates the impact of ASC 326:


	Pre-ASC Adoption			As Reported Under ASC 326
(In thousands)	June 30, 2023			July 1, 2023			Impact of ASC 326 Adoption
Assets
Allowance for credit losses on securities held to maturity	$	-		$	(276	)	$	(276	)
Allowance for credit losses on loans		(1,747	)		(1,759	)		(12	)
Deferred tax asset on allowance for credit losses		466			378			(88	)

Liabilities
Allowance for credit losses on off-balance sheet exposures	$	-		$	23		$	23

Shareholders' Equity
Retained earnings	$	50,416		$	50,193		$	(223	)

2021

CFSB Bancorp, Inc. and Subsidiary

Allowance for Credit Losses

The allowance for credit losses (“ACL”) is an estimate of current expected losses within the Company's loan portfolio. The ACL, as reported on our consolidated balance sheet, is adjusted by a credit loss expense, which is reported in earnings, and reduced by loan charge-offs, net of recoveries. Accrued interest receivable on loans was $~~529~~542,000 at ~~December~~March 31, ~~2024~~2025 and $520,000 at June 30, 2024, and is excluded from the estimate of credit losses.

The loan loss estimation process involves procedures to appropriately consider the unique characteristics of loan portfolio segments, which are disaggregated by call code. For each of these pools, the Company collects historical loss data, dating back to March 2008, from a selection of peer banks and applies the annual historical loss rate over the estimated remaining average life of the loan portfolio segment. The use of peer banks' historical loss rates is due to the lack of loss history experienced by the Bank. The average remaining life of a loan portfolio segment is adjusted for estimated prepayment and curtailment expectations. The modeling for estimated prepayment speeds and curtailment rates is based on a combination of historical ~~internal~~data and market estimates. The quantitative component of the ACL on loans is model-based and utilizes a forward-looking macroeconomic forecast. The Company uses a Weighted Average Remaining Maturity (“WARM”) method, incorporating historical loss data based on statistically derived economic variable loss drivers, to estimate expected credit losses. This process includes estimates which involve modeling loss projections attributable to existing loan balances, and considers historical experience, current conditions, and future expectations for segments of loans over a reasonable and supportable forecast period. The historical information is collected from a selection of peer banks and is derived from a combination of recessionary and non-recessionary performance periods for which data is available.

Residential one- to four-family: This segment consists of one- to four-family, owner-occupied, residential mortgage loans, virtually all of which are secured by properties in our market area. Generally, mortgages with loan-to-value ratios greater than 80% require private mortgage insurance, with limited exceptions. Underwriting approval is dependent on review of the borrower's ability to repay and credit history in accordance with the Company's policy. The overall health of the economy, including unemployment rates and housing pricing, will have an effect on the credit quality of this segment.

Multi-family: This segment consists of real estate loans secured by properties of five or more rental units within our market area. We consider a number of factors in originating multi-family loans. We evaluate the qualifications, income level and financial condition of the borrower, including project-level and global cash flows, credit history, and management expertise, as well as the value and condition of the property securing the loan. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy due to increased vacancy rates or diminished cash flows, which in turn would have an effect on the credit quality of this segment. Management obtains financial information annually and monitors the cash flows of these loans.

Second mortgages and home equity lines of credit: Second mortgage loans and home equity lines of credit are multi-purpose loans used to finance various home or personal needs for which a one- to four-family primary or secondary residence serves as collateral. We generally originate home equity lines of credit with a maximum loan-to-value ratio of 80% (including the value of the underlying mortgage loan) and with terms of up to 20 years. We originate second mortgage loans on owner-occupied properties with fixed rates of interest. We generally originate these loans with a maximum loan-to-value ratio of 80% (including the value of the underlying mortgage loan) and with terms of up to 15 years. Underwriting approval is dependent on review of the borrower's ability to repay and credit history in accordance with the Company's policy. The overall health of the economy, including unemployment rates and housing pricing, will have an effect on the credit quality of this segment.

2122

CFSB Bancorp, Inc. and Subsidiary

Commercial real estate: This segment consists of real estate loans generally secured by office buildings, small retail facilities, mixed-use facilities, and warehouses within our market area. We consider a number of factors in originating commercial real estate loans. We evaluate the qualifications, income level and financial condition of the borrower, including project-level and global cash flows, credit history, and management expertise, as well as the value and condition of the property securing the loan. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy due to diminished cash flows, which in turn, would have an effect on the credit quality of this segment. Management obtains financial information annually and monitors the cash flows of these loans.

Consumer and home improvement: We offer a variety of consumer loans to individuals, including home improvement loans and new and used automobile loans. The overall health of the economy, including unemployment rates, will have an effect on the credit quality of this segment.

WARM method

In estimating the component of the ACL for loans that share similar credit characteristics with other loans, such loans are segregated into loan segments. Loans are designated into loan segments based on call code, for ease of use of historical peer bank data. In determining the ACL, we derive an estimated credit loss assumption from a model that categorizes loans to their call codes. The model calculates an expected loss percentage for each loan call code segment by considering the related historical annual net charge-off rate for that segment, based on historical averages from a select group of peer banks dating back to March 2008, and the average remaining life of the loan segment, based on estimated prepayment and curtailment rates. The historical loss rates over the remaining life of the loan segment are adjusted for differences between the historical net charge-off rates and the expected conditions over the remaining lives of the loans related to: (1) national, regional and local economic and business conditions and developments that effect the collectability of the portfolio; (2) changes in the ~~volume~~amount of past due loans and adversely classified or graded loans, the ~~volume~~amount of nonaccrual loans and trends in charge-offs and recoveries; (3) changes in the size and composition of the portfolio and the terms of loans; (4) changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; (5) changes in the experience, ability and depth of lending management and other relevant staff; (6) changes in the quality of the institution's review system; (7) the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution's existing portfolio; and (8) the existence of any concentrations of credit, and changes in the level of such concentrations. Such factors are used to adjust the historical net charge-off rates so that they reflect management expectations of future conditions based on a reasonable and supportable forecast. The Company uses regression analysis of historical peer data to determine which variables are best suited to be economic variables utilized when modeling lifetime net charge-off rates. This analysis also determines how net charge-off rates will react to forecasted levels of the economic variables.

For all WARM models, management has determined that eight quarters represents a reasonable and supportable forecast period and reverts back to the historical net charge-off rates thereafter. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics.

Individually evaluated financial assets

For a loan that does not share risk characteristics with other loans, expected credit loss is measured on a net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, we recognize expected credit loss equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs and deferred loan costs and fees), except when the loan is collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit losses is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than on the operation) of the collateral.

2223

CFSB Bancorp, Inc. and Subsidiary

Allowance for credit losses on off-balance sheet credit exposures, including unfunded loan commitments

The Company maintains a separate allowance for credit losses for off-balance sheet credit exposures, including unfunded loan commitments, which is included in accrued expenses and other liabilities on the consolidated balance sheet. Management estimates the amount of expected losses by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancelable by the Company and applying the loss factors used in the ACL methodology to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan type. No estimate for credit losses is reported for off-balance sheet exposures that are unconditionally cancelable by the Company, such as undrawn amounts under such arrangements that may be drawn prior to the cancellation of the agreement. The allowance for credit losses on off-balance sheet credit exposures is adjusted as credit loss expense. Categories of off-balance sheet credit exposures correspond to the loan portfolio segment described above. Management evaluates the need for a reserve on unfunded loan commitments in a manner consistent with loans.

CFSB Bancorp, Inc. and Subsidiary

The following table presents activity in the allowance for credit losses by loan segment for the three months ended December 31, 2024 and 2023 is as follows:

(In thousands)	Residential 1-4 Family			Multifamily			Second Mortgages and Home Equity Lines of Credit			Commercial Real Estate			Consumer		Home Improvement			Total
Allowance for credit losses for loans
Balance at September 30, 2024	$	1,004		$	192		$	17		$	231		$	1	$	59		$	1,504
Provision (benefit) for credit losses		(58	)		(11	)		(6	)		(19	)		1		(4	)		(97	)
Loans charged-off		-			-			-			-			-		-			-
Recoveries		-			-			-			-			-		-			-
Balance at December 31, 2024	$	946		$	181		$	11		$	212		$	2	$	55		$	1,407
Allowance for credit losses for off-balance sheet exposures
Balance at September 30, 2024	$	5		$	18		$	-		$	-		$	-	$	-		$	23
Provision for credit losses		5			28			-			-			-		-			33
Balance at December 31, 2024	$	10		$	46		$	-		$	-		$	-	$	-		$	56
Allowance for credit losses for loans
Balance at September 30, 2023	$	1,071		$	181		$	43		$	291		$	2	$	61		$	1,649
Provision (benefit) for credit losses		(20	)		7			4			(2	)		-		3			(8	)
Loans charged-off		-			-			-			-			-		-			-
Recoveries		-			-			-			-			-		-			-
Balance at December 31, 2023	$	1,051		$	188		$	47		$	289		$	2	$	64		$	1,641
Allowance for credit losses for off-balance sheet exposures
Balance at September 30, 2023	$	4		$	6		$	-		$	-		$	-	$	-		$	10
Provision (benefit) for credit losses		(4	)		5			-			-			-		-			1
Balance at December 31, 2023	$	-		$	11		$	-		$	-		$	-	$	-		$	11

The $97,000 reversal for credit losses for loans was primarily due to changes in economic factors, lower loan balances and continued strong asset quality for the three months ended December 31, 2024. The $33,000 provision for credit losses for off-balance sheet exposures was primarily due to an increase of $2.9 million in unfunded commitments for the three months ended December 31, 2024.

CFSB Bancorp, Inc. and Subsidiary

The following table presents activity in the allowance for credit losses by loan segment for the ~~six~~three months ended ~~December~~March 31, ~~2024~~2025 and ~~2023~~2024 is as follows:

(In thousands)	Residential 1-4 Family			Multifamily			Second Mortgages and Home Equity Lines of Credit			Commercial Real Estate			Consumer			Home Improvement			~~Unallocated~~Total			~~Total~~
Allowance for credit losses for loans
Balance at June 30, 2024	$	1,043		$	191		$	18		$	240		$	1		$	60		$	-		$	1,553
Balance at December 31, 2024	$	946		$	181		$	11		$	212		$	2		$	55		$	1,407
Provision (benefit) for credit losses		~~(97~~74	)		~~(10~~22	)		(73	)		(283	)		2-			(51	)		-97			~~(145~~	)
Loans charged-off		-			-			-			-			(1	)		-			-			(1	)
Balance at March 31, 2025	$	1,020		$	203		$	14		$	209		$	2		$	56		$	1,504
Recoveries		-			-			-			-			-			-			-			-
Allowance for credit losses for off-balance sheet exposures
Balance at December 31, 2024	$	~~946~~10		$	~~181~~46		$	11-		$	~~212~~-		$	2-		$	55-		$	-56		$	~~1,407~~
Allowance for credit losses for off-balance sheet exposures
Benefit for credit losses		(1	)		(25	)		-			-			-			-			(26	)
Balance at June 30, 2024	$	5		$	26		$	-		$	-		$	-		$	-		$	-		$	31
Balance at March 31, 2025	$	9		$	21		$	-		$	-		$	-		$	-		$	30
Provision for credit losses		5			20			-			-			-			-			-			25
Allowance for credit losses for loans
Balance at December 31, 2024	$	10		$	46		$	-		$	-		$	-		$	-		$	-		$	56
Balance at December 31, 2023	$	1,051		$	188		$	47		$	289		$	2		$	64		$	1,641
Allowance for credit losses for loans
Provision (benefit) for credit losses		(19	)		(24	)		15			(54	)		1			2			(79	)
Balance at June 30, 2023	$	974		$	190		$	29		$	346		$	-		$	64		$	144		$	1,747
Loans charged-off		-			-			-			-			(1	)		-			(1	)
Adoption of ASU 2016-13(1)		139			2			23			(19	)		2			9			(144	)		12
Balance at March 31, 2024	$	1,032		$	164		$	62		$	235		$	2		$	66		$	1,561
Adjusted beginning balance	$	1,113		$	192		$	52		$	327		$	2		$	73		$	-		$	1,759
Allowance for credit losses for off-balance sheet exposures
Provision (benefit) for credit losses		(62	)		(4	)		(5	)		(38	)		-			(9	)		-			(118	)
Balance at December 31, 2023	$	-		$	11		$	-		$	-		$	-		$	-		$	11
Loans charged-off		-			-			-			-			-			-			-			-
Provision for credit losses		-			15			-			-			-			-			15
Recoveries		-			-			-			-			-			-			-			-
Balance at March 31, 2024	$	-		$	26		$	-		$	-		$	-		$	-		$	26
Balance at December 31, 2023	$	1,051		$	188		$	47		$	289		$	2		$	64		$	-		$	1,641
Allowance for credit losses for off-balance sheet exposures
Balance at June 30, 2023	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Adoption of ASU 2016-13(1)		5			7			-			7			4			-			-			23
Adjusted beginning balance	$	5		$	7		$	-		$	7		$	4		$	-		$	-		$	23
Provision (benefit) for credit losses		(5	)		4			-			(7	)		(4	)		-			-			(12	)
Balance at December 31, 2023	$	-		$	11		$	-		$	-		$	-		$	-		$	-		$	11

~~(1)~~The ~~Represents~~$97,000 ~~the~~provision ~~net~~for ~~adjustment~~credit ~~needed~~losses tofor ~~reflect~~loans ~~the~~was ~~cumulative~~primarily ~~day~~due ~~one~~to ~~impact~~increases ~~pursuant~~in toloan balances for the ~~Company's~~three ~~adoption~~months ofended ~~ASU~~March ~~2016-13~~31, (i2025.e. The $26,000 ~~the~~reversal ~~cumulative~~for ~~effect~~credit ~~adjustment~~losses ~~related~~for off-balance sheet exposures was primarily due to ~~the~~a ~~adoption~~decrease of ~~ASU~~$2.3 ~~2016-13~~million asin ofunfunded ~~July~~commitments 1for the three months ended March 31, ~~2023)~~2025.

The $145,000 reversal for credit losses for loans was primarily due to changes in economic factors, lower loan balances and continued strong asset quality for the six months ended December 31, 2024. The $25,000 provision for credit losses for off-balance sheet exposures was primarily due to an increase of $2.0 million in unfunded commitments for the six months ended December 31, 2024.

CFSB Bancorp, Inc. and Subsidiary

~~Individually~~The ~~Evaluated~~following ~~Loans~~table presents activity in the allowance for credit losses by loan segment for the nine months ended March 31, 2025 and 2024 is as follows:

In connection with the adoption of ASU 2016-13, the Company no longer provides information on impaired loans. A loan is considered individually evaluated when, based on current information and events, the loan is rated special mention or worse. At December 31, 2024, the Company had $1.6 million in individually evaluated residential one- to four-family loans. These consisted of four loans, to one borrower, that are current and rated substandard and individually evaluated due to the borrowers' inability to show sufficient rent receipts to support the debt coverage. This also includes one residential one- to four-family loan on non-accrual due to non payment.


(In thousands)	Residential 1-4 Family			Multifamily			Second Mortgages and Home Equity Lines of Credit			Commercial Real Estate			Consumer			Home Improvement			Unallocated			Total
Allowance for credit losses for loans
Balance at June 30, 2024	$	1,043		$	191		$	18		$	240		$	1		$	60		$	-		$	1,553
Provision (benefit) for credit losses		(23	)		12			(4	)		(31	)		2			(4	)		-			(48	)
Loans charged-off		-			-			-			-			(1	)		-			-			(1	)
Balance at March 31, 2025	$	1,020		$	203		$	14		$	209		$	2		$	56		$	-		$	1,504

Allowance for credit losses for off-balance sheet exposures
Balance at June 30, 2024	$	5		$	26		$	-		$	-		$	-		$	-		$	-		$	31
Provision (benefit) for credit losses		4			(5	)		-			-			-			-			-			(1	)
Balance at March 31, 2025	$	9		$	21		$	-		$	-		$	-		$	-		$	-		$	30

Allowance for credit losses for loans
Balance at June 30, 2023	$	974		$	190		$	29		$	346		$	-		$	64		$	144		$	1,747
Adoption of ASU 2016-13(1)		139			2			23			(19	)		2			9			(144	)		12
Adjusted beginning balance	$	1,113		$	192		$	52		$	327		$	2		$	73		$	-		$	1,759
Provision (benefit) for credit losses		(81	)		(28	)		10			(92	)		1			(7	)		-			(197	)
Loans charged-off		-			-			-			-			(1	)		-			-			(1	)
Balance at March 31, 2024	$	1,032		$	164		$	62		$	235		$	2		$	66		$	-		$	1,561

Allowance for credit losses for off-balance sheet exposures
Balance at June 30, 2023	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Adoption of ASU 2016-13(1)		5			7			-			7			4			-			-			23
Adjusted beginning balance	$	5		$	7		$	-		$	7		$	4		$	-		$	-		$	23
Provision (benefit) for credit losses		(5	)		19			-			(7	)		(4	)		-			-			3
Balance at March 31, 2024	$	-		$	26		$	-		$	-		$	-		$	-		$	-		$	26

~~The~~(1) ~~following~~Represents ~~tables~~the ~~present~~net adjustment needed to reflect the ~~allocation~~cumulative ofday one impact pursuant to the ~~allowance~~Company's ~~for~~adoption ~~credit~~of ~~losses~~ASU on2016-13 ~~loans~~(i.e., the cumulative effect adjustment related to ~~each~~the ~~category~~adoption ~~presented~~of ASU 2016-13 as of ~~December~~July 311, ~~2024~~2023).

(In thousands)	Residential 1-4 Family		Multifamily		Second Mortgages and Home Equity Lines of Credit		Commercial Real Estate		Consumer		Home Improvement		Total
December 31, 2024
Allowance for credit losses on loans:
Individually evaluated for credit losses	$	11	$	-	$	-	$	-	$	-	$	-	$	11
Collectively evaluated for credit losses		935		181		11		212		2		55		1,396
Total	$	946	$	181	$	11	$	212	$	2	$	55	$	1,407
Loans
Individually evaluated for credit losses	$	1,602	$	-	$	-	$	-	$	-	$	-	$	1,602
Collectively evaluated for credit losses		134,593		11,720		4,004		15,056		92		1,868		167,333
	$	136,195	$	11,720	$	4,004	$	15,056	$	92	$	1,868	$	168,935

The $48,000 reversal for credit losses for loans was primarily due to changes in economic factors and continued strong asset quality for the nine months ended March 31, 2025. The $1,000 reversal for credit losses for off-balance sheet exposures was primarily due to a decrease of $315,000 in unfunded commitments for the nine months ended March 31, 2025.

(In thousands)	Residential 1-4 Family		Multifamily		Second Mortgages and Home Equity Lines of Credit		Commercial Real Estate		Consumer		Home Improvement		Total
June 30, 2024
Allowance for credit losses on loans:
Individually evaluated for credit losses	$	10	$	-	$	-	$	-	$	-	$	-	$	10
Collectively evaluated for credit losses		1,033		191		18		240		1		60		1,543
Total allowance for credit losses on loan	$	1,043	$	191	$	18	$	240	$	1	$	60	$	1,553
Loans
Individually evaluated for credit losses	$	1,390	$	-	$	-	$	-	$	-	$	-	$	1,390
Collectively evaluated for credit losses		136,615		12,066		3,372		16,833		65		2,037		170,988
Total loans	$	138,005	$	12,066	$	3,372	$	16,833	$	65	$	2,037	$	172,378

CFSB Bancorp, Inc. and Subsidiary

~~The~~Individually ~~following~~Evaluated ~~table presents past due loans or loans on non-accrual at December 31, 2024.~~Loans

(In thousands)	30-59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total Past Due		Total Nonaccrual Loans
December 31, 2024
Residential 1-4 family	$	91	$	18	$	-	$	109	$	231
Consumer		4		-		-		4		-
Total loans	$	95	$	18	$	-	$	113	$	231

In connection with the adoption of ASU 2016-13, the Company no longer provides information on impaired loans. A loan is considered individually evaluated when, based on current information and events, the loan is rated special mention or worse. At March 31, 2025, the Company had $1.4 million in individually evaluated residential one- to four-family loans, with a provision for credit loss of $10,000. These consisted of four loans, to one borrower, that are current and rated substandard and individually evaluated due to the borrowers' inability to show sufficient rent receipts to support the debt coverage.

AtThe ~~June~~following ~~30,~~tables ~~2024,~~present ~~there~~the ~~were~~allocation noof ~~past~~the ~~due~~allowance ~~loans~~for orcredit ~~loans~~losses on ~~non-accrual. At June 30, 2024, there were no~~ loans ~~past~~to ~~due~~each ~~ninety~~category ~~days~~presented oras ~~more~~of ~~and~~March ~~still~~31, ~~accruing~~2025.


(In thousands)	Residential 1-4 Family		Multifamily		Second Mortgages and Home Equity Lines of Credit		Commercial Real Estate		Consumer		Home Improvement		Total

March 31, 2025
Allowance for credit losses on loans:
Individually evaluated for credit losses	$	10	$	-	$	-	$	-	$	-	$	-	$	10
Collectively evaluated for credit losses		1,010		203		14		209		2		56		1,494
Total	$	1,020	$	203	$	14	$	209	$	2	$	56	$	1,504
Loans
Individually evaluated for credit losses	$	1,361	$	-	$	-	$	-	$	-	$	-	$	1,361
Collectively evaluated for credit losses		136,769		16,159		4,007		14,736		85		1,904		173,660
	$	138,130	$	16,159	$	4,007	$	14,736	$	85	$	1,904	$	175,021

         (In thousands)

         Residential 1-4 Family

         Multifamily

         Second Mortgages and Home Equity Lines of Credit

         Commercial Real Estate

         Consumer

         Home Improvement

         &nb

Filing Compare · CFSB Bancorp, Inc. /MA/