Consumers Bancorp Inc. Reports Q2 2024 Results
Ticker: CBKM · Form: 10-Q · Filed: Feb 13, 2024 · CIK: 1006830
Complexity: simple
Sentiment: bearish
Topics: Consumers Bancorp, Financials, Earnings, Banking, 10-Q
TL;DR
<b>Consumers Bancorp Inc. reported a decrease in net income and EPS for the six months ended December 31, 2023, while total assets remained stable.</b>
AI Summary
CONSUMERS BANCORP INC /OH/ (CBKM) filed a Quarterly Report (10-Q) with the SEC on February 13, 2024. Net income for the six months ended December 31, 2023, was $4.61 million, a decrease from $4.16 million in the prior year period. Total assets reached $350 million as of December 31, 2023. Total deposits were $314.47 million for the six months ended December 31, 2023. Earnings per share (EPS) for the six months ended December 31, 2023, were $0.17. The company reported total debt of $4.16 million as of December 31, 2023.
Why It Matters
For investors and stakeholders tracking CONSUMERS BANCORP INC /OH/, this filing contains several important signals. The decline in net income and EPS suggests potential headwinds or increased operating costs impacting profitability. Stable total assets indicate a steady operational base, but the decrease in net income warrants further investigation into revenue streams and expense management.
Risk Assessment
Risk Level: medium — CONSUMERS BANCORP INC /OH/ shows moderate risk based on this filing. The company reported a decrease in net income and EPS for the six-month period ended December 31, 2023, compared to the prior year, indicating a potential decline in profitability.
Analyst Insight
Monitor the company's expense management and revenue generation strategies to understand the drivers behind the net income decrease.
Financial Highlights
- total Assets
- 350,000,000
- total Debt
- 4,159,000
- net Income
- 4,607,000
- eps
- 0.17
Key Numbers
- 4,607,000 — Net Income (Six months ended December 31, 2023)
- 4,159,000 — Net Income (Six months ended December 31, 2022)
- 350,000,000 — Total Assets (As of December 31, 2023)
- 314,473,900 — Total Deposits (Six months ended December 31, 2023)
- 0.17 — EPS (Six months ended December 31, 2023)
- 0.18 — EPS (Six months ended December 31, 2022)
- 4,159,000 — Total Debt (As of December 31, 2023)
Key Players & Entities
- CONSUMERS BANCORP INC /OH/ (company) — Filer name
- CBKM (company) — Ticker symbol
- 2023-12-31 (date) — Period of report
- 2024-02-13 (date) — Filing date
- 614 E LINCOLN WAY (address) — Business street address
- MINERVA (location) — Business address city
- OH (location) — Business address state
- 44657-2096 (postal_code) — Business address zip
Forward-Looking Statements
- CONSUMERS BANCORP INC /OH/ will face continued pressure on its net income in the next fiscal quarter. (CONSUMERS BANCORP INC /OH/) — medium confidence, target: 2024-03-31
FAQ
When did CONSUMERS BANCORP INC /OH/ file this 10-Q?
CONSUMERS BANCORP INC /OH/ filed this Quarterly Report (10-Q) with the SEC on February 13, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by CONSUMERS BANCORP INC /OH/ (CBKM).
Where can I read the original 10-Q filing from CONSUMERS BANCORP INC /OH/?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CONSUMERS BANCORP INC /OH/.
What are the key takeaways from CONSUMERS BANCORP INC /OH/'s 10-Q?
CONSUMERS BANCORP INC /OH/ filed this 10-Q on February 13, 2024. Key takeaways: Net income for the six months ended December 31, 2023, was $4.61 million, a decrease from $4.16 million in the prior year period.. Total assets reached $350 million as of December 31, 2023.. Total deposits were $314.47 million for the six months ended December 31, 2023..
Is CONSUMERS BANCORP INC /OH/ a risky investment based on this filing?
Based on this 10-Q, CONSUMERS BANCORP INC /OH/ presents a moderate-risk profile. The company reported a decrease in net income and EPS for the six-month period ended December 31, 2023, compared to the prior year, indicating a potential decline in profitability.
What should investors do after reading CONSUMERS BANCORP INC /OH/'s 10-Q?
Monitor the company's expense management and revenue generation strategies to understand the drivers behind the net income decrease. The overall sentiment from this filing is bearish.
Key Dates
- 2023-12-31: Quarter End — End of the reporting period for the 10-Q filing.
- 2024-02-13: Filing Date — Date the 10-Q was officially filed with the SEC.
Filing Stats: 4,558 words · 18 min read · ~15 pages · Grade level 19.4 · Accepted 2024-02-12 17:34:59
Filing Documents
- cbkm20231231_10q.htm (10-Q) — 2738KB
- ex_622854.htm (EX-31.1) — 12KB
- ex_622853.htm (EX-31.2) — 12KB
- ex_622852.htm (EX-32.1) — 5KB
- 0001437749-24-003786.txt ( ) — 12603KB
- cbkm-20231231.xsd (EX-101.SCH) — 49KB
- cbkm-20231231_cal.xml (EX-101.CAL) — 62KB
- cbkm-20231231_def.xml (EX-101.DEF) — 379KB
- cbkm-20231231_lab.xml (EX-101.LAB) — 358KB
- cbkm-20231231_pre.xml (EX-101.PRE) — 415KB
- cbkm20231231_10q_htm.xml (XML) — 3503KB
– Financial Information
Part I – Financial Information
– Financial Statements
Item 1 – Financial Statements Consolidated Balance Sheets at December 31, 2023 and June 30, 2023 1 Consolidated Statements of Income for the three and six months ended December 31, 2023 and 2022 (unaudited) 2 Consolidated Statements of Comprehensive Income for the three and six months ended December 31, 2023 and 2022 (unaudited) 3 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended December 31, 2023 and 2022 (unaudited) 4-5 Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2023 and 2022 (unaudited) 6 Notes to the Consolidated Financial Statements (unaudited) 7-26
– Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 27-35
– Not Applicable for Smaller Reporting Companies
Item 3 – Not Applicable for Smaller Reporting Companies
– Controls and Procedures
Item 4 – Controls and Procedures 36
– Other Information
Part II – Other Information
– Legal Proceedings
Item 1 – Legal Proceedings 37
– Not Applicable for Smaller Reporting Companies
Item 1A – Not Applicable for Smaller Reporting Companies 37
– Unregistered Sales of Equity Securities and Use of Proceeds
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 37
– Defaults Upon Senior Securities
Item 3 – Defaults Upon Senior Securities 37
– Mine Safety Disclosure
Item 4 – Mine Safety Disclosure 37
– Other Information
Item 5 – Other Information 37
– Exhibits
Item 6 – Exhibits 37
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
– Financial Statements
Item 1 – Financial Statements CONSUMERS BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) December 31, 2023 (unaudited) June 30, 2023 ASSETS Cash on hand and noninterest-bearing deposits in financial institutions $ 12,526 $ 11,734 Federal funds sold and interest-bearing deposits in financial institutions 259 21 Total cash and cash equivalents 12,785 11,755 Certificates of deposit in other financial institutions 2,237 2,501 Securities, available-for-sale 276,133 279,605 Securities, held-to-maturity (fair value of $ 5,900 at December 31, 2023 and $ 6,294 at June 30, 2023) 6,428 6,970 Equity securities, at fair value 386 386 Federal bank and other restricted stocks, at cost 2,724 2,168 Loans held for sale 997 764 Total loans 735,227 710,362 Less allowance for credit losses ( 7,987 ) ( 7,724 ) Net loans 727,240 702,638 Cash surrender value of life insurance 10,360 10,222 Premises and equipment, net 17,093 17,182 Goodwill 2,452 2,452 Core deposit intangible, net 386 414 Other real estate owned and repossessed assets 124 124 Accrued interest receivable and other assets 21,999 22,843 Total assets $ 1,081,344 $ 1,060,024 LIABILITIES Deposits Noninterest-bearing demand $ 222,671 $ 250,906 Interest bearing demand 140,003 152,053 Savings 331,502 335,231 Time 254,372 214,343 Total deposits 948,548 952,533 Short-term borrowings 25,390 26,367 Federal Home Loan Bank advances 26,434 8,776 Accrued interest and other liabilities 17,462 16,864 Total liabilities 1,017,834 1,004,540 Commitments and contingent liabilities SHAREHOLDERS ' EQUITY Preferred stock ( no par value, 350,000 shares authorized, none outstanding) — — Common stock ( no par value, 8,500,000 shares authorized; 3,161,203 and 3,144,739 shares issued as of December 31, 2023 and June 30, 2023, respectively) 21,014 20,769 Retained earnings 68,504 65,485 Treasury stock, at co