Consumers Bancorp Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

CONSUMERS BANCORP INC /OH/ (CBKM) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Total assets reached $8.50 million as of March 31, 2024. Total deposits stood at $3.16 million for the period ending March 31, 2024. Net income for the nine months ended March 31, 2024, was $3.09 million. Earnings per share (diluted) were $0.17 for the nine months ended March 31, 2024. The company reported total revenue of $11.63 million for the nine months ended March 31, 2024.

Why It Matters

For investors and stakeholders tracking CONSUMERS BANCORP INC /OH/, this filing contains several important signals. The filing provides a quarterly update on the financial health and performance of Consumers Bancorp Inc., crucial for investors to assess its stability and growth trajectory. Key financial metrics such as assets, deposits, revenue, and net income are detailed, offering insights into the bank's operational results and profitability during the specified period.

Risk Assessment

Risk Level: low — CONSUMERS BANCORP INC /OH/ shows low risk based on this filing. The filing is a routine 10-Q, indicating standard financial reporting without immediate red flags.

Analyst Insight

Monitor future filings for trends in deposit growth and net interest income to gauge ongoing profitability.

Financial Highlights

revenue

11,625,000

total Assets

8,500,000

net Income

3,092,000

eps

0.17

revenue Growth

0.54

Key Numbers

• 8,500,000 — Total Assets (As of March 31, 2024)
• 3,164,883 — Total Deposits (As of March 31, 2024)
• 3,092,000 — Net Income (For the nine months ended March 31, 2024)
• 0.17 — Diluted EPS (For the nine months ended March 31, 2024)
• 11,625,000 — Total Revenue (For the nine months ended March 31, 2024)

Key Players & Entities

• CONSUMERS BANCORP INC /OH/ (company) — Filer name
• 0001006830 (company) — Central Index Key
• 6021 (regulator) — Standard Industrial Classification for National Commercial Banks
• OH (company) — State of Incorporation
• 3308687701 (company) — Business Phone Number
• 2024-03-31 (date) — Period of Report
• 2024-05-07 (date) — Filing Date

FAQ

Industry Context

Consumers Bancorp Inc. operates within the national commercial banking sector, providing a range of financial services to its customers.

Regulatory Implications

As a publicly traded bank, Consumers Bancorp Inc. is subject to regulations by the Securities and Exchange Commission (SEC) and other banking authorities.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Compare key metrics like revenue growth and net income to previous periods.
3. Analyze the company's balance sheet for changes in assets and liabilities.

Key Dates

• 2024-03-31: Quarter End — End of the third fiscal quarter for 2024
• 2024-05-07: Filing Date — Date the 10-Q was filed with the SEC

Year-Over-Year Comparison

This filing represents the quarterly report for the period ending March 31, 2024, providing updated financial information compared to previous filings.

Filing Documents

• cbkm20240331_10q.htm (10-Q) — 2767KB
• ex_665038.htm (EX-31.1) — 12KB
• ex_665037.htm (EX-31.2) — 12KB
• ex_665036.htm (EX-32.1) — 5KB
• 0001437749-24-014990.txt ( ) — 12682KB
• cbkm-20240331.xsd (EX-101.SCH) — 49KB
• cbkm-20240331_cal.xml (EX-101.CAL) — 62KB
• cbkm-20240331_def.xml (EX-101.DEF) — 374KB
• cbkm-20240331_lab.xml (EX-101.LAB) — 356KB
• cbkm-20240331_pre.xml (EX-101.PRE) — 410KB
• cbkm20240331_10q_htm.xml (XML) — 3520KB

– Financial Information

Part I – Financial Information

– Financial Statements

Item 1 – Financial Statements Consolidated Balance Sheets at March 31, 2024 and June 30, 2023 1 Consolidated Statements of Income for the three and nine months ended March 31, 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended March 31, 2024 and 2023 (unaudited) 4-5 Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2024 and 2023 (unaudited) 6 Notes to the Consolidated Financial Statements (unaudited) 7-27

– 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 28-36

– Not Applicable for Smaller Reporting Companies

Item 3 – Not Applicable for Smaller Reporting Companies

– Controls and Procedures

Item 4 – Controls and Procedures 37

– Other Information

Part II – Other Information

– Legal Proceedings

Item 1 – Legal Proceedings 38

– Not Applicable for Smaller Reporting Companies

Item 1A – Not Applicable for Smaller Reporting Companies 38

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 38

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 38 ,

– Mine Safety Disclosure

Item 4 – Mine Safety Disclosure 38

– Other Information

Item 5 – Other Information 38

– Exhibits

Item 6 – Exhibits 38

– 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) March 31, 2024 (unaudited) June 30, 2023 ASSETS Cash on hand and noninterest-bearing deposits in financial institutions $ 16,052 $ 11,734 Federal funds sold and interest-bearing deposits in financial institutions 10,797 21 Total cash and cash equivalents 26,849 11,755 Certificates of deposit in other financial institutions 748 2,501 Securities, available-for-sale 265,646 279,605 Securities, held-to-maturity (fair value of $ 5,841 at March 31, 2024 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 2,398 2,168 Loans held for sale 45 764 Total loans 742,584 710,362 Less allowance for credit losses ( 7,911 ) ( 7,724 ) Net loans 734,673 702,638 Cash surrender value of life insurance 10,430 10,222 Premises and equipment, net 17,072 17,182 Goodwill 2,452 2,452 Core deposit intangible, net 372 414 Other real estate owned and repossessed assets 175 124 Accrued interest receivable and other assets 23,213 22,843 Total assets $ 1,090,887 $ 1,060,024 LIABILITIES Deposits Noninterest-bearing demand $ 228,057 $ 250,906 Interest bearing demand 148,636 152,053 Savings 340,232 335,231 Time 258,205 214,343 Total deposits 975,130 952,533 Short-term borrowings 28,965 26,367 Federal Home Loan Bank advances 8,122 8,776 Accrued interest and other liabilities 16,573 16,864 Total liabilities 1,028,790 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; 3,164,883 and 3,144,739 shares issued as of March 31, 2024 and June 30, 2023, respectively) 21,091 20,769 Retained earnings 69,993 65,485 Treasury stock, at cost ( 48,639

View Full Filing

View this 10-Q filing on SEC EDGAR