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Consumers Bancorp Inc (CBKM) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, June 30, 2022

Consumers Bancorp Inc

CIK: 1006830 Ticker: CBKM

 

Exhibit 99.1

 

 

Consumers Bancorp, Inc. Reports:

 

 

Net income increased to $2.8 million, or by 41.5%, for the three-month period ended June 30, 2022 compared with the same period last year.

 

Record net income of $11.2 million for the twelve-month period ended June 30, 2022, which is a 24.5% increase compared with the same period last year.

 

A return on average equity of 16.43% and on return on average assets of 1.17% for the 2022 fiscal year.

 

Total loans increased by 8.0%, for the twelve-month period ended June 30, 2022, and non-performing loans to total loans remained low at 0.07% at June 30, 2022.

 

Total core loan balances (net of Paycheck Protection Program and acquired loan balances) increased $81.2 million, or 15.7% for the twelve-month period ended June 30, 2022.

 

Total deposits increased by $159.7 million, or a 22.0%, for the twelve-month period ended June 30, 2022 and includes $104.5 million of deposits acquired as part of the CFBank branch acquisition.

 

Minerva, Ohio — August 3, 2022 (OTCQX: CBKM) Consumers Bancorp, Inc. (Consumers) today reported net income of $2.8 million for the fourth quarter of fiscal year 2022, an increase of $816 thousand, or 41.5%, from the same period last year. Earnings per share for the fourth quarter of fiscal year 2022 were $0.91 compared to $0.65 for the same period last year. Net income for the three months ended June 30, 2022 was positively impacted by a $1.6 million, or 24.2%, increase in net interest income, which was partially offset by a $831 thousand, or 16.4%, increase in other expenses from the same prior year period.

 

Net income increased to $11.2 million, or $3.68 per share, for the twelve months ended June 30, 2022 compared to $9.0 million, or $2.98 per share, for the twelve months ended June 30, 2021. The return on average equity was 16.43% and the return on average assets was 1.17% for the twelve-month period ended June 30, 2022.

 

“These record results can be attributed to the bank’s ability to redeploy excess liquidity from Paycheck Protection Program (PPP) loan forgiveness and deposit growth into the commercial, consumer, and mortgage portfolios. Core loan balances increased $81.2 million, or 15.7%, in the 12 months ending June 30, 2022, contributing to a 21.5% increase in interest income (net of PPP interest and fees) over the same period. We experienced record commercial and consumer loan production in the 2022 fiscal year and, although increased interest rates have negatively impacted mortgage activity, we are still attracting new construction and purchase business with our in-market lenders and strong product line. We expect the FOMC to continue to increase the Federal Funds target rate in the near term and continued volatility throughout the yield curve, however, we believe the bank’s large core deposit base and higher loan and security reinvestment rates will have a positive impact on bank net interest margin, said Ralph J. Lober II, President & Chief Executive Officer. “While still taking prudent precautions where necessary, the bank has moved beyond the pandemic in its daily operations and planning. We have emerged more resilient, technologically advanced, and flexible in our approach to employee engagement and customer interactions. I complement our 195 associates on the bank’s comprehensive response to the pandemic, the asset growth realized in 2022, and the record results announced today,” he continued.

 

 

The following information was filed by Consumers Bancorp Inc (CBKM) on Wednesday, August 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parentheticals)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Income
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (Details Textual)
Note 10 - Employee Benefit Plans
Note 10 - Employee Benefit Plans (Details Textual)
Note 10 - Employee Benefit Plans (Tables)
Note 10 - Employee Benefit Plans - Summary Of The Restricted Stock Awards (Details)
Note 11 - Income Taxes
Note 11 - Income Taxes (Details Textual)
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes - Net Deferred Income Tax Asset (Details)
Note 11 - Income Taxes - Provision For Income Taxes (Details)
Note 11 - Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Note 12 - Related Party Transactions
Note 12 - Related Party Transactions (Details Textual)
Note 12 - Related Party Transactions (Tables)
Note 12 - Related Party Transactions - Loans To Related Parties (Details)
Note 13 - Regulatory Matters
Note 13 - Regulatory Matters (Details Textual)
Note 13 - Regulatory Matters (Tables)
Note 13 - Regulatory Matters - Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations (Details)
Note 14 - Commitments With Off-Balance Sheet Risk
Note 14 - Commitments With Off-Balance Sheet Risk (Details Textual)
Note 15 - Fair Value
Note 15 - Fair Value (Details Textual)
Note 15 - Fair Value (Tables)
Note 15 - Fair Value - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Note 15 - Fair Value - Estimated Fair Values Of Financial Instruments (Details)
Note 16 - Parent Company Financial Statements
Note 16 - Parent Company Financial Statements (Tables)
Note 16 - Parent Company Financial Statements - Condensed Balance Sheets (Details)
Note 16 - Parent Company Financial Statements - Condensed Statements Of Cash Flows (Details)
Note 16 - Parent Company Financial Statements - Condensed Statements Of Income And Comprehensive Income (Details)
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share (Details Textual)
Note 17 - Earnings Per Share (Tables)
Note 17 - Earnings Per Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Note 18 - Accumulated Other Comprehensive Income (Loss)
Note 18 - Accumulated Other Comprehensive Income (Loss) (Tables)
Note 18 - Accumulated Other Comprehensive Income (Loss) - Components Of Other Comprehensive Income (Loss) (Details)
Note 19 - Revenue Recognition
Note 19 - Revenue Recognition (Tables)
Note 19 - Revenue Recognition - Noninterest Income (Details)
Note 2 - Acquisition
Note 2 - Acquisition (Details Textual)
Note 2 - Acquisition (Tables)
Note 2 - Acquisition - Assets Acquired And Liabilities Assumed (Details)
Note 20 - Covid-19
Note 3 - Securities
Note 3 - Securities (Details Textual)
Note 3 - Securities (Tables)
Note 3 - Securities - Amortized Cost And Fair Value Of Securities Available-For-Sale And Securities Held-To-Maturity (Details)
Note 3 - Securities - Amortized Cost And Fair Values Of Debt Securities By Contractual Maturity (Details)
Note 3 - Securities - Proceeds From Sales And Calls Of Available-For-Sale Securities (Details)
Note 3 - Securities - Securities With Unrealized And Unrecognized Losses (Details)
Note 3 - Securities - Unrealized Gains And Losses On Equity Securities (Details)
Note 4 - Loans
Note 4 - Loans (Details Textual)
Note 4 - Loans (Tables)
Note 4 - Loans - Allowance For Loan Losses By Portfolio Segment (Details)
Note 4 - Loans - Impaired Loans (Details)
Note 4 - Loans - Loans Past Due (Details)
Note 4 - Loans - Major Classifications (Details)
Note 4 - Loans - Recorded Investment By Risk Category (Details)
Note 5 - Premises And Equipment
Note 5 - Premises And Equipment (Details Textual)
Note 5 - Premises And Equipment (Tables)
Note 5 - Premises And Equipment - Major Classifications Of Premises And Equipment (Details)
Note 5 - Premises And Equipment - Maturities Of Lease Liabilities (Details)
Note 6 - Goodwill And Acquired Intangible Assets
Note 6 - Goodwill And Acquired Intangible Assets (Details Textual)
Note 6 - Goodwill And Acquired Intangible Assets (Tables)
Note 6 - Goodwill And Acquired Intangible Assets - Change In Goodwill (Details)
Note 6 - Goodwill And Acquired Intangible Assets - Goodwill And Intangible Assets (Details)
Note 7 - Deposits
Note 7 - Deposits (Tables)
Note 7 - Deposits - Interest-Bearing Deposits (Details)
Note 7 - Deposits - Maturities Of Time Deposits (Details)
Note 8 - Short-Term Borrowings
Note 8 - Short-Term Borrowings (Details Textual)
Note 8 - Short-Term Borrowings (Tables)
Note 8 - Short-Term Borrowings - Schedule Of Repurchase Agreements (Details)
Note 8 - Short-Term Borrowings - Summary Of Short-Term Borrowings (Details)
Note 9 - Federal Home Loan Bank Advances
Note 9 - Federal Home Loan Bank Advances (Details Textual)
Note 9 - Federal Home Loan Bank Advances (Tables)
Note 9 - Federal Home Loan Bank Advances - Summary Of Federal Home Loan Bank (Fhlb) Advances (Details)
Note 9 - Federal Home Loan Bank Advances - Summary Of The Scheduled Principal Payments (Details)
Significant Accounting Policies (Policies)
Ticker: CBKM
CIK: 1006830
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-022524
Submitted to the SEC: Thu Sep 15 2022 3:40:22 PM EST
Accepted by the SEC: Thu Sep 15 2022
Period: Thursday, June 30, 2022
Industry: National Commercial Banks

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