CMS Bancorp reports narrower loss
CMS Bancorp Inc., the White Plains-based parent of Community Mutual Savings Bank, reported a net loss of $119,000, or 7 cents a share, for the quarter ended June 30, an improvement from a net loss of $178,000, or 10 cents a share, a year earlier.
“While we experienced a loss in the quarter…we have continued to see improvement in higher net interest income and better management of our costs,” Chief Executivve Officer John Ritacco said in a written statement.
He added that the bank’s assets have jumped 18.2 percent since September 30, primarily related to deposit growth iand the opening a new branch in Mount Kisco.
The bank’s allowance for loan losses was 0.32 percent of loans at the end of the quarter. “The company continues to see a modest increase in the level of loan delinquencies, primarily due to the high levels of unemployment, but had no non-performing loans,” Ritacco said.