CMS Bancorp shares up $150,000 from last year

CMS Bancorp Inc., headquartered in White Plains, reported a $150,000 increase in net gains from last year to the same period this year, the company”™s second quarter earnings report showed. The net income available this year is $792,000 compared to a net loss of $390,000 last year.

“The earnings improvement was due to the continued growth and diversification in the loan portfolio, lower interest costs, lower provisions for loan losses and cost containment measures undertaken by the bank”™s management,” President and CEO John Ritacco said in a statement.

In the third quarter last year, CMS Bancorp reported continued growth and diversity in its loan portfolio mix in the multi-family, non-residential and commercial divisions. The loan portfolio grew by 4 percent from $201.5 million at the end of the third quarter last year to $209.5 million in the second quarter this year.

Despite the $8 million increase in loan portfolio, the company experienced a $3.6 million decline in impaired loans, $4.6 million drop in substandard loans and a $2.3 million dip in non-accrual loans.

“We were able to increase our net interest income by maximizing the yield on interest earning assets, to the extent possible, and minimizing the cost of our interest bearing liabilities through the consistent oversight of our liquidity and cash flow position,” Ritacco said. “Improving economic trends, although generally still slow, have enabled the Bank to moderate its provisions for loan losses and our non-interest expense has been held in check by the company”™s non-interest expense cost containment programs.”