CFSB CFSB Bancorp Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2023

CFSB Bancorp, Inc.

(Exact name of Registrant as Specified in Its Charter)

United States of America	001-41220	87-4396534
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
15 Beach Street, Quincy, Massachusetts		02170
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (617) 471-0750

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		CFSB		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

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Item 2.02 Results of Operation and Financial Condition

 

On October 30, 2023, CFSB Bancorp, Inc., the holding company for Colonial Federal Savings Bank, issued a press release reporting its financial results for the three months ended September 30, 2023.

 

A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

 

Item 9.01 Financial Statements and Exhibits

 

 

Exhibit No. Description

 

99.1 Earnings Release dated October 25, 2023

 

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		CFSB BANCORP, INC.
Date: October 30, 2023		By:	/s/ Susan Shea
			Susan Shea
			Treasurer & Chief Operating Officer

 

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Exhibit 99.1

News Release - For Immediate Release October 30, 2023	For More Information, Contact: Michael E. McFarland, President and Chief Executive Officer (617-471-0750)

 

CFSB BANCORP, INC. ANNOUNCES FISCAL FIRST QUARTER 2024 FINANCIAL RESULTS

 

QUINCY, Massachusetts, October 30, 2023 – CFSB Bancorp, Inc. (the “Company”) (NASDAQ Capital Market: CFSB), the holding company for Colonial Federal Savings Bank (the “Bank”), today announced net income of $123,000, or $0.02 per basic and diluted share, for the three months ended September 30, 2023 compared to net income of $105,000, or $0.02 per basic and diluted share, for the three months ended June 30, 2023 and net income of $645,000, or $0.10 per basic and diluted share for the three months ended September 30, 2022.

Michael E. McFarland, President and Chief Executive Officer, stated “We continue to navigate the high interest rate environment by remaining disciplined with our pricing and expense management. We remain optimistic that the economy will avoid recession in the near term and we are positioned to benefit from a decline in interest rates.”

First Quarter Operating Results

Net interest income, on a fully tax-equivalent basis decreased by $83,000, or 4.3%, to $1.8 million for the three months ended September 30, 2023 from $1.9 million for the three months ended June 30, 2023. This decrease was primarily due to a 41 basis point increase in the average rate paid on certificates of deposit and a 39 basis point increase in the average rate paid on FHLB advances, partially offset by a 9 basis point increase in the average yield earned on securities. The interest earned on loans increased $3,000, for the three months ended September 30, 2023 compared to the three months ended June 30, 2023. The interest earned on loans benefited from rising interest rates, partially offset by a $1.8 million decrease in the average balance of loans to $176.7 million during the three months ended September 30, 2023. The net interest margin decreased by 9 basis points to 2.22% for the three months ended September 30, 2023 from 2.31% for the three months ended June 30, 2023.

Net interest income, on a fully tax-equivalent basis decreased by $560,000, or 23.4%, to $1.8 million for the three months ended September 30, 2023, from $2.4 million for the three months ended September 30, 2022. The net interest margin decreased by 54 basis points to 2.22% for the three months ended September 30, 2023 from 2.76% for the three months ended September 30, 2022. The decline was primarily due to a 223 basis point increase in the average rate paid for certificates of deposit, partially offset by a $20.8 million decrease in the average balance of interest-bearing deposits and a 31 basis point increase in the average yield earned for interest-earning assets. The interest earned on loans increased $103,000, to $1.7 million for the three months ended September 30, 2023, from $1.6 million for the three months ended September 30, 2022. The interest earned on loans benefited from rising interest rates and a $30,000 increase in the average balance of loans during the three months ended September 30, 2023.

The Company recorded a reversal of credit losses of $166,000 for the three months ended September 30, 2023. The reversal for credit losses was recorded due to improved forecasted economic conditions. The Company did not record a provision for loan losses during the three months ended June 30, 2023 or September 30, 2022. The allowance for credit losses as a percentage of total loans was 0.94%, 0.98% and 0.99% at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

Non-interest income decreased $4,000, or 2.4%, to $160,000 for the quarter ended September 30, 2023 from $164,000 for the quarter ended June 30, 2023, due to a decrease of $7,000 in other income.

Non-interest income decreased $40,000, or 20.0%, to $160,000 for the three months ended September 30, 2023, from $200,000 for the three months ended September 30, 2022, principally due to a decrease of $45,000 in safe deposit box income.

Non-interest expenses decreased $17,000, or 0.9%, to $1.9 million for the quarter ended September 30, 2023 from $1.9 million for the quarter ended June 30, 2023. The decrease was due to a decrease in occupancy and equipment expense of $20,000, or 7.3%, primarily attributed to declines in service contract expenses.

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15 Beach Street, Quincy, MA 02170 | 617.471.0750 | colonialfed.com

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Non-interest expenses increased $168,000, or 9.6%, to $1.9 million for the quarter ended September 30, 2023 from $1.7 million for the quarter ended September 30, 2022. The increase was principally due to an increase in salaries and employee benefits of $126,000, or 12.4%, attributed to an increase in headcount and stock-based compensation expense, due to increases in other general and administrative expenses of $25,000, or 7.5%, attributed to stock-based compensation for the board of directors, and due to increases in occupancy and equipment expenses of $11,000, or 4.5%, attributed to increases in service contract expenses.

Income tax expense was $93,000 for the three months ended September 30, 2023, compared to $19,000 for the three months ended June 30, 2023 and $170,000 for the three months ended September 30, 2022. The increase in income tax expense for the three months ended September 30, 2023, compared to the three months ended June 30, 2023 was due to increases in income before income taxes. The decrease in income tax expense for the three months ended September 30, 2023, compared to the three months ended September 30, 2022 was due to decreases in income before income taxes.

 

Balance Sheet

At September 30, 2023, total assets amounted to $346.2 million, compared to $349.0 million at June 30, 2023, a decrease of $2.8 million, or 0.8%, due to a $1.8 million decrease in net loans, a $743,000 decrease in cash and cash equivalents and a $365,000 decrease in securities held to maturity. The decrease in net loans was due to decreased loan demand in the higher interest rate environment and accelerated prepayment speeds during the quarter ended September 30, 2023. Deposits decreased by $2.7 million, or 1.0%, in the quarter, as the Bank experienced decreases of customer deposits with the absence of government stimulus and increases in inflation and competition. In addition, the Bank experienced mix-shift changes by depositors to higher-yielding term certificates due to the higher interest rate environment. Federal Home Loan Bank of Boston advances were $3.3 million at September 30, 2023 to add liquidity in light of the decreases in customer deposits.

 

Total stockholders’ equity increased $8,000 to $75.9 million at September 30, 2023 compared to $75.9 million at June 30, 2023. This increase reflects net income of $123,000, earned ESOP compensation of $18,000, and stock-based award expense of $90,000, partially offset by the cumulative effect of the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326), net of tax, of $223,000.

Total assets at September 30, 2023 decreased $14.7 million, or 4.1%, from $360.9 million at September 30, 2022. Contributing to the decrease in assets was a decrease of $9.6 million in cash and cash equivalents to $6.1 million at September 30, 2023 from $15.7 million at September 30, 2022, a decline of $4.6 million in securities held to maturity and a decline of $1.2 million in net loans. Total deposits decreased by $19.4 million, or 6.9%, to $260.7 million at September 30, 2023 from $280.1 million at September 30, 2022, principally due to decreases in customer deposits with the absence of government stimulus, increases in inflation and competition, in addition to mix-shift changes by depositors to higher-yielding term certificates in the higher interest rate environment. Federal Home Loan Bank of Boston advances were $3.3 million at September 30, 2023 to add liquidity in light of the decreases in customer deposits.

Total stockholders’ equity was $75.9 million at September 30, 2023 compared to $74.9 million at September 30, 2022. The increase of $980,000 was due to net income earned during the previous twelve months of $924,000, earned ESOP compensation of $82,000 and stock-based award expense of $199,000, partially offset by the cumulative effect of the adoption of ASU 2016-13, net of tax, of $223,000.

 

On July 1, 2023, the Company adopted ASU 2016-13, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss methodology ("CECL"). The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans receivable and securities held to maturity. In addition, ASU 326 made changes to the accounting of securities available for sale. It also applies to off-balance sheet credit exposures not accounted for as insurance, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. The following table illustrates the impact of ASC 326:

 

		Pre-ASC Adoption				As Reported Under ASC 326
(In thousands)		June 30, 2023				July 1, 2023				Impact of ASC 326 Adoption
Assets
Allowance for credit losses on securities held to maturity		$	-			$	(276	)		$	(276	)
Allowance for credit losses on loans			(1,747	)			(1,759	)			(12	)
Deferred tax asset on allowance for credit losses			466				378				(88	)
Liabilities
Allowance for credit losses on off-balance sheet exposures		$	-			$	23			$	23
Shareholders' Equity
Retained earnings		$	50,416			$	50,193			$	(223	)

 

 

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15 Beach Street, Quincy, MA 02170 | 617.471.0750 | colonialfed.com

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About CFSB Bancorp, Inc.

CFSB Bancorp, Inc. is a federal corporation organized as the mid-tier holding company of Colonial Federal Savings Bank and is the majority-owned subsidiary of 15 Beach, MHC. Colonial Federal Savings Bank is a federally chartered stock savings bank that has served the banking needs of its customers on the south shore of Massachusetts since 1889. It operates from three full-service offices and one limited-service office in Quincy, Holbrook and Weymouth, Massachusetts.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, demand for loan products, deposit flows, changes in the interest rate environment, the effects of inflation, potential recessionary conditions, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the FRB, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; changes in demand for our products and services, legislative, accounting, tax and regulatory changes, the current or anticipated impact of military conflict, terrorism or other geopolitical events, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company’s financial condition and results of operations and the business in which the Company and the Bank are engaged, the failure to maintain current technologies and the failure to retain or attract employees.

You should not place undue reliance on forward-looking statements. CFSB Bancorp, Inc. undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

 

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15 Beach Street, Quincy, MA 02170 | 617.471.0750 | colonialfed.com

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CFSB Bancorp, Inc. and Subsidiary

Consolidated Balance Sheets (Unaudited)

(In thousands, except per share data)

														% Change
		September 30,				June 30,				September 30,				Sep 2023 vs.				Sep 2023 vs.
		2023				2023				2022				Jun 2023				Sep 2022
Assets:
Cash and due from banks		$	1,394			$	1,486			$	1,481				(6.2	)%			(5.9	)%
Short-term investments			4,724				5,375				14,260				(12.1	)%			(66.9	)%
Total cash and cash equivalents			6,118				6,861				15,741				(10.8	)%			(61.1	)%
Securities available for sale, at fair value			139				146				183				(4.8	)%			(24.0	)%
Securities held to maturity, at amortized cost, net of allowance for credit losses			147,537				147,902				152,141				(0.2	)%			(3.0	)%
Loans:
1-4 family			137,743				140,109				143,417				(1.7	)%			(4.0	)%
Multifamily			12,883				12,638				13,055				1.9	%			(1.3	)%
Second mortgages and home equity lines of credit			3,129				2,699				2,514				15.9	%			24.5	%
Construction			-				-				415				-	%			(100.0	)%
Commercial			20,110				20,323				15,639				(1.0	)%			28.6	%
Total mortgage loans on real estate			173,865				175,769				175,040				(1.1	)%			(0.7	)%
Consumer			65				49				71				32.7	%			(8.5	)%
Home improvement			2,180				2,191				2,231				(0.5	)%			(2.3	)%
Total loans			176,110				178,009				177,342				(1.1	)%			(0.7	)%
Allowance for credit losses			(1,649	)			(1,747	)			(1,747	)			(5.6	)%			(5.6	)%
Net deferred loan costs and fees, and purchase premiums			(381	)			(351	)			(350	)			8.5	%			8.9	%
Loans, net			174,080				175,911				175,245				(1.0	)%			(0.7	)%
Federal Home Loan Bank of Boston stock, at cost			405				381				191				6.3	%			112.0	%
Premises and equipment, net			3,354				3,413				3,310				(1.7	)%			1.3	%
Accrued interest receivable			1,395				1,363				1,306				2.3	%			6.8	%
Bank-owned life insurance			10,468				10,402				10,208				0.6	%			2.5	%
Deferred tax asset			1,132				1,079				1,139				4.9	%			(0.6	)%
Operating lease right of use asset			930				953				1,021				(2.4	)%			(8.9	)%
Other assets			663				596				457				11.2	%			45.1	%
Total assets		$	346,221			$	349,007			$	360,942				(0.8	)%			(4.1	)%
Liabilities and Stockholders' Equity:
Deposits:
Non-interest bearing NOW and demand		$	30,918			$	32,760			$	34,148				(5.6	)%			(9.5	)%
Interest bearing NOW and demand			30,902				28,778				32,791				7.4	%			(5.8	)%
Regular and other			60,389				64,184				74,703				(5.9	)%			(19.2	)%
Money market accounts			24,877				26,995				43,349				(7.8	)%			(42.6	)%
Term certificates			113,587				110,659				95,061				2.6	%			19.5	%
Total deposits			260,673				263,376				280,052				(1.0	)%			(6.9	)%
Federal Home Loan Bank of Boston advances			3,250				3,675				-				(11.6	)%			-	%
Mortgagors' escrow accounts			1,626				1,596				1,618				1.9	%			0.5	%
Operating lease liability			941				962				1,023				(2.2	)%			(8.0	)%
Accrued expenses and other liabilities			3,834				3,509				3,332				9.3	%			15.1	%
Total liabilities			270,324				273,118				286,025				(1.0	)%			(5.5	)%
Stockholders' Equity:
Common stock			65				65				65				0.0	%			0.0	%
Additional paid-in capital			27,896				27,814				27,718				0.3	%			0.6	%
Retained earnings			50,316				50,416				49,615				(0.2	)%			1.4	%
Accumulated other comprehensive loss, net of tax			(3	)			(3	)			(1	)			0.0	%			200.0	%
Unearned compensation - ESOP			(2,377	)			(2,403	)			(2,480	)			(1.1	)%			(4.2	)%
Total stockholders' equity			75,897				75,889				74,917				0.0	%			1.3	%
Total liabilities and stockholders' equity		$	346,221			$	349,007			$	360,942				(0.8	)%			(4.1	)%

 

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15 Beach Street, Quincy, MA 02170 | 617.471.0750 | colonialfed.com

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CFSB Bancorp, Inc. and Subsidiary

Consolidated Statements of Net Income (Unaudited)

(In thousands, except per share data)

		For the Three Months Ended
		September 30,				June 30,				September 30,
		2023				2023				2022
Interest and dividend income:
Interest and fees on loans		$	1,722			$	1,719			$	1,619
Interest and dividends on debt securities:
Taxable			868				845				751
Tax-exempt			97				99				108
Interest on short-term investments and certificates of deposit			45				38				127
Total interest and dividend income			2,732				2,701				2,605
Interest expense:
Deposits			876				757				242
Borrowings			50				51				-
Total interest expense			926				808				242
Net interest income			1,806				1,893				2,363
Provision for (reversal of) credit losses			(166	)			-				-
Net interest income after provision for (reversal of) credit losses			1,972				1,893				2,363
Non-interest income:
Customer service fees			40				36				37
Income on bank-owned life insurance			66				67				64
Other income			54				61				99
Total non-interest income			160				164				200
Non-interest expenses:
Salaries and employee benefits			1,144				1,146				1,018
Occupancy and equipment			254				274				243
Advertising			38				37				39
Data processing			89				82				94
Deposit insurance			33				43				21
Other general and administrative			358				351				333
Total non-interest expenses			1,916				1,933				1,748
Income before income taxes			216				124				815
Provision for income taxes			93				19				170
Net income		$	123			$	105			$	645
Net income per share:
Basic		$	0.02			$	0.02			$	0.10
Diluted		$	0.02			$	0.02			$	0.10
Weighted average shares outstanding:
Basic			6,282,203				6,279,656				6,271,977
Diluted			6,282,203				6,279,790				6,271,977

 

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15 Beach Street, Quincy, MA 02170 | 617.471.0750 | colonialfed.com

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CFSB Bancorp, Inc. and Subsidiary

Average Balances and Yields, Fully Tax-Equivalent Basis (Unaudited)

(Dollars in thousands)

	Average Balance and Yields
	Three Months Ended
	September 30, 2023												June 30, 2023												September 30, 2022
	Average				Interest				Average				Average				Interest				Average				Average				Interest				Average
	Outstanding				Earned/				Yield/				Outstanding				Earned/				Yield/				Outstanding				Earned/				Yield/
(Dollars in thousands)	Balance				Paid				Rate				Balance				Paid				Rate				Balance				Paid				Rate
Interest-earning assets:
Loans	$	176,668			$	1,722				3.90	%		$	178,474			$	1,719				3.85	%		$	176,638			$	1,619				3.67	%
Securities (1)		149,259				991				2.66	%			150,383				968				2.57	%			148,774				888				2.39	%
Cash and short-term investments		3,852				45				4.67	%			3,331				38				4.56	%			21,717				127				2.34	%
Total interest-earning assets		329,779				2,758				3.35	%			332,188				2,725				3.28	%			347,129				2,634				3.04	%
Noninterest-earning assets		16,655												17,118												15,933
Total assets	$	346,434											$	349,306											$	363,062
Interest-bearing liabilities:
Interest-bearing demand deposits	$	29,912			$	4				0.05	%		$	30,051			$	4				0.05	%		$	33,133			$	4				0.05	%
Savings deposits		62,446				16				0.10	%			64,996				16				0.10	%			75,444				19				0.10	%
Money market deposits		26,271				17				0.26	%			28,890				19				0.26	%			45,493				31				0.27	%
Certificates of deposit		111,812				839				3.00	%			111,041				718				2.59	%			97,153				188				0.77	%
Total interest-bearing deposits		230,441				876				1.52	%			234,978				757				1.29	%			251,223				242				0.39	%
FHLB advances		3,571				50				5.60	%			3,916				51				5.21	%			-				-				0.00	%
Total interest-bearing liabilities		234,012				926				1.58	%			238,894				808				1.35	%			251,223				242				0.39	%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits		30,971												28,881												32,522
Other noninterest-bearing liabilities		5,740												5,726												3,195
Total liabilities		270,723												273,501												286,940
Total stockholders' equity		75,711												75,805												76,122
Total liabilities and stockholders' equity	$	346,434											$	349,306											$	363,062
Net interest income					$	1,832											$	1,917											$	2,392
Net interest rate spread(2)										1.77	%											1.93	%											2.65	%
Net interest-earning assets(3)	$	95,767											$	93,294											$	95,906
Net interest margin(4)										2.22	%											2.31	%											2.76	%
Cost of deposits(5)										1.34	%											1.15	%											0.34	%
Cost of funds(6)										1.40	%											1.21	%											0.34	%
Ratio of interest-earning assets to interest-bearing liabilities		140.92	%											139.05	%											138.18	%

 

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15 Beach Street, Quincy, MA 02170 | 617.471.0750 | colonialfed.com

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CFSB Bancorp, Inc. and Subsidiary

Reconciliation of Fully Tax-Equivalent Income (Unaudited)

(In thousands)

		For the Three Months Ended
		September 30,				June 30,				September 30,
		2023				2023				2022
Securities interest income (no tax adjustment)		$	965			$	944			$	859
Tax-equivalent adjustment			26				22				29
Securities (tax-equivalent basis)		$	991			$	966			$	888
Net interest income (no tax adjustment)		$	1,806			$	1,893			$	2,363
Tax-equivalent adjustment			26				22				29
Net interest income (tax-equivalent adjustment)		$	1,832			$	1,915			$	2,392

 

CFSB Bancorp, Inc. and Subsidiary		At or for the Three Months Ended
Selected Financial Highlights (Unaudited)		September 30,				June 30,				September 30,
(In thousands, except share and per share amounts)		2023				2023				2022
Performance Ratios
Return on average assets (GAAP) (1, 4)			0.14	%			0.12	%			0.71	%
Return on average equity ("ROAE") (GAAP) (1, 5)			0.65	%			0.55	%			3.39	%
Noninterest expense to average assets (GAAP) (1)			2.21	%			2.21	%			1.93	%
Total loans to total deposits			67.56	%			67.59	%			63.32	%
Total loans to total assets			50.87	%			51.00	%			49.13	%
Efficiency ratio (GAAP) (6)			97.46	%			93.97	%			68.20	%
Capital Ratios
Total capital to risk-weighted assets			33.28	%			32.88	%			34.28	%
Common equity tier 1 capital to risk-weighted assets			32.32	%			32.00	%			33.37	%
Tier 1 capital to risk-weighted assets			32.32	%			32.00	%			33.37	%
Tier 1 capital to average assets (2)			18.35	%			18.18	%			17.69	%
Asset Quality Ratios
Allowance for credit losses on loans as a percentage of total loans (3)			0.94	%			0.98	%			0.99	%
Allowance for credit losses on loans as a percentage of non-performing loans		NM				NM				NM
Net (charge-offs) recoveries to average outstanding loans			-	%			-	%			-	%
Non-performing loans as a percentage of total loans			-	%			-	%			-	%
Non-performing loans as a percentage of total assets			-	%			-	%			-	%
Total non-performing loans as a percentage of total assets			-	%			-	%			-	%
Informational Items
Fair value of held to maturity securities		$	128,959			$	132,273			$	133,775
Book value per share (7)		$	11.44			$	11.44			$	11.49
Outstanding common shares			6,632,642				6,632,642				6,521,642

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15 Beach Street, Quincy, MA 02170 | 617.471.0750 | colonialfed.com

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v3.23.3

Document and Entity Information	Oct. 25, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 30, 2023
Entity Registrant Name	CFSB Bancorp, Inc. /MA/
Entity Incorporation, State or Country Code	MA
Securities Act File Number	001-41220
Entity Tax Identification Number	87-4396534
Entity Address, Address Line One	15 Beach Street
Entity Address, City or Town	Quincy
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02170
City Area Code	617
Local Phone Number	471-0750
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001879103
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CFSB
Security Exchange Name	NASDAQ

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