First Central Savings Bank Reports 2nd Quarter 2023 Results Highlighted by Net Income of $2.0 million, Strong Asset Quality, and Net Interest Income and Non-Interest Income growth quarter over quarter.

GLEN COVE, N.Y: Joseph Pistilli, Chairman of the Board, of First Central Savings Bank ("FCSB", "the Bank") today reported significant performance achievements for the quarter ended June 30, 2023, highlighted by the Bank's strong loan growth, continued operating and cash earnings, and excellent assets quality.

Performance Highlights

Net Income and Cash Earnings: Net income for the quarter ended June 30, 2023, was $2.0 million or $0.18 per share, compared to $2.0 million or $0.19 per share recorded in the prior year quarter ended June 30, 2022. Cash earnings for the quarter ended June 30, 2023, were $2.4 million, or $0.23 per share, a decrease of $175 thousand, or 6.7%, from $2.6 million, or $0.24 per share, for the prior year quarter. Net income of $3.7 million for the first six months ended June 30, 2023, or $0.35 per share, compared to $5.7 million or $0.54 per share recorded in the prior year six months ended June 30, 2022, representing a 34.7% decrease in net income year-over-year.

Non-Interest Income Growth: Due to an increase in loans sold for the quarter ended June 30, 2023, non-interest income increased by $471 thousand or 63.8% quarter over quarter.

Financial Performance Metrics: Return on average assets and average stockholders' equity were 0.82% and 9.82%, respectively, for the quarter ended June 30, 2023, compared to 1.00% and 10.95%, respectively, for the prior year quarter.

Balance Sheet Growth: Assets totaled $972.2 million at June 30, 2023, up $15.9 million, or 1.7%, from March 31, 2023, and up $119.6 million, or 14.0%, from June 30, 2022, primarily due to loan growth.

Regulatory Capital: The Bank's Tier 1 capital ratio was 8.94% and the Total Risk based capital ratio was 13.73% at June 30, 2023, each above the regulatory minimum for a well-capitalized institution.

Loan Growth: At June 30, 2023, total loans outstanding were $834.4 million representing 85.8% of total assets, up $118.7 million, or 16.6%, from June 30, 2022, and up $25.8 million, or 3.2%, from March 31, 2023.

Net Interest Income Growth: The Bank recorded net interest income of $8.0 million for the quarter ended June 30, 2023, an increase of $137 thousand, or 1.7%, from the quarter ended June 30, 2022, and an increase of $89 thousand, or 1.1%, on a linked quarter basis.

Strong Asset Quality: At June 30, 2023, the Bank's asset quality was strong with 0.45% non-performing loans to total loans.

Net Interest Margin and Spread: The Bank's net interest margin and...