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BY KEITH BENMAN
kbenman@nwitimes.com
219.933.3326 | Saturday, January 29, 2005 | (No comments posted.)
CFS Bancorp Inc., parent of Citizens Financial Services, reported a fourth quarter loss of $23.1 million, or $1.97 per share, in the fourth quarter, as compared to a profit of $1.2 million, or 10 cents per share, in the fourth quarter one year ago.
Profits were negatively affected by a $42 million charge taken when $400 million in Federal Home Loan Bank borrowings were restructured in early December.
The bank expects the FHLB restructuring, which involved refinancing a large part of the debt at lower interest rates, to reduce interest expenses in the future.
"The fourth quarter of 2004 came with the opportunity to reposition our balance sheet through the restructuring of our higher costing fixed-rate FHLB borrowings," said Thomas F. Prisby, chairman and chief executive officer. He added the restructuring should improve the bank's efficiency ratio.
The fourth quarter brought continued improvement in net interest margin, core deposit growth and non-interest income such as bank fees, Prisby said.
For all of 2004, the bank reported a net loss of $25 million, or $2.16 per share, as compared to a profit of $3.5 million, or 30 cents per share in 2003.
CFS Bancorp is headquartered in Munster and has $1.3 billion in assets. The bank has 24 offices in Northwest Indiana and the Chicago's south suburbs.
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