Clifton Savings Bancorp Inc. (CSBK, Financial) filed Quarterly Report for the period ended 2010-06-30.
Clifton Savings Bancorp Inc. has a market cap of $234.08 million; its shares were traded at around $8.87 with a P/E ratio of 30.59 and P/S ratio of 5.08. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2.71%. Clifton Savings Bancorp Inc. had an annual average earning growth of 13.2% over the past 5 years.CSBK is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Total liabilities increased $46.44 million, or 5.2% to $938.16 million at June 30, 2010 from $891.72 million at March 31, 2010. Deposits at June 30, 2010 increased $49.30 million, or 6.5% to $807.45 million when compared with $758.15 million at March 31, 2010, as the Bank continued to offer competitive rates on its deposit products and opened a new branch office in May 2010. Borrowed funds decreased $1.86 million, or 1.5% to $121.88 million at June 30, 2010, as compared with $123.74 million at March 31, 2010. During the three months ended June 30, 2010, $1.8 million of long-term borrowings were repaid in accordance with their original terms. At June 30, 2010, the remaining borrowings of $121.88 million had an average interest rate of 3.86%.
Net income increased $1.3 million, or 157.1% to $2.17 million for the three months ended June 30, 2010 compared with $844,000 for the same 2009 period. The increase in net income during the 2010 period resulted primarily from an increase of $1.86 million, or 40.6%, in net interest income coupled with a decrease of $100,000, or 100.0%, in provision for loan losses, and a decrease of $279,000, or 7.7%, in non-interest expense to $3.35 million, for the three months ended June 30, 2010 from $3.62 million for the three months ended June 30, 2009. This was partially offset by an increase in income taxes of $896,000, or 291.9% to $1.2 million for the three months ended June 30, 2010 as compared to $307,000 for the three months ended June 30, 2009.
Interest income on loans decreased by $119,000, or 1.9% to $5.99 million during the three months ended June 30, 2010, when compared with $6.11 million for the same 2009 period. The decrease during the 2010 period mainly resulted from a decrease in the yield earned on the loan portfolio of 15 basis points, to 5.05% from 5.20%, partially offset by an increase of $4.5 million, or 1.0% in the average balance when compared to the same period in 2009. Interest income on mortgage-backed securities increased $132,000, or 3.3% to $4.13 million during the three months ended June 30, 2010, when compared with $4.00 million for the same 2009 period. The increase during the 2010 period resulted from an increase of $34.0 million, or 11.1% in the average balance of mortgage-backed securities outstanding, partially offset by a decrease of 36 basis points in the yield earned on mortgage-backed securities to 4.84% from 5.20%. Interest earned on investment securities increased by $552,000, or 78.5% to $1.26 million during the three months ended June 30, 2010, when compared to $703,000 during the same 2009 period, due to an increase in the average balance of $94.6 million, or 108.0%, partially offset by a 45 basis point decrease in yield to 2.76% from 3.21%. The balance of mortgage-backed and investment securities increased as funds generated from the increase in deposits primarily were invested into these type assets. Interest earned on other interest-earning assets decreased by $30,000, or 26.8% to $82,000 during the three months ended June 30, 2010, when compared to $112,000 during the same 2009 period primarily due to a decrease of 2 basis points in yield to 1.65% from 1.67%, coupled with a decrease of $6.9 million, or 25.7%, in the average balance. Other interest-earning assets decreased due to cash and cash equivalents being redeployed into higher yielding assets.
Interest expense on deposits decreased $1.13 million, or 22.8% to $3.82 million during the three months ended June 30, 2010, when compared to $4.95 million during the same 2009 period. Such decrease was primarily attributable to a decrease of 109 basis points in the cost of interest-bearing deposits to 1.98% from 3.07%, partially offset by an increase of $125.7 million, or 19.5% in the average balance of interest-bearing deposits. The decrease on the average cost of deposits reflected lower market interest rates. Interest expense on borrowed money decreased approximately $193,000, or 14.0% to $1.19 million during the three months ended June 30, 2010 when compared with $1.38 million during the same 2009 period. Such decrease was primarily attributable to a decrease of $20.4 million, or 14.3% in the average balance of borrowings, partially offset by an increase of 1 basis point in the cost of borrowings to 3.87%
from 3.86%. Net interest income increased $1.96 million, or 40.6% during the three months ended June 30, 2010, to $6.45 million when compared to $4.59 million for the same 2009 period. Such increase was due to a $535,000 increase in total interest income coupled with a decrease in total interest expense of $1.32 million. Average interest-earning assets increased $126.2 million, or 14.2% during the three months ended June 30, 2010 while average interest-bearing liabilities increased $105.3 million, or 13.4%. The $126.2 million increase in average interest-earning assets was attributable to increases of $4.5 million in loans, $34.0 million in mortgage- backed securities, and $94.6 million in investment securities, partially offset by decreases of $6.9 million in other interest-earning assets. Loans, mortgage-backed and investment securities increased primarily due to the redeployment of repayments, maturities and calls of mortgage-backed and investment securities and growth in deposits into higher yielding assets. Other interest-earning assets decreased due to cash and cash equivalents being redeployed into higher yielding assets. The $105.3 million increase in average interest-bearing liabilities was primarily due to an increase of $125.7 million in interest-bearing deposits partially offset by a decrease of $20.4 million in borrowings. The net interest rate spread increased 57 basis points due to a 97 basis points decrease in the cost of interest-bearing liabilities, partially offset by a decrease of 40 basis points in the yield earned on interest-earning assets.
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Clifton Savings Bancorp Inc. has a market cap of $234.08 million; its shares were traded at around $8.87 with a P/E ratio of 30.59 and P/S ratio of 5.08. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2.71%. Clifton Savings Bancorp Inc. had an annual average earning growth of 13.2% over the past 5 years.CSBK is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net interest income increased $1.86 million, or 40.6%, during the three months ended June 30, 2010, when compared with the same 2009 period. This increase in net interest income was due to a $535,000 increase in total interest income coupled with a decrease in total interest expense of $1.3 million. Average interest-earning assets increased $126.2 million, or 14.2% during the three months ended June 30, 2010, while average interest-bearing liabilities increased $105.3 million, or 13.4%, when compared with the same 2009 period. The $20.9 million increase in average net interest-earning assets was mainly attributable to increases of $4.5 million in loans and $128.6 million in securities coupled with a decrease of $20.4 million in borrowings, partially offset by anTotal liabilities increased $46.44 million, or 5.2% to $938.16 million at June 30, 2010 from $891.72 million at March 31, 2010. Deposits at June 30, 2010 increased $49.30 million, or 6.5% to $807.45 million when compared with $758.15 million at March 31, 2010, as the Bank continued to offer competitive rates on its deposit products and opened a new branch office in May 2010. Borrowed funds decreased $1.86 million, or 1.5% to $121.88 million at June 30, 2010, as compared with $123.74 million at March 31, 2010. During the three months ended June 30, 2010, $1.8 million of long-term borrowings were repaid in accordance with their original terms. At June 30, 2010, the remaining borrowings of $121.88 million had an average interest rate of 3.86%.
Net income increased $1.3 million, or 157.1% to $2.17 million for the three months ended June 30, 2010 compared with $844,000 for the same 2009 period. The increase in net income during the 2010 period resulted primarily from an increase of $1.86 million, or 40.6%, in net interest income coupled with a decrease of $100,000, or 100.0%, in provision for loan losses, and a decrease of $279,000, or 7.7%, in non-interest expense to $3.35 million, for the three months ended June 30, 2010 from $3.62 million for the three months ended June 30, 2009. This was partially offset by an increase in income taxes of $896,000, or 291.9% to $1.2 million for the three months ended June 30, 2010 as compared to $307,000 for the three months ended June 30, 2009.
Interest income on loans decreased by $119,000, or 1.9% to $5.99 million during the three months ended June 30, 2010, when compared with $6.11 million for the same 2009 period. The decrease during the 2010 period mainly resulted from a decrease in the yield earned on the loan portfolio of 15 basis points, to 5.05% from 5.20%, partially offset by an increase of $4.5 million, or 1.0% in the average balance when compared to the same period in 2009. Interest income on mortgage-backed securities increased $132,000, or 3.3% to $4.13 million during the three months ended June 30, 2010, when compared with $4.00 million for the same 2009 period. The increase during the 2010 period resulted from an increase of $34.0 million, or 11.1% in the average balance of mortgage-backed securities outstanding, partially offset by a decrease of 36 basis points in the yield earned on mortgage-backed securities to 4.84% from 5.20%. Interest earned on investment securities increased by $552,000, or 78.5% to $1.26 million during the three months ended June 30, 2010, when compared to $703,000 during the same 2009 period, due to an increase in the average balance of $94.6 million, or 108.0%, partially offset by a 45 basis point decrease in yield to 2.76% from 3.21%. The balance of mortgage-backed and investment securities increased as funds generated from the increase in deposits primarily were invested into these type assets. Interest earned on other interest-earning assets decreased by $30,000, or 26.8% to $82,000 during the three months ended June 30, 2010, when compared to $112,000 during the same 2009 period primarily due to a decrease of 2 basis points in yield to 1.65% from 1.67%, coupled with a decrease of $6.9 million, or 25.7%, in the average balance. Other interest-earning assets decreased due to cash and cash equivalents being redeployed into higher yielding assets.
Interest expense on deposits decreased $1.13 million, or 22.8% to $3.82 million during the three months ended June 30, 2010, when compared to $4.95 million during the same 2009 period. Such decrease was primarily attributable to a decrease of 109 basis points in the cost of interest-bearing deposits to 1.98% from 3.07%, partially offset by an increase of $125.7 million, or 19.5% in the average balance of interest-bearing deposits. The decrease on the average cost of deposits reflected lower market interest rates. Interest expense on borrowed money decreased approximately $193,000, or 14.0% to $1.19 million during the three months ended June 30, 2010 when compared with $1.38 million during the same 2009 period. Such decrease was primarily attributable to a decrease of $20.4 million, or 14.3% in the average balance of borrowings, partially offset by an increase of 1 basis point in the cost of borrowings to 3.87%
from 3.86%. Net interest income increased $1.96 million, or 40.6% during the three months ended June 30, 2010, to $6.45 million when compared to $4.59 million for the same 2009 period. Such increase was due to a $535,000 increase in total interest income coupled with a decrease in total interest expense of $1.32 million. Average interest-earning assets increased $126.2 million, or 14.2% during the three months ended June 30, 2010 while average interest-bearing liabilities increased $105.3 million, or 13.4%. The $126.2 million increase in average interest-earning assets was attributable to increases of $4.5 million in loans, $34.0 million in mortgage- backed securities, and $94.6 million in investment securities, partially offset by decreases of $6.9 million in other interest-earning assets. Loans, mortgage-backed and investment securities increased primarily due to the redeployment of repayments, maturities and calls of mortgage-backed and investment securities and growth in deposits into higher yielding assets. Other interest-earning assets decreased due to cash and cash equivalents being redeployed into higher yielding assets. The $105.3 million increase in average interest-bearing liabilities was primarily due to an increase of $125.7 million in interest-bearing deposits partially offset by a decrease of $20.4 million in borrowings. The net interest rate spread increased 57 basis points due to a 97 basis points decrease in the cost of interest-bearing liabilities, partially offset by a decrease of 40 basis points in the yield earned on interest-earning assets.
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