Clifton Savings Bancorp Inc. (CSBK, Financial) filed Quarterly Report for the period ended 2010-09-30.
Clifton Savings Bancorp Inc. has a market cap of $239.7 million; its shares were traded at around $9.17 with a P/E ratio of 27.8 and P/S ratio of 5.2. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2.6%. 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.
Net income increased $862,000, or 65.2%, to $2.18 million for the three months ended September 30, 2010 compared with $1.32 million for the same 2009 period. The increase in net income during the 2010 period resulted primarily from an increase of $1.04 million, or 19.9%, in net interest income and a $329,000 net gain on the sale of premises and equipment, coupled with a decrease of $173,000, or 52.0%, in provision for loan losses, and a decrease of $943,000, or 15.7%, in interest expense. This was partially offset by an increase in income taxes of $567,000, or 90.9%, to $1.19 million for the three months ended September 30, 2010 as compared to $624,000 for the three months ended September 30, 2009.
Interest income on loans decreased by $316,000, or 5.2%, to $5.80 million during the three months ended September 30, 2010, when compared with $6.12 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 13 basis points to 4.99% from 5.12%, coupled with a decrease of $12.8 million, or 2.7%, in the average balance when compared to the same period in 2009. The average balance of loans decreased as repayment levels on loans exceeded origination volume. Interest income on mortgage-backed securities decreased $281,000, or 6.5%, to $4.05 million during the three months ended September 30, 2010, when compared with $4.33 million for the same 2009 period. The decrease during the 2010 period resulted from a decrease of 35 basis points in the yield earned on mortgage-backed securities to 4.69% from 5.04%, partially offset by an increase of $1.9 million, or 0.6%, in the average balance of mortgage-backed securities outstanding. Interest earned on investment securities increased by $718,000, or 104.7%, to $1.4 million during the three months ended September 30, 2010, when compared to $686,000 during the same 2009 period, due to an increase in the average balance of $118.1 million, or 121.0%, partially offset by a 21 basis point decrease in yield to 2.60% from 2.81%. Interest earned on other interest-earning assets decreased by $28,000, or 24.3%, to $87,000 during the three months ended September 30, 2010, when compared to $115,000 during the same 2009 period primarily due to a decrease of 82 basis points in yield to 1.20% from 2.02%, partially offset by an increase of $6.2 million, or 27.3%, in the average balance. The average balances of mortgage-backed and investment securities and other interest-earning assets increased as funds generated from the increase in deposits primarily were invested into these types of assets. The decrease in the average yields earned was due to lower market interest rates for all these types of products.
Net interest income increased $1.04 million, or 19.9%, during the three months ended September 30, 2010, to $6.26 million when compared to $5.22 million for the same 2009 period. Such increase was due to a $93,000 increase in total interest income coupled with a decrease in total interest expense of $943,000. Average interest-earning assets increased $113.4 million, or 12.1%, during the three months ended September 30, 2010 while average interest-bearing liabilities increased $107.5 million, or 13.1%. The $113.4 million increase in average interest-earning assets was attributable to increases of $1.9 million in mortgage- backed securities, $118.1 million in investment securities and $6.2 million in other interest-earning assets, partially offset by a decrease of $12.8 million in loans. The average balances in mortgage-backed and investment securities and other interest-earning assets increased primarily due to the redeployment of funds generated by repayments, maturities and calls of mortgage-backed and investment securities and growth in deposits into higher yielding assets. The average balance of loans decreased as repayment levels on loans exceeded origination volume. The $107.5 million increase in average interest-bearing liabilities was primarily due to an increase of $128.4 million in the average balance of interest-bearing deposits partially offset by a decrease of $20.9 million in the average balance of borrowings. The net interest rate spread increased 26 basis points due to a 74 basis point decrease in the cost of interest-bearing liabilities, partially offset by a decrease of 48 basis points in the yield earned on interest-earning assets.
the 2010 period mainly resulted from a decrease in the average balance of loans of $5.1 million, or 1.1% when compared to the same period in 2009, coupled with a decrease in the average yield earned on the loan portfolio of 13 basis points, to 5.02% from 5.15%. The average balance of loans decreased as repayment levels on loans exceeded origination volume. Interest income on mortgage- backed securities decreased $148,000, or 1.8%, to $8.18 million during the six months ended September 30, 2010, when compared with $8.33 million for the same 2009 period. The decrease during the 2010 period resulted from a decrease of 32 basis points in the average yield earned on mortgage-backed securities to 4.78% from 5.10%, partially offset by an increase of $15.7 million, or 4.8% in the average balance of mortgage-backed securities outstanding. Interest earned on investment securities increased by $1.27 million, or 91.4%, to $2.66 million during the six months ended September 30, 2010, when compared to $1.39 million during the same 2009 period, due to an increase of $106.1 million, or 114.1%, in the average balance, partially offset by a 32 basis point decrease in the average yield to 2.67% from 2.99%. Interest earned on other interest-earning assets decreased by $58,000, or 25.6%, to $169,000 during the six months ended September 30, 2010, when compared to $227,000 during the same 2009 period primarily due to a decrease of 56 basis points in the average yield to 1.33% from 1.89%, partially offset by an increase of $1.3 million, or 5.6%, in the average balance. The average balances of mortgage-backed and investment securities and other interest-earning assets increased primarily due to the redeployment of funds resulting from growth in deposits into these categories of interest-earning assets. The decrease in the average yields earned was due to lower market interest rates for all these types of products.
Net interest income increased $2.90 million, or 29.6%, during the six months ended September 30, 2010, to $12.71 million when compared to $9.81 million for the same 2009 period. Such increase was due to a $628,000 increase in total interest income, coupled with a decrease in total interest expense of $2.3 million. Average interest-earning assets increased $118.0 million, or 12.9%, during the six months ended September 30, 2010 while average interest-bearing liabilities increased $106.0 million, or 13.2%. The $118.0 million increase in average interest-earning assets was attributable to increases of $15.7 million in mortgage-backed securities, $106.1 million in investment securities, and $1.3 million in other interest-earning assets, partially offset by a decrease of $5.1 million in loans. The average balances of mortgage-backed and investment securities and other interest-earning assets increased primarily due to the deployment of funds resulting from the growth in deposits. The average balance of loans decreased as repayment levels on loans exceeded origination volume. The $106.0 million increase in average interest-bearing liabilities was primarily due to an increase of $126.7 million in the average balance of interest-bearing deposits partially offset by a decrease of $20.7 million in the average balance of borrowings. The net interest rate spread increased 42 basis points to 2.18% as a 43 basis point decrease to 4.40% in the average yield earned on interest-earning assets was more than offset by a decrease of 85 basis points to 2.22% in the average rate paid on interest-bearing liabilities.
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Clifton Savings Bancorp Inc. has a market cap of $239.7 million; its shares were traded at around $9.17 with a P/E ratio of 27.8 and P/S ratio of 5.2. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2.6%. 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:
Total liabilities increased $67.5 million, or 7.6%, to $959.2 million at September 30, 2010 from $891.7 million at March 31, 2010. Deposits at September 30, 2010 increased $62.7 million, or 8.3%, to $820.9 million when compared with $758.2 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 $3.7 million, or 3.0%, to $120.0 million at September 30, 2010, as compared with $123.7 million at March 31, 2010. During the six months ended September 30, 2010, $3.7 million of long-term borrowings were repaid in accordance with their original terms. At September 30, 2010, the remaining borrowings of $120.0 million had an average interest rate of 3.85%. Other liabilities and accruedNet income increased $862,000, or 65.2%, to $2.18 million for the three months ended September 30, 2010 compared with $1.32 million for the same 2009 period. The increase in net income during the 2010 period resulted primarily from an increase of $1.04 million, or 19.9%, in net interest income and a $329,000 net gain on the sale of premises and equipment, coupled with a decrease of $173,000, or 52.0%, in provision for loan losses, and a decrease of $943,000, or 15.7%, in interest expense. This was partially offset by an increase in income taxes of $567,000, or 90.9%, to $1.19 million for the three months ended September 30, 2010 as compared to $624,000 for the three months ended September 30, 2009.
Interest income on loans decreased by $316,000, or 5.2%, to $5.80 million during the three months ended September 30, 2010, when compared with $6.12 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 13 basis points to 4.99% from 5.12%, coupled with a decrease of $12.8 million, or 2.7%, in the average balance when compared to the same period in 2009. The average balance of loans decreased as repayment levels on loans exceeded origination volume. Interest income on mortgage-backed securities decreased $281,000, or 6.5%, to $4.05 million during the three months ended September 30, 2010, when compared with $4.33 million for the same 2009 period. The decrease during the 2010 period resulted from a decrease of 35 basis points in the yield earned on mortgage-backed securities to 4.69% from 5.04%, partially offset by an increase of $1.9 million, or 0.6%, in the average balance of mortgage-backed securities outstanding. Interest earned on investment securities increased by $718,000, or 104.7%, to $1.4 million during the three months ended September 30, 2010, when compared to $686,000 during the same 2009 period, due to an increase in the average balance of $118.1 million, or 121.0%, partially offset by a 21 basis point decrease in yield to 2.60% from 2.81%. Interest earned on other interest-earning assets decreased by $28,000, or 24.3%, to $87,000 during the three months ended September 30, 2010, when compared to $115,000 during the same 2009 period primarily due to a decrease of 82 basis points in yield to 1.20% from 2.02%, partially offset by an increase of $6.2 million, or 27.3%, in the average balance. The average balances of mortgage-backed and investment securities and other interest-earning assets increased as funds generated from the increase in deposits primarily were invested into these types of assets. The decrease in the average yields earned was due to lower market interest rates for all these types of products.
Net interest income increased $1.04 million, or 19.9%, during the three months ended September 30, 2010, to $6.26 million when compared to $5.22 million for the same 2009 period. Such increase was due to a $93,000 increase in total interest income coupled with a decrease in total interest expense of $943,000. Average interest-earning assets increased $113.4 million, or 12.1%, during the three months ended September 30, 2010 while average interest-bearing liabilities increased $107.5 million, or 13.1%. The $113.4 million increase in average interest-earning assets was attributable to increases of $1.9 million in mortgage- backed securities, $118.1 million in investment securities and $6.2 million in other interest-earning assets, partially offset by a decrease of $12.8 million in loans. The average balances in mortgage-backed and investment securities and other interest-earning assets increased primarily due to the redeployment of funds generated by repayments, maturities and calls of mortgage-backed and investment securities and growth in deposits into higher yielding assets. The average balance of loans decreased as repayment levels on loans exceeded origination volume. The $107.5 million increase in average interest-bearing liabilities was primarily due to an increase of $128.4 million in the average balance of interest-bearing deposits partially offset by a decrease of $20.9 million in the average balance of borrowings. The net interest rate spread increased 26 basis points due to a 74 basis point decrease in the cost of interest-bearing liabilities, partially offset by a decrease of 48 basis points in the yield earned on interest-earning assets.
the 2010 period mainly resulted from a decrease in the average balance of loans of $5.1 million, or 1.1% when compared to the same period in 2009, coupled with a decrease in the average yield earned on the loan portfolio of 13 basis points, to 5.02% from 5.15%. The average balance of loans decreased as repayment levels on loans exceeded origination volume. Interest income on mortgage- backed securities decreased $148,000, or 1.8%, to $8.18 million during the six months ended September 30, 2010, when compared with $8.33 million for the same 2009 period. The decrease during the 2010 period resulted from a decrease of 32 basis points in the average yield earned on mortgage-backed securities to 4.78% from 5.10%, partially offset by an increase of $15.7 million, or 4.8% in the average balance of mortgage-backed securities outstanding. Interest earned on investment securities increased by $1.27 million, or 91.4%, to $2.66 million during the six months ended September 30, 2010, when compared to $1.39 million during the same 2009 period, due to an increase of $106.1 million, or 114.1%, in the average balance, partially offset by a 32 basis point decrease in the average yield to 2.67% from 2.99%. Interest earned on other interest-earning assets decreased by $58,000, or 25.6%, to $169,000 during the six months ended September 30, 2010, when compared to $227,000 during the same 2009 period primarily due to a decrease of 56 basis points in the average yield to 1.33% from 1.89%, partially offset by an increase of $1.3 million, or 5.6%, in the average balance. The average balances of mortgage-backed and investment securities and other interest-earning assets increased primarily due to the redeployment of funds resulting from growth in deposits into these categories of interest-earning assets. The decrease in the average yields earned was due to lower market interest rates for all these types of products.
Net interest income increased $2.90 million, or 29.6%, during the six months ended September 30, 2010, to $12.71 million when compared to $9.81 million for the same 2009 period. Such increase was due to a $628,000 increase in total interest income, coupled with a decrease in total interest expense of $2.3 million. Average interest-earning assets increased $118.0 million, or 12.9%, during the six months ended September 30, 2010 while average interest-bearing liabilities increased $106.0 million, or 13.2%. The $118.0 million increase in average interest-earning assets was attributable to increases of $15.7 million in mortgage-backed securities, $106.1 million in investment securities, and $1.3 million in other interest-earning assets, partially offset by a decrease of $5.1 million in loans. The average balances of mortgage-backed and investment securities and other interest-earning assets increased primarily due to the deployment of funds resulting from the growth in deposits. The average balance of loans decreased as repayment levels on loans exceeded origination volume. The $106.0 million increase in average interest-bearing liabilities was primarily due to an increase of $126.7 million in the average balance of interest-bearing deposits partially offset by a decrease of $20.7 million in the average balance of borrowings. The net interest rate spread increased 42 basis points to 2.18% as a 43 basis point decrease to 4.40% in the average yield earned on interest-earning assets was more than offset by a decrease of 85 basis points to 2.22% in the average rate paid on interest-bearing liabilities.
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