Clifton Savings Bancorp Inc. (CSBK, Financial) filed Quarterly Report for the period ended 2010-12-31.
Clifton Savings Bancorp Inc. has a market cap of $279.9 million; its shares were traded at around $11.24 with a P/E ratio of 32.5 and P/S ratio of 6. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2.3%. Clifton Savings Bancorp Inc. had an annual average earning growth of 13.2% over the past 5 years.Hedge Fund Gurus that owns CSBK: Jim Simons of Renaissance Technologies LLC.
earning assets was mainly attributable to increases of $132.4 million in the average balance of investment securities and $1.4 million in the average balance of other interest-earning assets, and a decrease of $26.5 million in the average balance of borrowings, partially offset by a decrease of $33.9 million in the average balance of loans, a decrease of $18.0 million in the average balance of mortgage-backed securities, and an increase of $105.0 million in the average balance of interest-bearing deposits. The net interest rate spread increased 10 basis points during the three months ended December 31, 2010, to 2.15% from 2.05% during the same 2009 period. This was due to a 52 basis point decrease in the cost of interest-bearing liabilities which was partially offset by a decrease of 42 basis points in the yield earned on interest-earning assets.
Results of operations also depend, to a lesser extent, on non-interest income generated, any provision for loan losses recorded, and non-interest expenses incurred. During the three months ended December 31, 2010, non-interest income decreased $409,000, or 141.5%, to a net loss of $120,000 as compared with income of $289,000 for the same 2009 period, mostly due to a $397,000 net loss on the write-down of land held for sale. The provision for loan losses increased $90,000, to $90,000 for the three months ended December 31, 2010 from $0 for the three months ended December 31, 2009, and non-interest expenses increased $11,000, or 0.4%, between periods.
Securities available for sale at December 31, 2010 decreased $19.3 million, or 26.6%, to $52.9 million from $72.1 million at March 31, 2010. The decrease during the nine months ended December 31, 2010 resulted primarily from maturities, calls, and repayments, totaling $28.9 million, partially offset by purchases of $10.0 million and a decrease of $398,000 in the unrealized gain on the portfolio.
Total liabilities increased $54.6 million, or 6.1%, to $946.3 million at December 31, 2010 from $891.7 million at March 31, 2010. Deposits at December 31, 2010 increased $71.9 million, or 9.5%, to $830.0 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 $15.6 million, or 12.6%, to $108.1 million at December 31, 2010, as compared with $123.7
Stockholders equity totaled $178.5 million and $176.0 million at December 31, 2010 and March 31, 2010, respectively. The increase of $2.5 million, or 1.4%, for the nine months ended December 31, 2010, resulted primarily from net income of $6.4 million, ESOP shares committed to be released of $496,000, and $154,000 for stock options and restricted stock awards earned under the Company s 2005 Equity Incentive Plan and related tax benefits, partially offset by the repurchase of approximately 298,000 shares of Company common stock for an aggregate of $2.7 million, aggregate cash dividends paid of $1.6 million, and a net decrease in unrealized gains, net of income taxes, of $239,000 on the available for sale securities portfolios.
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Clifton Savings Bancorp Inc. has a market cap of $279.9 million; its shares were traded at around $11.24 with a P/E ratio of 32.5 and P/S ratio of 6. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2.3%. Clifton Savings Bancorp Inc. had an annual average earning growth of 13.2% over the past 5 years.Hedge Fund Gurus that owns CSBK: Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net interest income increased $509,000, or 8.7%, during the three months ended December 31, 2010, when compared with the same 2009 period. This increase was due to a decrease in total interest expense of $689,000 partially offset by a decrease of $180,000 in total interest income. Average interest-earning assets increased $81.9 million, or 8.4% during the three months ended December 31, 2010, when compared to the same period in 2009, while average interest-bearing liabilities increased $78.5 million, or 9.2%, when compared with the same 2009 period. The $3.4 million increase in average net interest-earning assets was mainly attributable to increases of $132.4 million in the average balance of investment securities and $1.4 million in the average balance of other interest-earning assets, and a decrease of $26.5 million in the average balance of borrowings, partially offset by a decrease of $33.9 million in the average balance of loans, a decrease of $18.0 million in the average balance of mortgage-backed securities, and an increase of $105.0 million in the average balance of interest-bearing deposits. The net interest rate spread increased 10 basis points during the three months ended December 31, 2010, to 2.15% from 2.05% during the same 2009 period. This was due to a 52 basis point decrease in the cost of interest-bearing liabilities which was partially offset by a decrease of 42 basis points in the yield earned on interest-earning assets.
Results of operations also depend, to a lesser extent, on non-interest income generated, any provision for loan losses recorded, and non-interest expenses incurred. During the three months ended December 31, 2010, non-interest income decreased $409,000, or 141.5%, to a net loss of $120,000 as compared with income of $289,000 for the same 2009 period, mostly due to a $397,000 net loss on the write-down of land held for sale. The provision for loan losses increased $90,000, to $90,000 for the three months ended December 31, 2010 from $0 for the three months ended December 31, 2009, and non-interest expenses increased $11,000, or 0.4%, between periods.
Securities available for sale at December 31, 2010 decreased $19.3 million, or 26.6%, to $52.9 million from $72.1 million at March 31, 2010. The decrease during the nine months ended December 31, 2010 resulted primarily from maturities, calls, and repayments, totaling $28.9 million, partially offset by purchases of $10.0 million and a decrease of $398,000 in the unrealized gain on the portfolio.
Total liabilities increased $54.6 million, or 6.1%, to $946.3 million at December 31, 2010 from $891.7 million at March 31, 2010. Deposits at December 31, 2010 increased $71.9 million, or 9.5%, to $830.0 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 $15.6 million, or 12.6%, to $108.1 million at December 31, 2010, as compared with $123.7
Stockholders equity totaled $178.5 million and $176.0 million at December 31, 2010 and March 31, 2010, respectively. The increase of $2.5 million, or 1.4%, for the nine months ended December 31, 2010, resulted primarily from net income of $6.4 million, ESOP shares committed to be released of $496,000, and $154,000 for stock options and restricted stock awards earned under the Company s 2005 Equity Incentive Plan and related tax benefits, partially offset by the repurchase of approximately 298,000 shares of Company common stock for an aggregate of $2.7 million, aggregate cash dividends paid of $1.6 million, and a net decrease in unrealized gains, net of income taxes, of $239,000 on the available for sale securities portfolios.
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