Clifton Savings Bancorp Inc. (CSBK, Financial) filed Quarterly Report for the period ended 2008-12-31.
Clifton Savings Bancorp Inc. is the holding company for Clifton Savings Bank S.L.A. The Bank provides community banking services through its ten offices in northeastern New Jersey. Clifton Savings Bancorp Inc. has a market cap of $277.22 million; its shares were traded at around $11.38 with a P/E ratio of 80.5 and P/S ratio of 6.98. The dividend yield of Clifton Savings Bancorp Inc. stocks is 1.93%.
the three months ended December 31, 2008, when compared with $5.65 million for
the same 2007 period. The increase during the 2008 period resulted from an
increase in the average yield earned on the loan portfolio of 8 basis points to
5.34% from 5.26%, coupled with an increase in the average balance of $38.3
million, or 8.9% when compared to the same period in 2007. The increase in yield
was a result of new loan originations which have yields significantly higher
than the overall average yield on the portfolio. Interest on mortgage-backed
securities increased $2.1 million, or 95.5% to $4.3 million during the three
months ended December 31, 2008, when compared with $2.2 million for the same
2007 period. The increase during the 2008 period resulted from an increase of 34
basis points in the average yield earned on mortgage-backed securities to 5.29%
from 4.95%, coupled with an increase of $148.3 million, or 84.0% in the average
balance of mortgage-backed securities outstanding. The increase in yield was due
to new purchases of securities at yields significantly higher than the overall
portfolio yield. Interest earned on investment securities decreased by $772,000,
or 50.4% to $758,000 during the three months ended December 31, 2008, when
compared to $1.53 million during the same 2007 period, due to a decrease in the
average balance by $66.2 million, or 60.0%, partially offset by an increase in
the average yield of 5 basis points to 4.76% from 4.71%. Investment securities
decreased primarily due to the redeployment of maturities and calls of
investment securities into higher yielding loans and mortgage-backed securities.
Interest earned on other interest-earning assets decreased by $190,000, or 68.6%
to $87,000 during the three months ended December 31, 2008, when compared to
$277,000 during the same 2007 period primarily due to a decrease of 326 basis
points in average yield to 1.64% from 4.90%, coupled with a decrease of $1.4
million, or 6.2%, in the average balance of other interest-earning assets.
Interest expense on deposits decreased $520,000, or 9.3% to $5.06 million during
the three months ended December 31, 2008, when compared to $5.58 million during
the same 2007 period. Such decrease was primarily attributable to a decrease of
55 basis points in the average cost of interest-bearing deposits to 3.43% from
3.98%, partially offset by an increase of $30.3 million, or 5.5% in the average
balance of interest-bearing deposits. The decrease in the average cost of
deposits reflected lower market interest rates. Interest expense on borrowed
money increased approximately $854,000, or 143.5% to $1.45 million during the
three months ended December 31, 2008 when compared with $595,000 during the same
2007 period. Such increase was primarily attributable to an increase of $92.3
million, or 158.9% in the average
During both the three months ended December 31, 2008 and 2007, there were no
provisions for loan losses recorded. The allowance for loan losses is based on
management's evaluation of the risk inherent in the Bank's loan portfolio and
gives due consideration to the changes in general market conditions and in the
nature and volume of the Bank's loan activity. The Bank intends to continue to
evaluate the need for a provision for loan losses based on its periodic review
of the loan portfolio and general market conditions. At December 31, 2008 and
March 31, 2008, the Bank's non-performing loans, all of which were delinquent
ninety days or more, totaled $444,000 and $265,000 respectively, at 0.10% and
0.06%, respectively, to total gross loans, and 0.05% and 0.03%, respectively, to
total assets at the end of each period. During the three months ended December
31, 2008 and 2007, the Bank did not charge off any loans. The allowance for loan
losses amounted to $1.56 million, representing 0.33% of total gross loans at
December 31, 2008, and $1.44 million, representing 0.34% of total gross loans at
March 31, 2008.
Interest income on loans increased by $1.3 million, or 7.8% to $17.9 million
during the nine months ended December 31, 2008, when compared with $16.6 million
for the same 2007 period. The increase during the 2008 period resulted from an
increase in the average yield earned on the loan portfolio of 7 basis points to
5.29% from 5.22%, coupled with an increase in the average balance of $25.8
million, or 6.1% when compared to the same period in 2007. Interest on
mortgage-backed securities increased $6.3 million, or 110.5% to $12.0 million
during the nine months ended December 31, 2008, when compared with $5.7 million
for the same 2007 period. The increase during the 2008 period resulted from an
increase of 50 basis points in the average yield earned on mortgage-backed
securities to 5.23% from 4.73%, coupled with an increase of $144.5 million, or
89.9% in the average balance of mortgage-backed securities outstanding. The
average yields on loans and securities increased as a result of yields on new
loan originations and securities purchased being significantly higher than the
overall existing portfolio yields. Interest earned on investment securities
decreased by $2.1 million, or 42.0% to $2.9 million during the nine months ended
December 31, 2008, when compared to $5.0 million during the same 2007 period,
due to a decrease in the average balance by $64.0 million, or 44.4%, partially
offset by an 11 basis point increase in average yield to 4.75% from 4.64%.
Investment securities decreased primarily due to the redeployment of maturities
and calls of investment securities into higher yielding loans and
mortgage-backed securities. Interest earned on other interest-earning assets
decreased by $521,000, or 45.9% to $613,000 during the nine months ended
December 31, 2008, when compared to $1.13 million during the same 2007 period
primarily due to a decrease of 277 basis points in average yield to 2.52% from
5.29%, partially offset by an increase of $3.8 million, or 13.4%, in the average
balance.
Interest expense on deposits decreased $1.5 million, or 9.0% to $15.1 million
during the nine months ended December 31, 2008, when compared to $16.6 million
during the same 2007 period. Such decrease was primarily attributable to a
decrease of 45 basis points in the average cost of interest-bearing deposits to
3.48% from 3.93%, partially offset by an increase of $16.9 million, or 3.0% in
the average balance of interest-bearing deposits. Interest expense on borrowed
money increased approximately $3.1 million, or 221.4% to $4.5 million during the
nine months ended December 31, 2008 when compared with $1.4 million during the
same 2007 period. Such increase was primarily attributable to an increase of
$102.0 million, or 209.2% in the average balance of borrowings, coupled with an
increase of 7 basis points in the average cost of borrowings to 3.93% from
3.86%.
During the nine months ended December 31, 2008 and 2007, the Bank recorded
$115,000 and $90,000, respectively, as a provision for loan losses. The
allowance for loan losses is based on management's evaluation of the risk
inherent in the Bank's loan portfolio and gives due consideration to the changes
in general market conditions and in the nature and volume of the Bank's loan
activity. The Bank intends to continue to evaluate the need for a provision for
loan losses based on its periodic review of the loan portfolio and general
market conditions. The larger provision in the 2008 period was a result of both
increases in non-performing loans and the loan portfolio balance. The gross loan
portfolio increased $45.3 million, or 10.7% from March 31, 2008 to December 31,
2008, and only $8.3 million, or 2.0% from March 31, 2007 to December 31, 2007.
At December 31, 2008 and March 31, 2008, the Bank's non-performing loans, all of
which were delinquent ninety days or more, totaled $444,000 and $265,000
respectively, at 0.10% and 0.06%, respectively, to total gross loans, and 0.05%
and 0.03%, respectively, to total assets at the end of each period. During the
nine months ended December 31, 2008 and 2007, the Bank did not charge off any
loans. The allowance for loan losses amounted to $1.56 million, representing
0.33% of total gross loans at December 31, 2008, and $1.44 million representing
0.34% of total gross loans at March 31, 2008.
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Clifton Savings Bancorp Inc. is the holding company for Clifton Savings Bank S.L.A. The Bank provides community banking services through its ten offices in northeastern New Jersey. Clifton Savings Bancorp Inc. has a market cap of $277.22 million; its shares were traded at around $11.38 with a P/E ratio of 80.5 and P/S ratio of 6.98. The dividend yield of Clifton Savings Bancorp Inc. stocks is 1.93%.
Highlight of Business Operations:
Interest income on loans increased by $590,000, or 10.4% to $6.24 million duringthe three months ended December 31, 2008, when compared with $5.65 million for
the same 2007 period. The increase during the 2008 period resulted from an
increase in the average yield earned on the loan portfolio of 8 basis points to
5.34% from 5.26%, coupled with an increase in the average balance of $38.3
million, or 8.9% when compared to the same period in 2007. The increase in yield
was a result of new loan originations which have yields significantly higher
than the overall average yield on the portfolio. Interest on mortgage-backed
securities increased $2.1 million, or 95.5% to $4.3 million during the three
months ended December 31, 2008, when compared with $2.2 million for the same
2007 period. The increase during the 2008 period resulted from an increase of 34
basis points in the average yield earned on mortgage-backed securities to 5.29%
from 4.95%, coupled with an increase of $148.3 million, or 84.0% in the average
balance of mortgage-backed securities outstanding. The increase in yield was due
to new purchases of securities at yields significantly higher than the overall
portfolio yield. Interest earned on investment securities decreased by $772,000,
or 50.4% to $758,000 during the three months ended December 31, 2008, when
compared to $1.53 million during the same 2007 period, due to a decrease in the
average balance by $66.2 million, or 60.0%, partially offset by an increase in
the average yield of 5 basis points to 4.76% from 4.71%. Investment securities
decreased primarily due to the redeployment of maturities and calls of
investment securities into higher yielding loans and mortgage-backed securities.
Interest earned on other interest-earning assets decreased by $190,000, or 68.6%
to $87,000 during the three months ended December 31, 2008, when compared to
$277,000 during the same 2007 period primarily due to a decrease of 326 basis
points in average yield to 1.64% from 4.90%, coupled with a decrease of $1.4
million, or 6.2%, in the average balance of other interest-earning assets.
Interest expense on deposits decreased $520,000, or 9.3% to $5.06 million during
the three months ended December 31, 2008, when compared to $5.58 million during
the same 2007 period. Such decrease was primarily attributable to a decrease of
55 basis points in the average cost of interest-bearing deposits to 3.43% from
3.98%, partially offset by an increase of $30.3 million, or 5.5% in the average
balance of interest-bearing deposits. The decrease in the average cost of
deposits reflected lower market interest rates. Interest expense on borrowed
money increased approximately $854,000, or 143.5% to $1.45 million during the
three months ended December 31, 2008 when compared with $595,000 during the same
2007 period. Such increase was primarily attributable to an increase of $92.3
million, or 158.9% in the average
During both the three months ended December 31, 2008 and 2007, there were no
provisions for loan losses recorded. The allowance for loan losses is based on
management's evaluation of the risk inherent in the Bank's loan portfolio and
gives due consideration to the changes in general market conditions and in the
nature and volume of the Bank's loan activity. The Bank intends to continue to
evaluate the need for a provision for loan losses based on its periodic review
of the loan portfolio and general market conditions. At December 31, 2008 and
March 31, 2008, the Bank's non-performing loans, all of which were delinquent
ninety days or more, totaled $444,000 and $265,000 respectively, at 0.10% and
0.06%, respectively, to total gross loans, and 0.05% and 0.03%, respectively, to
total assets at the end of each period. During the three months ended December
31, 2008 and 2007, the Bank did not charge off any loans. The allowance for loan
losses amounted to $1.56 million, representing 0.33% of total gross loans at
December 31, 2008, and $1.44 million, representing 0.34% of total gross loans at
March 31, 2008.
Interest income on loans increased by $1.3 million, or 7.8% to $17.9 million
during the nine months ended December 31, 2008, when compared with $16.6 million
for the same 2007 period. The increase during the 2008 period resulted from an
increase in the average yield earned on the loan portfolio of 7 basis points to
5.29% from 5.22%, coupled with an increase in the average balance of $25.8
million, or 6.1% when compared to the same period in 2007. Interest on
mortgage-backed securities increased $6.3 million, or 110.5% to $12.0 million
during the nine months ended December 31, 2008, when compared with $5.7 million
for the same 2007 period. The increase during the 2008 period resulted from an
increase of 50 basis points in the average yield earned on mortgage-backed
securities to 5.23% from 4.73%, coupled with an increase of $144.5 million, or
89.9% in the average balance of mortgage-backed securities outstanding. The
average yields on loans and securities increased as a result of yields on new
loan originations and securities purchased being significantly higher than the
overall existing portfolio yields. Interest earned on investment securities
decreased by $2.1 million, or 42.0% to $2.9 million during the nine months ended
December 31, 2008, when compared to $5.0 million during the same 2007 period,
due to a decrease in the average balance by $64.0 million, or 44.4%, partially
offset by an 11 basis point increase in average yield to 4.75% from 4.64%.
Investment securities decreased primarily due to the redeployment of maturities
and calls of investment securities into higher yielding loans and
mortgage-backed securities. Interest earned on other interest-earning assets
decreased by $521,000, or 45.9% to $613,000 during the nine months ended
December 31, 2008, when compared to $1.13 million during the same 2007 period
primarily due to a decrease of 277 basis points in average yield to 2.52% from
5.29%, partially offset by an increase of $3.8 million, or 13.4%, in the average
balance.
Interest expense on deposits decreased $1.5 million, or 9.0% to $15.1 million
during the nine months ended December 31, 2008, when compared to $16.6 million
during the same 2007 period. Such decrease was primarily attributable to a
decrease of 45 basis points in the average cost of interest-bearing deposits to
3.48% from 3.93%, partially offset by an increase of $16.9 million, or 3.0% in
the average balance of interest-bearing deposits. Interest expense on borrowed
money increased approximately $3.1 million, or 221.4% to $4.5 million during the
nine months ended December 31, 2008 when compared with $1.4 million during the
same 2007 period. Such increase was primarily attributable to an increase of
$102.0 million, or 209.2% in the average balance of borrowings, coupled with an
increase of 7 basis points in the average cost of borrowings to 3.93% from
3.86%.
During the nine months ended December 31, 2008 and 2007, the Bank recorded
$115,000 and $90,000, respectively, as a provision for loan losses. The
allowance for loan losses is based on management's evaluation of the risk
inherent in the Bank's loan portfolio and gives due consideration to the changes
in general market conditions and in the nature and volume of the Bank's loan
activity. The Bank intends to continue to evaluate the need for a provision for
loan losses based on its periodic review of the loan portfolio and general
market conditions. The larger provision in the 2008 period was a result of both
increases in non-performing loans and the loan portfolio balance. The gross loan
portfolio increased $45.3 million, or 10.7% from March 31, 2008 to December 31,
2008, and only $8.3 million, or 2.0% from March 31, 2007 to December 31, 2007.
At December 31, 2008 and March 31, 2008, the Bank's non-performing loans, all of
which were delinquent ninety days or more, totaled $444,000 and $265,000
respectively, at 0.10% and 0.06%, respectively, to total gross loans, and 0.05%
and 0.03%, respectively, to total assets at the end of each period. During the
nine months ended December 31, 2008 and 2007, the Bank did not charge off any
loans. The allowance for loan losses amounted to $1.56 million, representing
0.33% of total gross loans at December 31, 2008, and $1.44 million representing
0.34% of total gross loans at March 31, 2008.
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