Clifton Savings Bancorp Inc. (CSBK, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $277.5 million; its shares were traded at around $10.38 with a P/E ratio of 57.7 and P/S ratio of 6. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2%.
2009 from $786.6 million at March 31, 2009. Deposits at June 30, 2009 increased
$43.0 million, or 6.8% to $676.6 million when compared with $633.6 million at
March 31, 2009, as the Bank continued to offer very competitive rates on their
deposit products. Borrowings decreased $2.1 million, or 1.4% to $142.2 million
at June 30, 2009, as compared with $144.3 million at March 31, 2009. During the
period ended June 30, 2009, $2.1 million of long-term borrowings were repaid in
accordance with their original terms. At June 30, 2009, the remaining borrowings
of $142.2 million had an average interest rate of 3.85%.
Interest income on loans increased by $500,000, or 8.9% to $6.1 million during
the three months ended June 30, 2009, when compared with $5.6 million for the
same 2008 period. The increase during the 2009 period mainly resulted from an
increase in average loan balance of $40.3 million, or 9.4% when compared to the
same period in 2008, coupled with a decrease in the yield earned on the loan
portfolio of 4 basis points to 5.20% from 5.24%. Interest on mortgage-backed
securities increased $400,000, or 11.1% to $4.0 million during the three months
ended June 30, 2009, when compared with $3.6 million for the same 2008 period.
The increase during the 2009 period resulted from an increase of 7 basis points
in the yield earned on mortgage-backed securities to 5.20% from 5.13%, coupled
with an increase of $25.9 million, or 9.2% in the average balance of
mortgage-backed securities outstanding. Interest earned on investment securities
decreased by $527,000, or 42.8% to $703,000 during the three months ended June
30, 2009, when compared to $1.23 million during the same 2008 period, due to a
decrease in the average balance of $12.4 million, or 12.4%, coupled with a 171
basis point decrease in yield to 3.21% from 4.92%. Interest earned on other
interest-earning assets decreased by $194,000, or 63.4% to $112,000 during the
three months ended June 30, 2009, when compared to $306,000 during the same 2008
period primarily due to a decrease of 98 basis points in yield to 1.67% from
2.65%, coupled with a decrease of $19.4 million, or 41.8%, in the average
balance. Investment securities decreased primarily due to the redeployment of
funds resulting from maturities and calls of investment securities into higher
yielding loans and mortgage-backed securities. Other interest-earning assets
decreased due to cash and cash equivalents being redeployed into higher yielding
assets.
Interest expense on deposits decreased $190,000, or 3.7% to $4.95 million during
the three months ended June 30, 2009, when compared to $5.14 million during the
same 2008 period. Such decrease was primarily attributable to a decrease of 52
basis points in the cost of interest-bearing deposits to 3.07% from 3.59%,
partially offset by an increase of $72.5 million, or 12.7% in the average
balance of interest-bearing deposits. Interest expense on borrowed money
decreased approximately $50,000, or 3.5% to $1.38 million during the three
months ended June 30, 2009 when compared with $1.43 million during the same 2008
period. Such decrease was primarily attributable to a decrease of $2.8 million,
or 2.0% in the average balance of borrowings, coupled with a decrease of 5 basis
points in the cost of borrowings to 3.86% from 3.91%.
During the three months ended June 30, 2009 and 2008, the Bank recorded $100,000
and $-0-, respectively, for the provision for loan losses. The provision for the
2009 period was the result of both increases in non-performing loans and the
loan portfolio balances. Non-performing loans increased from $270,000 at June
30, 2008 to $1.4 million, or 418.5% at June 30, 2009, while gross loans
increased from $440.5 million at June 30, 2008 to $470.1 million, or 6.7% at
June 30, 2009. 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 June 30, 2009 and June 30, 2008, the Bank\'s
non-performing loans, which were delinquent ninety days or more, and all of
which were in a non-accrual status, totaled $1.4 million and $270,000
respectively, and represented 0.30%, and 0.06%, respectively, of total gross
loans, and 0.14% and 0.03%, respectively, of total assets. During the three
months ended June 30, 2009 and 2008, the Bank did not charge off any loans. The
allowance for loan losses amounted to $1.8 million at June 30, 2009 and $1.7
million at March 31, 2009, representing 0.38% of total gross loans at June 30,
2009 and 0.36% of total gross loans at March 31, 2009.
The Bank anticipates that it will have sufficient fund available to meet its
current commitments. At June 30, 2009, the Bank had outstanding commitments to
originate loans totaling approximately $16.9 million, which included $11.4
million for fixed-rate mortgage loans with interest rates ranging from 4.25% to
5.625%, $5.3 million for adjustable rate mortgage loans with initial rate
ranging from 4.625% to 6.50%, and $150,000 for an adjustable rate home equity
line of credit with an initial interest rate of 4.50%.
Net Portfolio Value as % of
Net Portfolio Value Present Value of Assets
Basis Points ("bp") - -
Change in Rates $ Amount $ Change % Change NPV Ratio Change
- - - - - -
(Dollars in Thousands)
300 bp $ 119,256 $ (41,672) (26)% 12.97 % (338)bp
- - - - -
200 138,976 (21,952) (14) 14.68 (166)
- - - - -
100 153,808 (7,121) (4) 15.87 (47)
- - - - -
50 158,113 (2,816) (2) 16.18 (17)
- - - - -
0 160,929 - - 16.35 -
- - - - -
(50) 162,171 1,243 1 16.37 3
- - - - -
(100) 161,167 239 - 16.23 (12)
- - - - -
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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 $277.5 million; its shares were traded at around $10.38 with a P/E ratio of 57.7 and P/S ratio of 6. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2%.
Highlight of Business Operations:
Total liabilities increased $41.3 million, or 5.3% to $827.9 million at June 30,2009 from $786.6 million at March 31, 2009. Deposits at June 30, 2009 increased
$43.0 million, or 6.8% to $676.6 million when compared with $633.6 million at
March 31, 2009, as the Bank continued to offer very competitive rates on their
deposit products. Borrowings decreased $2.1 million, or 1.4% to $142.2 million
at June 30, 2009, as compared with $144.3 million at March 31, 2009. During the
period ended June 30, 2009, $2.1 million of long-term borrowings were repaid in
accordance with their original terms. At June 30, 2009, the remaining borrowings
of $142.2 million had an average interest rate of 3.85%.
Interest income on loans increased by $500,000, or 8.9% to $6.1 million during
the three months ended June 30, 2009, when compared with $5.6 million for the
same 2008 period. The increase during the 2009 period mainly resulted from an
increase in average loan balance of $40.3 million, or 9.4% when compared to the
same period in 2008, coupled with a decrease in the yield earned on the loan
portfolio of 4 basis points to 5.20% from 5.24%. Interest on mortgage-backed
securities increased $400,000, or 11.1% to $4.0 million during the three months
ended June 30, 2009, when compared with $3.6 million for the same 2008 period.
The increase during the 2009 period resulted from an increase of 7 basis points
in the yield earned on mortgage-backed securities to 5.20% from 5.13%, coupled
with an increase of $25.9 million, or 9.2% in the average balance of
mortgage-backed securities outstanding. Interest earned on investment securities
decreased by $527,000, or 42.8% to $703,000 during the three months ended June
30, 2009, when compared to $1.23 million during the same 2008 period, due to a
decrease in the average balance of $12.4 million, or 12.4%, coupled with a 171
basis point decrease in yield to 3.21% from 4.92%. Interest earned on other
interest-earning assets decreased by $194,000, or 63.4% to $112,000 during the
three months ended June 30, 2009, when compared to $306,000 during the same 2008
period primarily due to a decrease of 98 basis points in yield to 1.67% from
2.65%, coupled with a decrease of $19.4 million, or 41.8%, in the average
balance. Investment securities decreased primarily due to the redeployment of
funds resulting from maturities and calls of investment securities into higher
yielding loans and mortgage-backed securities. Other interest-earning assets
decreased due to cash and cash equivalents being redeployed into higher yielding
assets.
Interest expense on deposits decreased $190,000, or 3.7% to $4.95 million during
the three months ended June 30, 2009, when compared to $5.14 million during the
same 2008 period. Such decrease was primarily attributable to a decrease of 52
basis points in the cost of interest-bearing deposits to 3.07% from 3.59%,
partially offset by an increase of $72.5 million, or 12.7% in the average
balance of interest-bearing deposits. Interest expense on borrowed money
decreased approximately $50,000, or 3.5% to $1.38 million during the three
months ended June 30, 2009 when compared with $1.43 million during the same 2008
period. Such decrease was primarily attributable to a decrease of $2.8 million,
or 2.0% in the average balance of borrowings, coupled with a decrease of 5 basis
points in the cost of borrowings to 3.86% from 3.91%.
During the three months ended June 30, 2009 and 2008, the Bank recorded $100,000
and $-0-, respectively, for the provision for loan losses. The provision for the
2009 period was the result of both increases in non-performing loans and the
loan portfolio balances. Non-performing loans increased from $270,000 at June
30, 2008 to $1.4 million, or 418.5% at June 30, 2009, while gross loans
increased from $440.5 million at June 30, 2008 to $470.1 million, or 6.7% at
June 30, 2009. 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 June 30, 2009 and June 30, 2008, the Bank\'s
non-performing loans, which were delinquent ninety days or more, and all of
which were in a non-accrual status, totaled $1.4 million and $270,000
respectively, and represented 0.30%, and 0.06%, respectively, of total gross
loans, and 0.14% and 0.03%, respectively, of total assets. During the three
months ended June 30, 2009 and 2008, the Bank did not charge off any loans. The
allowance for loan losses amounted to $1.8 million at June 30, 2009 and $1.7
million at March 31, 2009, representing 0.38% of total gross loans at June 30,
2009 and 0.36% of total gross loans at March 31, 2009.
The Bank anticipates that it will have sufficient fund available to meet its
current commitments. At June 30, 2009, the Bank had outstanding commitments to
originate loans totaling approximately $16.9 million, which included $11.4
million for fixed-rate mortgage loans with interest rates ranging from 4.25% to
5.625%, $5.3 million for adjustable rate mortgage loans with initial rate
ranging from 4.625% to 6.50%, and $150,000 for an adjustable rate home equity
line of credit with an initial interest rate of 4.50%.
Net Portfolio Value as % of
Net Portfolio Value Present Value of Assets
Basis Points ("bp") - -
Change in Rates $ Amount $ Change % Change NPV Ratio Change
- - - - - -
(Dollars in Thousands)
300 bp $ 119,256 $ (41,672) (26)% 12.97 % (338)bp
- - - - -
200 138,976 (21,952) (14) 14.68 (166)
- - - - -
100 153,808 (7,121) (4) 15.87 (47)
- - - - -
50 158,113 (2,816) (2) 16.18 (17)
- - - - -
0 160,929 - - 16.35 -
- - - - -
(50) 162,171 1,243 1 16.37 3
- - - - -
(100) 161,167 239 - 16.23 (12)
- - - - -
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