Clifton Savings Bancorp Inc. (CSBK, Financial) filed Quarterly Report for the period ended 2009-12-31.
Clifton Savings Bancorp Inc. has a market cap of $234.9 million; its shares were traded at around $8.82 with a P/E ratio of 44.1 and P/S ratio of 5.2. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2.3%.
the three months ended December 31, 2009, when compared with $6.25 million for
the same 2008 period. The decrease during the 2009 period resulted from a
decrease in the yield earned on the loan portfolio of 24 basis points to 5.10%
from 5.34%, partially offset by an increase of $18.4 million, or 3.9% in average
balance when compared to the same period in 2008. Interest income on
mortgage-backed securities increased $79,000, or 1.8% to $4.37 million during
the three months ended December 31, 2009, when compared with $4.29 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase of $31.6 million, or 9.7% in the average balance of mortgage-backed
securities outstanding, partially offset by a decrease in the yield earned on
mortgage-backed securities outstanding of 38 basis points to 4.91% from 5.29%.
Interest earned on investment securities decreased by $95,000, or 12.5% to
$663,000 during the three months ended December 31, 2009, when compared to
$758,000 during the same 2008 period, due to a decrease in the average yield of
243 basis points to 2.33% from 4.76%, partially offset by an increase of $50.1
million, or 78.6%, in the average balance when compared to the same period in
2008. Interest earned on other interest-earning assets increased by $33,000, or
37.9% to $120,000 during the three months ended December 31, 2009, when compared
to $87,000 during the same 2008 period primarily due to an increase of 36 basis
points in yield to 2.00% from 1.64%, coupled with an increase of $2.8 million,
or 13.1%, in the average balance of other interest-earning assets.
Interest expense on deposits decreased $874,000, or 17.3% to $4.18 million
during the three months ended December 31, 2009, when compared to $5.06 million
during the same 2008 period. Such decrease was primarily attributable to a
decrease of 109 basis points in the cost of interest-bearing deposits to 2.34%
from 3.43%, partially offset by an increase of $123.4 million, or 20.9% 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 decreased approximately $148,000, or 10.2% to $1.30 million during the
three months ended December 31, 2009 when compared with $1.45 million during the
same 2008 period. Such decrease was primarily attributable to a decrease of
$12.3 million, or 8.2% in the average balance of borrowings, coupled with a
decrease of 9 basis points in the cost of borrowings to 3.77% from 3.86%. The
decrease in the cost of borrowings was a result of existing borrowings at higher
rates being repaid in accordance with their original terms.
There was no provision for loan losses recorded during the three months ended
December 31, 2009 and 2008. 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, 2009 and
December 31, 2008, the Bank's non-performing loans, all of which were delinquent
ninety days or more, and all of which were in a nonaccrual status, totaled $1.9
million and $444,000 respectively, representing 0.39% and 0.10%, respectively,
of total gross loans, and 0.18% and 0.05%, respectively, of total assets at the
end of each period. At March 31, 2009, nonaccrual loans totaled 870,000, or
0.19% and 0.09% of total gross loans and total assets, respectively. During the
three months ended December 31, 2009 and 2008, the Bank did not charge off any
loans. At December 31, 2009, non-performing loans consisted of nine loans
secured by one- to four-family residential real estate, two loans secured by
commercial real estate, and one loan secured by a multi-family dwelling, while
at December 31, 2008, non-performing loans consisted of six one- to four-family
residential real estate loans. At March 31, 2009, non-performing loans consisted
of seven one- to four-family residential real estate loans. All non-performing
loans included above are located in the state of New Jersey. Impaired loans
totaled $1.7 million and $432,000 at December 31, 2009 and March 31, 2009,
respectively. There were no specific reserves required on the impaired loans for
both period-ends. The allowance for loan losses amounted to $2.1 million,
representing 0.42% of total gross loans at December 31, 2009, $1.7 million,
representing 0.36% of total gross loans at March 31, 2009 and $1.6 million,
representing 0.33% of total gross loan at December 31, 2008.
Interest income on loans increased by $563,000, or 3.2% to $18.42 million during
the nine months ended December 31, 2009, when compared with $17.86 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase in the average loan balance of $28.2 million, or 6.3% when compared to
the same period in 2008, partially offset by a decrease in the yield earned on
the loan portfolio of 15 basis points to 5.14% from 5.29%. Interest income on
mortgage-backed securities increased $714,000, or 6.0% to $12.70 million during
the nine months ended December 31, 2009, when compared with $11.98 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase of $29.9 million, or 9.8% in the average balance of mortgage-backed
securities outstanding, partially offset by a decrease of 18 basis points in the
average yield earned on mortgage-backed securities to 5.05% from 5.23%. Interest
earned on investment securities decreased by $799,000, or 28.0% to $2.05 million
during the nine months ended December 31, 2009, when compared to $2.85 million
during the same 2008 period, due to a decrease of 202 basis points in average
yield to 2.73% from 4.75%, partially offset by an increase of $20.1 million, or
25.1%, in the average balance. Interest earned on other interest-earning assets
decreased by $266,000, or 43.4% to $347,000 during the nine months ended
December 31, 2009, when compared to $613,000 during the same 2008 period
primarily due to a decrease of 66 basis points in average yield to 1.86% from
2.52%, coupled with a decrease of $7.6 million, or 23.5%, in the average balance
of other interest-earning assets.
Net interest income increased $1.94 million, or 14.1% during the nine months
ended December 31, 2009, to $15.68 million when compared to $13.74 million for
the same 2008 period. Such increase was due to a $212,000 increase in total
interest income, coupled with a decrease in total interest expense of $1.7
million. Average interest-earning assets increased $70.6 million, or 8.1% while
average interest-bearing liabilities increased $90.8 million, or 12.4%. The
$70.6 million increase in average interest-earning assets was attributable to an
increase of $28.2 million in average loans, $29.9 million in average
mortgage-backed securities and $20.1 million in average investment securities,
partially offset by a decrease of $7.6 million in average other interest-earning
assets. Average loans, mortgage-backed and investment securities increased
primarily due to the deployment of funds resulting from the growth in deposits
into higher yielding assets. The $90.8 million increase in average
interest-bearing liabilities consisted of an increase of $100.9 million in
average interest-bearing deposits partially offset by a decrease of $10.1
million in average borrowings. The net interest rate spread increased 31 basis
points to 1.86% as a 36 basis point decrease to 4.76% in the average yield
earned on interest-earning assets was more than offset by a decrease of 67 basis
points to 2.90% in the average rate paid on average interest-bearing
liabilities.
At December 31, 2009, the Bank had outstanding commitments to purchase a
$500,000 participation in a $3.0 million construction loan, a $500,000
participation in a $6.5 million construction loan, and a $560,000 participation
in a $5.6 million construction loan with adjustable interest rates of 2.75%,
2.50%, and 2.50%, respectively, over the one month London Interbank Offering
Rate with floors of 6.00%, 6.25%, and 6.25%, respectively. Also, the Bank has a
commitment to purchase a $500,000 participation in a $1.7 million construction
loan with an adjustable interest rate at the Prime Rate with a floor of 5.25%.
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Clifton Savings Bancorp Inc. has a market cap of $234.9 million; its shares were traded at around $8.82 with a P/E ratio of 44.1 and P/S ratio of 5.2. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2.3%.
Highlight of Business Operations:
Interest income on loans decreased by $44,000, or 0.7% to $6.20 million duringthe three months ended December 31, 2009, when compared with $6.25 million for
the same 2008 period. The decrease during the 2009 period resulted from a
decrease in the yield earned on the loan portfolio of 24 basis points to 5.10%
from 5.34%, partially offset by an increase of $18.4 million, or 3.9% in average
balance when compared to the same period in 2008. Interest income on
mortgage-backed securities increased $79,000, or 1.8% to $4.37 million during
the three months ended December 31, 2009, when compared with $4.29 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase of $31.6 million, or 9.7% in the average balance of mortgage-backed
securities outstanding, partially offset by a decrease in the yield earned on
mortgage-backed securities outstanding of 38 basis points to 4.91% from 5.29%.
Interest earned on investment securities decreased by $95,000, or 12.5% to
$663,000 during the three months ended December 31, 2009, when compared to
$758,000 during the same 2008 period, due to a decrease in the average yield of
243 basis points to 2.33% from 4.76%, partially offset by an increase of $50.1
million, or 78.6%, in the average balance when compared to the same period in
2008. Interest earned on other interest-earning assets increased by $33,000, or
37.9% to $120,000 during the three months ended December 31, 2009, when compared
to $87,000 during the same 2008 period primarily due to an increase of 36 basis
points in yield to 2.00% from 1.64%, coupled with an increase of $2.8 million,
or 13.1%, in the average balance of other interest-earning assets.
Interest expense on deposits decreased $874,000, or 17.3% to $4.18 million
during the three months ended December 31, 2009, when compared to $5.06 million
during the same 2008 period. Such decrease was primarily attributable to a
decrease of 109 basis points in the cost of interest-bearing deposits to 2.34%
from 3.43%, partially offset by an increase of $123.4 million, or 20.9% 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 decreased approximately $148,000, or 10.2% to $1.30 million during the
three months ended December 31, 2009 when compared with $1.45 million during the
same 2008 period. Such decrease was primarily attributable to a decrease of
$12.3 million, or 8.2% in the average balance of borrowings, coupled with a
decrease of 9 basis points in the cost of borrowings to 3.77% from 3.86%. The
decrease in the cost of borrowings was a result of existing borrowings at higher
rates being repaid in accordance with their original terms.
There was no provision for loan losses recorded during the three months ended
December 31, 2009 and 2008. 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, 2009 and
December 31, 2008, the Bank's non-performing loans, all of which were delinquent
ninety days or more, and all of which were in a nonaccrual status, totaled $1.9
million and $444,000 respectively, representing 0.39% and 0.10%, respectively,
of total gross loans, and 0.18% and 0.05%, respectively, of total assets at the
end of each period. At March 31, 2009, nonaccrual loans totaled 870,000, or
0.19% and 0.09% of total gross loans and total assets, respectively. During the
three months ended December 31, 2009 and 2008, the Bank did not charge off any
loans. At December 31, 2009, non-performing loans consisted of nine loans
secured by one- to four-family residential real estate, two loans secured by
commercial real estate, and one loan secured by a multi-family dwelling, while
at December 31, 2008, non-performing loans consisted of six one- to four-family
residential real estate loans. At March 31, 2009, non-performing loans consisted
of seven one- to four-family residential real estate loans. All non-performing
loans included above are located in the state of New Jersey. Impaired loans
totaled $1.7 million and $432,000 at December 31, 2009 and March 31, 2009,
respectively. There were no specific reserves required on the impaired loans for
both period-ends. The allowance for loan losses amounted to $2.1 million,
representing 0.42% of total gross loans at December 31, 2009, $1.7 million,
representing 0.36% of total gross loans at March 31, 2009 and $1.6 million,
representing 0.33% of total gross loan at December 31, 2008.
Interest income on loans increased by $563,000, or 3.2% to $18.42 million during
the nine months ended December 31, 2009, when compared with $17.86 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase in the average loan balance of $28.2 million, or 6.3% when compared to
the same period in 2008, partially offset by a decrease in the yield earned on
the loan portfolio of 15 basis points to 5.14% from 5.29%. Interest income on
mortgage-backed securities increased $714,000, or 6.0% to $12.70 million during
the nine months ended December 31, 2009, when compared with $11.98 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase of $29.9 million, or 9.8% in the average balance of mortgage-backed
securities outstanding, partially offset by a decrease of 18 basis points in the
average yield earned on mortgage-backed securities to 5.05% from 5.23%. Interest
earned on investment securities decreased by $799,000, or 28.0% to $2.05 million
during the nine months ended December 31, 2009, when compared to $2.85 million
during the same 2008 period, due to a decrease of 202 basis points in average
yield to 2.73% from 4.75%, partially offset by an increase of $20.1 million, or
25.1%, in the average balance. Interest earned on other interest-earning assets
decreased by $266,000, or 43.4% to $347,000 during the nine months ended
December 31, 2009, when compared to $613,000 during the same 2008 period
primarily due to a decrease of 66 basis points in average yield to 1.86% from
2.52%, coupled with a decrease of $7.6 million, or 23.5%, in the average balance
of other interest-earning assets.
Net interest income increased $1.94 million, or 14.1% during the nine months
ended December 31, 2009, to $15.68 million when compared to $13.74 million for
the same 2008 period. Such increase was due to a $212,000 increase in total
interest income, coupled with a decrease in total interest expense of $1.7
million. Average interest-earning assets increased $70.6 million, or 8.1% while
average interest-bearing liabilities increased $90.8 million, or 12.4%. The
$70.6 million increase in average interest-earning assets was attributable to an
increase of $28.2 million in average loans, $29.9 million in average
mortgage-backed securities and $20.1 million in average investment securities,
partially offset by a decrease of $7.6 million in average other interest-earning
assets. Average loans, mortgage-backed and investment securities increased
primarily due to the deployment of funds resulting from the growth in deposits
into higher yielding assets. The $90.8 million increase in average
interest-bearing liabilities consisted of an increase of $100.9 million in
average interest-bearing deposits partially offset by a decrease of $10.1
million in average borrowings. The net interest rate spread increased 31 basis
points to 1.86% as a 36 basis point decrease to 4.76% in the average yield
earned on interest-earning assets was more than offset by a decrease of 67 basis
points to 2.90% in the average rate paid on average interest-bearing
liabilities.
At December 31, 2009, the Bank had outstanding commitments to purchase a
$500,000 participation in a $3.0 million construction loan, a $500,000
participation in a $6.5 million construction loan, and a $560,000 participation
in a $5.6 million construction loan with adjustable interest rates of 2.75%,
2.50%, and 2.50%, respectively, over the one month London Interbank Offering
Rate with floors of 6.00%, 6.25%, and 6.25%, respectively. Also, the Bank has a
commitment to purchase a $500,000 participation in a $1.7 million construction
loan with an adjustable interest rate at the Prime Rate with a floor of 5.25%.
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