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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Clifton Bancorp Inc. (MM) | NASDAQ:CSBK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.65 | 15.70 | 15.99 | 0 | 01:00:00 |
Maryland
|
001-36390
|
46-4757900
|
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
CLIFTON BANCORP INC. | |||
Date: February 4, 2016
|
By:
|
/s/ Paul M. Aguggia | |
Paul M. Aguggia | |||
Chairman, President and Chief Executive Officer | |||
·
|
Net loan portfolio growth of 9.2% since March 31, 2015, and 3.4% since September 30, 2015;
|
·
|
Nonperforming loans to total gross loans decreased to 0.63% at December 31, 2015 from 0.88% at March 31, 2015; and
|
·
|
350,900 shares of common stock were repurchased during the third quarter of 2015 at a weighted average share price of $14.40.
|
At December 31, | At March 31, | |||||||
2015 | 2015 | |||||||
(In thousands) | ||||||||
Financial Condition Data: | ||||||||
Total assets
|
$ | 1,167,739 | $ | 1,186,924 | ||||
Loans receivable, net
|
700,283 | 641,084 | ||||||
Cash and cash equivalents
|
30,493 | 49,308 | ||||||
Securities
|
356,977 | 418,875 | ||||||
Deposits
|
674,002 | 699,476 | ||||||
FHLB advances
|
147,000 | 107,500 | ||||||
Total stockholders' equity
|
333,956 | 368,001 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(In thousands, except share and per share data)
|
||||||||||||||||
Operating Data:
|
||||||||||||||||
Interest income
|
$ | 8,736 | $ | 8,993 | $ | 26,187 | $ | 26,604 | ||||||||
Interest expense
|
2,300 | 2,249 | 6,634 | 6,877 | ||||||||||||
Net interest income
|
6,436 | 6,744 | 19,553 | 19,727 | ||||||||||||
Provision for loan losses
|
189 | 178 | 362 | 617 | ||||||||||||
Net interest income after provision for
|
||||||||||||||||
loan losses
|
6,247 | 6,566 | 19,191 | 19,110 | ||||||||||||
Non-interest income
|
460 | 397 | 1,426 | 1,219 | ||||||||||||
Non-interest expenses
|
4,833 | 4,075 | 13,928 | 12,744 | ||||||||||||
Income before income taxes
|
1,874 | 2,888 | 6,689 | 7,585 | ||||||||||||
Income taxes
|
549 | 948 | 2,166 | 2,544 | ||||||||||||
Net income
|
$ | 1,325 | $ | 1,940 | $ | 4,523 | $ | 5,041 | ||||||||
Basic earnings per share
|
$ | 0.06 | $ | 0.08 | $ | 0.18 | $ | 0.20 | ||||||||
Diluted earnings per share
|
$ | 0.05 | $ | 0.08 | $ | 0.18 | $ | 0.20 | ||||||||
Average shares outstanding - basic
|
24,045 | 25,594 | 24,674 | 25,391 | ||||||||||||
Average shares outstanding - diluted
|
24,091 | 25,728 | 24,732 | 25,565 |
Three Months Ended December 31,
|
||||||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||||||
Interest
|
Interest
|
|||||||||||||||||||||||
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
|||||||||||||||||||
Assets:
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans receivable
|
$ | 690,633 | $ | 6,320 | 3.66 | % | $ | 624,831 | $ | 5,919 | 3.79 | % | ||||||||||||
Mortgage-backed securities
|
272,904 | 1,861 | 2.73 | % | 302,989 | 2,281 | 3.01 | % | ||||||||||||||||
Investment securities
|
90,323 | 481 | 2.13 | % | 150,325 | 704 | 1.87 | % | ||||||||||||||||
Other interest-earning assets
|
27,418 | 74 | 1.08 | % | 37,554 | 89 | 0.95 | % | ||||||||||||||||
Total interest-earning assets
|
1,081,278 | 8,736 | 3.23 | % | 1,115,699 | 8,993 | 3.22 | % | ||||||||||||||||
Non-interest-earning assets
|
76,825 | 85,720 | ||||||||||||||||||||||
Total assets
|
$ | 1,158,103 | $ | 1,201,419 | ||||||||||||||||||||
Liabilities and stockholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Demand accounts
|
$ | 54,474 | 15 | 0.11 | % | $ | 55,006 | 18 | 0.13 | % | ||||||||||||||
Savings and Club accounts
|
139,017 | 62 | 0.18 | % | 138,601 | 59 | 0.17 | % | ||||||||||||||||
Certificates of deposit
|
466,011 | 1,531 | 1.31 | % | 514,687 | 1,594 | 1.24 | % | ||||||||||||||||
Total interest-bearing deposits
|
659,502 | 1,608 | 0.98 | % | 708,294 | 1,671 | 0.94 | % | ||||||||||||||||
FHLB Advances
|
136,250 | 692 | 2.03 | % | 112,500 | 578 | 2.06 | % | ||||||||||||||||
Total interest-bearing liabilities
|
795,752 | 2,300 | 1.16 | % | 820,794 | 2,249 | 1.10 | % | ||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest-bearing deposits
|
14,683 | 10,662 | ||||||||||||||||||||||
Other non-interest-bearing liabilities
|
11,248 | 9,744 | ||||||||||||||||||||||
Total non-interest-bearing liabilities
|
25,931 | 20,406 | ||||||||||||||||||||||
Total liabilities
|
821,683 | 841,200 | ||||||||||||||||||||||
Stockholders' equity
|
336,420 | 360,219 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 1,158,103 | $ | 1,201,419 | ||||||||||||||||||||
Net interest income
|
$ | 6,436 | $ | 6,744 | ||||||||||||||||||||
Interest rate spread
|
2.07 | % | 2.12 | % | ||||||||||||||||||||
Net interest margin
|
2.38 | % | 2.42 | % | ||||||||||||||||||||
Average interest-earning assets
|
||||||||||||||||||||||||
to average interest-bearing liabilities
|
1.36 | 1.36 |
Nine Months Ended December 31,
|
||||||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||||||
Interest
|
Interest
|
|||||||||||||||||||||||
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
|||||||||||||||||||
Assets:
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans receivable
|
$ | 668,202 | $ | 18,394 | 3.67 | % | $ | 611,422 | $ | 17,394 | 3.79 | % | ||||||||||||
Mortgage-backed securities
|
275,500 | 5,702 | 2.76 | % | 304,587 | 6,985 | 3.06 | % | ||||||||||||||||
Investment securities
|
111,186 | 1,868 | 2.24 | % | 147,308 | 1,960 | 1.77 | % | ||||||||||||||||
Other interest-earning assets
|
29,109 | 223 | 1.02 | % | 46,572 | 265 | 0.76 | % | ||||||||||||||||
Total interest-earning assets
|
1,083,997 | 26,187 | 3.22 | % | 1,109,889 | 26,604 | 3.20 | % | ||||||||||||||||
Non-interest-earning assets
|
78,163 | 115,236 | ||||||||||||||||||||||
Total assets
|
$ | 1,162,160 | $ | 1,225,125 | ||||||||||||||||||||
Liabilities and stockholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Demand accounts
|
$ | 53,854 | 45 | 0.11 | % | $ | 55,862 | 55 | 0.13 | % | ||||||||||||||
Savings and Club accounts
|
140,951 | 178 | 0.17 | % | 140,499 | 183 | 0.17 | % | ||||||||||||||||
Certificates of deposit
|
473,823 | 4,545 | 1.28 | % | 525,402 | 4,875 | 1.24 | % | ||||||||||||||||
Total interest-bearing deposits
|
668,628 | 4,768 | 0.95 | % | 721,763 | 5,113 | 0.94 | % | ||||||||||||||||
FHLB Advances
|
121,000 | 1,866 | 2.06 | % | 123,000 | 1,764 | 1.91 | % | ||||||||||||||||
Total interest-bearing liabilities
|
789,628 | 6,634 | 1.12 | % | 844,763 | 6,877 | 1.09 | % | ||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest-bearing deposits
|
14,070 | 11,458 | ||||||||||||||||||||||
Other non-interest-bearing liabilities
|
11,648 | 11,527 | ||||||||||||||||||||||
Total non-interest-bearing liabilities
|
25,718 | 22,985 | ||||||||||||||||||||||
Total liabilities
|
815,346 | 867,748 | ||||||||||||||||||||||
Stockholders' equity
|
346,814 | 357,377 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 1,162,160 | $ | 1,225,125 | ||||||||||||||||||||
Net interest income
|
$ | 19,553 | $ | 19,727 | ||||||||||||||||||||
Interest rate spread
|
2.10 | % | 2.11 | % | ||||||||||||||||||||
Net interest margin
|
2.40 | % | 2.37 | % | ||||||||||||||||||||
Average interest-earning assets
|
||||||||||||||||||||||||
to average interest-bearing liabilities
|
1.37 | 1.31 |
Nine
|
||||||||
Months
|
Year
|
|||||||
Ended
|
Ended
|
|||||||
December 31,
|
March 31,
|
|||||||
2015
|
2015
|
|||||||
(Dollars in thousands)
|
||||||||
Allowance for loan losses:
|
||||||||
Allowance at beginning of period
|
$ | 3,475 | $ | 3,071 | ||||
Provision for loan losses
|
362 | 717 | ||||||
Charge-offs
|
(90 | ) | (313 | ) | ||||
Recoveries
|
3 | - | ||||||
Net charge-offs
|
(87 | ) | (313 | ) | ||||
Allowance at end of period
|
$ | 3,750 | $ | 3,475 | ||||
Allowance for loan losses to total gross loans
|
0.53 | % | 0.54 | % | ||||
Allowance for loan losses to nonperforming loans
|
85.48 | % | 61.53 | % |
At December 31,
|
At March 31,
|
|||||||
2015
|
2015
|
|||||||
(Dollars in thousands)
|
||||||||
Nonperforming Assets:
|
||||||||
Nonaccrual loans:
|
||||||||
One- to four-family real estate
|
$ | 3,572 | $ | 4,555 | ||||
Multi-family real estate
|
563 | 581 | ||||||
Commercial real estate
|
189 | 439 | ||||||
Consumer real estate
|
63 | 73 | ||||||
Total nonaccrual loans
|
4,387 | 5,648 | ||||||
Real estate owned
|
- | - | ||||||
Total nonperforming assets
|
$ | 4,387 | $ | 5,648 | ||||
Total nonperforming loans to total gross loans
|
0.63 | % | 0.88 | % | ||||
Total nonperforming assets to total assets
|
0.38 | % | 0.48 | % |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
Selected Performance Ratios (1):
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Return on average assets
|
0.46 | % | 0.65 | % | 0.52 | % | 0.55 | % | ||||||||
Return on average equity
|
1.58 | % | 2.15 | % | 1.74 | % | 1.88 | % | ||||||||
Interest rate spread
|
2.07 | % | 2.12 | % | 2.10 | % | 2.11 | % | ||||||||
Net interest margin
|
2.38 | % | 2.42 | % | 2.40 | % | 2.37 | % | ||||||||
Non-interest expenses to average assets
|
1.67 | % | 1.36 | % | 1.60 | % | 1.39 | % | ||||||||
Efficiency ratio (2)
|
70.08 | % | 57.06 | % | 66.39 | % | 60.84 | % | ||||||||
Average interest-earning assets to average
|
||||||||||||||||
interest-bearing liabilities
|
1.36 | x | 1.36 | x | 1.37 | x | 1.31 | x | ||||||||
Average equity to average assets
|
29.05 | % | 29.98 | % | 29.84 | % | 29.17 | % | ||||||||
Dividend payout ratio
|
110.57 | % | 78.87 | % | 130.78 | % | 120.49 | % | ||||||||
Net charge-offs to average ourtstanding loans during the periods
|
0.04 | % | 0.03 | % | 0.02 | % | 0.07 | % |
Quarter Ended | ||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||||||
2015
|
2015
|
2015
|
2015
|
2014
|
||||||||||||||||
(In thousands except shares and per share data)
|
||||||||||||||||||||
Operating Data
|
||||||||||||||||||||
Interest income
|
$ | 8,736 | $ | 8,739 | $ | 8,712 | $ | 8,558 | $ | 8,993 | ||||||||||
Interest expense
|
2,300 | 2,199 | 2,135 | 2,157 | 2,249 | |||||||||||||||
Net interest income
|
6,436 | 6,540 | 6,577 | 6,401 | 6,744 | |||||||||||||||
Provision for loan losses
|
189 | 100 | 73 | 100 | 178 | |||||||||||||||
Net interest income after provision for
|
||||||||||||||||||||
loan losses
|
6,247 | 6,440 | 6,504 | 6,301 | 6,566 | |||||||||||||||
Non-interest income
|
460 | 452 | 514 | 3,094 | 397 | |||||||||||||||
Non-interest expenses
|
4,833 | 4,580 | 4,515 | 4,362 | 4,075 | |||||||||||||||
Income before income taxes
|
1,874 | 2,312 | 2,503 | 5,033 | 2,888 | |||||||||||||||
Income taxes
|
549 | 772 | 845 | 1,520 | 948 | |||||||||||||||
Net income
|
$ | 1,325 | $ | 1,540 | $ | 1,658 | $ | 3,513 | $ | 1,940 | ||||||||||
Share Data
|
||||||||||||||||||||
Basic earnings per share
|
$ | 0.06 | $ | 0.06 | $ | 0.07 | $ | 0.14 | $ | 0.08 | ||||||||||
Diluted earnings per share
|
$ | 0.05 | $ | 0.06 | $ | 0.07 | $ | 0.13 | $ | 0.08 | ||||||||||
Dividends per share
|
$ | 0.06 | $ | 0.06 | $ | 0.12 | $ | 0.06 | $ | 0.06 | ||||||||||
Average shares outstanding - basic
|
24,045 | 24,554 | 25,421 | 25,979 | 25,594 | |||||||||||||||
Average shares outstanding - diluted
|
24,091 | 24,608 | 25,494 | 26,073 | 25,728 | |||||||||||||||
Shares outstanding at period end
|
25,394 | 25,745 | 25,960 | 27,326 | 27,145 | |||||||||||||||
Financial Condition Data
|
||||||||||||||||||||
Total assets
|
$ | 1,167,739 | $ | 1,153,895 | $ | 1,152,707 | $ | 1,186,924 | $ | 1,198,171 | ||||||||||
Loans receivable, net
|
700,283 | 677,286 | 654,802 | 641,084 | 628,872 | |||||||||||||||
Cash and cash equivalents
|
30,493 | 17,869 | 23,498 | 49,308 | 45,668 | |||||||||||||||
Securities
|
356,977 | 379,582 | 395,386 | 418,875 | 446,511 | |||||||||||||||
Deposits
|
674,002 | 678,624 | 685,248 | 699,476 | 711,486 | |||||||||||||||
FHLB advances
|
147,000 | 124,000 | 107,500 | 107,500 | 112,500 | |||||||||||||||
Total stockholders' equity
|
333,956 | 338,267 | 347,764 | 368,001 | 363,765 | |||||||||||||||
Asset Quality:
|
||||||||||||||||||||
Total nonperforming assets
|
$ | 4,387 | $ | 4,330 | $ | 5,340 | $ | 5,648 | $ | 3,994 | ||||||||||
Total nonperforming loans to total gross loans
|
0.63 | % | 0.64 | % | 0.81 | % | 0.88 | % | 0.63 | % | ||||||||||
Total nonperforming assets to total assets
|
0.38 | % | 0.38 | % | 0.46 | % | 0.48 | % | 0.33 | % | ||||||||||
Allowance for loan losses
|
$ | 3,750 | $ | 3,625 | $ | 3,525 | $ | 3,475 | $ | 3,375 | ||||||||||
Allowance for loan losses to total gross loans
|
0.53 | % | 0.53 | % | 0.54 | % | 0.54 | % | 0.54 | % | ||||||||||
Allowance for loan losses to nonperforming loans
|
85.48 | % | 83.72 | % | 66.01 | % | 61.53 | % | 84.50 | % |
1 Year Clifton Bancorp Inc. (MM) Chart |
1 Month Clifton Bancorp Inc. (MM) Chart |
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