Clifton Savings Bancorp Inc. (CSBK, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $231.9 million; its shares were traded at around $8.68 with a P/E ratio of 48.2 and P/S ratio of 5.2. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2.2%.
the three months ended September 30, 2009, when compared with $5.99 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase in the average loan balance of $23.6 million, or 5.2% when compared to
the same period in 2008, partially offset by a decrease in the yield earned on
the loan portfolio of 16 basis points to 5.12% from 5.28%. Interest income on
mortgage-backed securities increased $245,000, or 6.0% to $4.33 million during
the three months ended September 30, 2009, when compared with $4.08 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase of $30.5 million, or 9.8% in the average balance of mortgage-backed
securities outstanding, partially offset by a decrease in the yield earned on
mortgage-backed securities outstanding, of 18 basis points to 5.04% from 5.22%.
Interest earned on investment securities decreased by $177,000, or 20.5% to
$686,000 during the three months ended September 30, 2009, when compared to
$863,000 during the same 2008 period, due to a decrease in the average yield of
187 basis points to 2.81% from 4.68%, partially offset by an increase of $23.9
million, or 32.4%, in the average balance when compared to the same period in
2008. Interest earned on other interest-earning assets decreased by $106,000, or
48.0% to $115,000 during the three months ended September 30, 2009, when
compared to $221,000 during the same 2008 period primarily due to a decrease of
101 basis points in yield to 2.02% from 3.03%, coupled with a decrease of $6.3
million, or 21.8%, in the average balance of other interest-earning assets.
Interest expense on deposits decreased $267,000, or 5.4% to $4.65 million during
the three months ended September 30, 2009, when compared to $4.91 million during
the same 2008 period. Such decrease was primarily attributable to a decrease of
70 basis points in the cost of interest-bearing deposits to 2.74% from 3.44%,
partially offset by an increase of $108.5 million, or 19.0% 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 $201,000, or 12.8% to $1.37 million during the
three months ended September 30, 2009 when compared with $1.57 million during
the same 2008 period. Such decrease was primarily attributable to a decrease of
$19.5 million, or 12.1% in the average balance of borrowings, coupled with a
decrease of 3 basis points in the cost of borrowings to 3.87% from 3.90%. The
decrease in the cost of borrowings was a result of both existing borrowings at a
higher rate being repaid in accordance with their original terms, and a new
borrowing originated at a market interest rate well below the average cost of
existing borrowings.
During the three months ended September 30, 2009 and 2008, the Bank recorded
$333,000 and $115,000, respectively, to the provision for loan losses. The
increased provision in the current period was the result of increases in
non-performing loans due to worsening economic conditions and to a lesser
extent, the increase in the loan portfolio. 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
September 30, 2009 and September 30, 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 $2.7 million and $533,000 respectively, representing
0.54% and 0.11%, respectively, of total gross loans, and 0.26% and 0.06%,
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 September 30, 2009 and
2008, the Bank charged off $83,000 and $0, respectively. During the period ended
September 30, 2009, the $83,000 charge-off represented a partial loss from the
restructuring of one residential real estate loan. This was the first loan
charge-off recorded by the Bank in more than ten years. At September 30, 2009,
non-performing loans consisted of eleven 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 September 30, 2008,
non-performing loans consisted of nine 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. The allowance for loan losses
amounted to $2.1 million, representing 0.42% of total gross loans at September
30, 2009, and $1.7 million, representing 0.36% of total gross loans at March 31,
2009.
Interest income on loans increased by $607,000, or 5.2% to $12.22 million during
the six months ended September 30, 2009, when compared with $11.62 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase in the average loan balance of $32.4 million, or 7.3% when compared to
the same period in 2008, partially offset by a decrease in the yield earned on
the loan portfolio of 11 basis points to 5.15% from 5.26%. Interest income on
mortgage-backed securities increased $635,000, or 8.3% to $8.33 million during
the six months ended September 30, 2009, when compared with $7.69 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase of $31.2 million, or 10.6% in the average balance of mortgage-backed
securities outstanding, partially offset by a decrease of 10 basis points in the
average yield earned on mortgage-backed securities to 5.10% from 5.20%. Interest
earned on investment securities decreased by $704,000, or 33.6% to $1.39 million
during the six months ended September 30, 2009, when compared to $2.09 million
during the same 2008 period, due to a decrease of 181 basis points in average
yield to 2.99% from 4.80%, partially offset by an increase of $5.8 million, or
6.7%, in the average balance. Interest earned on other interest-earning assets
decreased by $299,000, or 56.8% to $227,000 during the six months ended
September 30, 2009, when compared to $526,000 during the same 2008 period
primarily due to a decrease of 91 basis points in average yield to 1.89% from
2.80%, coupled with a decrease of $13.5 million, or 36.1%, in the average
balance.
The Bank anticipates that it will have sufficient funds available to meet its
current commitments. At September 30, 2009, the Bank had outstanding commitments
to originate loans totaling approximately $9.8 million, which included $8.2
million for fixed-rate mortgage loans with interest rates ranging from 4.375% to
5.250%, $1.5 million for adjustable rate mortgage loans with initial rate
ranging from 4.875% to 6.500%, $76,000 for fixed-rate second mortgage loans with
interest rates ranging from 6.00% to 6.25%, and $30,000 for an adjustable rate
home equity line of credit with an initial interest rate of 4.50%.
At September 30, 2009, the Bank had outstanding commitments to purchase $1.4
million for adjustable rate mortgage loans with existing rates ranging from
4.875% to 5.125%. In addition, the Bank had outstanding commitments to purchase
a $500,000 participation in a $3.0 million construction loan, and a $500,000
participation in a $6.5 million construction loan, with adjustable interest
rates of 2.75% and 2.50%, respectively, over the one month London Interbank
Offering Rate with floors of 6.00% 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%.
Read the The complete Report
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 $231.9 million; its shares were traded at around $8.68 with a P/E ratio of 48.2 and P/S ratio of 5.2. The dividend yield of Clifton Savings Bancorp Inc. stocks is 2.2%.
Highlight of Business Operations:
Interest income on loans increased by $125,000, or 2.1% to $6.12 million duringthe three months ended September 30, 2009, when compared with $5.99 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase in the average loan balance of $23.6 million, or 5.2% when compared to
the same period in 2008, partially offset by a decrease in the yield earned on
the loan portfolio of 16 basis points to 5.12% from 5.28%. Interest income on
mortgage-backed securities increased $245,000, or 6.0% to $4.33 million during
the three months ended September 30, 2009, when compared with $4.08 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase of $30.5 million, or 9.8% in the average balance of mortgage-backed
securities outstanding, partially offset by a decrease in the yield earned on
mortgage-backed securities outstanding, of 18 basis points to 5.04% from 5.22%.
Interest earned on investment securities decreased by $177,000, or 20.5% to
$686,000 during the three months ended September 30, 2009, when compared to
$863,000 during the same 2008 period, due to a decrease in the average yield of
187 basis points to 2.81% from 4.68%, partially offset by an increase of $23.9
million, or 32.4%, in the average balance when compared to the same period in
2008. Interest earned on other interest-earning assets decreased by $106,000, or
48.0% to $115,000 during the three months ended September 30, 2009, when
compared to $221,000 during the same 2008 period primarily due to a decrease of
101 basis points in yield to 2.02% from 3.03%, coupled with a decrease of $6.3
million, or 21.8%, in the average balance of other interest-earning assets.
Interest expense on deposits decreased $267,000, or 5.4% to $4.65 million during
the three months ended September 30, 2009, when compared to $4.91 million during
the same 2008 period. Such decrease was primarily attributable to a decrease of
70 basis points in the cost of interest-bearing deposits to 2.74% from 3.44%,
partially offset by an increase of $108.5 million, or 19.0% 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 $201,000, or 12.8% to $1.37 million during the
three months ended September 30, 2009 when compared with $1.57 million during
the same 2008 period. Such decrease was primarily attributable to a decrease of
$19.5 million, or 12.1% in the average balance of borrowings, coupled with a
decrease of 3 basis points in the cost of borrowings to 3.87% from 3.90%. The
decrease in the cost of borrowings was a result of both existing borrowings at a
higher rate being repaid in accordance with their original terms, and a new
borrowing originated at a market interest rate well below the average cost of
existing borrowings.
During the three months ended September 30, 2009 and 2008, the Bank recorded
$333,000 and $115,000, respectively, to the provision for loan losses. The
increased provision in the current period was the result of increases in
non-performing loans due to worsening economic conditions and to a lesser
extent, the increase in the loan portfolio. 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
September 30, 2009 and September 30, 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 $2.7 million and $533,000 respectively, representing
0.54% and 0.11%, respectively, of total gross loans, and 0.26% and 0.06%,
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 September 30, 2009 and
2008, the Bank charged off $83,000 and $0, respectively. During the period ended
September 30, 2009, the $83,000 charge-off represented a partial loss from the
restructuring of one residential real estate loan. This was the first loan
charge-off recorded by the Bank in more than ten years. At September 30, 2009,
non-performing loans consisted of eleven 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 September 30, 2008,
non-performing loans consisted of nine 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. The allowance for loan losses
amounted to $2.1 million, representing 0.42% of total gross loans at September
30, 2009, and $1.7 million, representing 0.36% of total gross loans at March 31,
2009.
Interest income on loans increased by $607,000, or 5.2% to $12.22 million during
the six months ended September 30, 2009, when compared with $11.62 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase in the average loan balance of $32.4 million, or 7.3% when compared to
the same period in 2008, partially offset by a decrease in the yield earned on
the loan portfolio of 11 basis points to 5.15% from 5.26%. Interest income on
mortgage-backed securities increased $635,000, or 8.3% to $8.33 million during
the six months ended September 30, 2009, when compared with $7.69 million for
the same 2008 period. The increase during the 2009 period resulted from an
increase of $31.2 million, or 10.6% in the average balance of mortgage-backed
securities outstanding, partially offset by a decrease of 10 basis points in the
average yield earned on mortgage-backed securities to 5.10% from 5.20%. Interest
earned on investment securities decreased by $704,000, or 33.6% to $1.39 million
during the six months ended September 30, 2009, when compared to $2.09 million
during the same 2008 period, due to a decrease of 181 basis points in average
yield to 2.99% from 4.80%, partially offset by an increase of $5.8 million, or
6.7%, in the average balance. Interest earned on other interest-earning assets
decreased by $299,000, or 56.8% to $227,000 during the six months ended
September 30, 2009, when compared to $526,000 during the same 2008 period
primarily due to a decrease of 91 basis points in average yield to 1.89% from
2.80%, coupled with a decrease of $13.5 million, or 36.1%, in the average
balance.
The Bank anticipates that it will have sufficient funds available to meet its
current commitments. At September 30, 2009, the Bank had outstanding commitments
to originate loans totaling approximately $9.8 million, which included $8.2
million for fixed-rate mortgage loans with interest rates ranging from 4.375% to
5.250%, $1.5 million for adjustable rate mortgage loans with initial rate
ranging from 4.875% to 6.500%, $76,000 for fixed-rate second mortgage loans with
interest rates ranging from 6.00% to 6.25%, and $30,000 for an adjustable rate
home equity line of credit with an initial interest rate of 4.50%.
At September 30, 2009, the Bank had outstanding commitments to purchase $1.4
million for adjustable rate mortgage loans with existing rates ranging from
4.875% to 5.125%. In addition, the Bank had outstanding commitments to purchase
a $500,000 participation in a $3.0 million construction loan, and a $500,000
participation in a $6.5 million construction loan, with adjustable interest
rates of 2.75% and 2.50%, respectively, over the one month London Interbank
Offering Rate with floors of 6.00% 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%.
Read the The complete Report
