Maryland
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333-192598
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46-4757900
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(State or other jurisdiction of
incorporation or organization)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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CLIFTON BANCORP INC. | |||
Date: July 27, 2015
|
By:
|
/s/ Paul M. Aguggia | |
Paul M. Aguggia | |||
Chairman, President and Chief Executive Officer | |||
·
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Quarterly net income increased 2.2% to $1.66 million compared to the quarter ended June 30, 2014;
|
·
|
One- to four-family real estate loans increased $14.1 million or 2.5% for the three months ended June 30, 2015;
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·
|
Nonperforming loans to total gross loans decreased to 0.81% at June 30, 2015;
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·
|
Net interest margin increased 8 basis points compared to the first quarter ended June 30, 2014; and
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·
|
1,477,924 shares of common stock were repurchased during the first quarter of 2015.
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Selected Consolidated Financial Condition Data
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||||||||
At June 30,
|
At March 31,
|
|||||||
2015
|
2015
|
|||||||
(In thousands)
|
||||||||
Financial Condition Data:
|
||||||||
Total assets
|
$ | 1,152,707 | $ | 1,186,924 | ||||
Loans receivable, net
|
654,802 | 641,084 | ||||||
Cash and cash equivalents
|
23,498 | 49,308 | ||||||
Securities
|
395,386 | 418,875 | ||||||
Deposits
|
685,248 | 699,476 | ||||||
FHLB advances
|
107,500 | 107,500 | ||||||
Total stockholders' equity
|
347,764 | 368,001 | ||||||
Selected Consolidated Operating Data
|
||||||||
Three Months
|
||||||||
Ended June 30,
|
||||||||
2015
|
2014
|
|||||||
(In thousands, except
|
||||||||
share and per share data)
|
||||||||
Operating Data:
|
||||||||
Interest income
|
$ | 8,712 | $ | 8,712 | ||||
Interest expense
|
2,135 | 2,311 | ||||||
Net interest income
|
6,577 | 6,401 | ||||||
Provision for loan losses
|
73 | 138 | ||||||
Net interest income after provision for
|
||||||||
loan losses
|
6,504 | 6,263 | ||||||
Non-interest income
|
514 | 348 | ||||||
Non-interest expenses
|
4,515 | 4,137 | ||||||
Income before income taxes
|
2,503 | 2,474 | ||||||
Income taxes
|
845 | 852 | ||||||
Net income
|
$ | 1,658 | $ | 1,622 | ||||
Basic and diluted earnings per share
|
$ | 0.07 | $ | 0.06 | ||||
Average shares outstanding - basic
|
25,421 | 25,244 | ||||||
Average shares outstanding - diluted
|
25,494 | 25,413 | ||||||
Average Balance Table
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||||||||||||||||||||||||||
Three Months Ended June 30,
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||||||||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||||||||
Interest
|
Interest
|
|||||||||||||||||||||||||
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||||
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
|||||||||||||||||||||
Assets:
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(Dollars in thousands)
|
|||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||
Loans receivable
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$ | 646,459 | $ | 5,984 | 3.70 | % | $ | 597,112 | $ | 5,676 | 3.80 | % | ||||||||||||||
Mortgage-backed securities
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279,074 | 1,942 | 2.78 | % | 306,831 | 2,365 | 3.08 | % | ||||||||||||||||||
Investment securities
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128,390 | 709 | 2.21 | % | 141,681 | 590 | 1.67 | % | ||||||||||||||||||
Other interest-earning assets
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34,236 | 77 | 0.90 | % | 50,128 | 81 | 0.65 | % | ||||||||||||||||||
Total interest-earning assets
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1,088,159 | 8,712 | 3.20 | % | 1,095,752 | 8,712 | 3.18 | % | ||||||||||||||||||
Non-interest-earning assets
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81,378 | 149,253 | ||||||||||||||||||||||||
Total assets
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$ | 1,169,537 | $ | 1,245,005 | ||||||||||||||||||||||
Liabilities and stockholders' equity:
|
||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||
Demand accounts
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$ | 54,037 | 15 | 0.11 | % | $ | 56,799 | 18 | 0.13 | % | ||||||||||||||||
Savings and Club accounts
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141,798 | 58 | 0.16 | % | 143,501 | 63 | 0.18 | % | ||||||||||||||||||
Certificates of deposit
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482,464 | 1,500 | 1.24 | % | 533,040 | 1,636 | 1.23 | % | ||||||||||||||||||
Total interest-bearing deposits
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678,299 | 1,573 | 0.93 | % | 733,340 | 1,717 | 0.94 | % | ||||||||||||||||||
FHLB Advances
|
107,500 | 562 | 2.09 | % | 131,250 | 594 | 1.81 | % | ||||||||||||||||||
Total interest-bearing liabilities
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785,799 | 2,135 | 1.09 | % | 864,590 | 2,311 | 1.07 | % | ||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||||
Non-interest-bearing deposits
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13,556 | 12,452 | ||||||||||||||||||||||||
Other non-interest-bearing liabilities
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11,699 | 13,281 | ||||||||||||||||||||||||
Total non-interest-bearing liabilities
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25,255 | 25,733 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Total liabilities
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811,054 | 890,323 | ||||||||||||||||||||||||
Stockholders' equity
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358,483 | 354,682 | ||||||||||||||||||||||||
Total liabilities and stockholders' equity
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$ | 1,169,537 | $ | 1,245,005 | ||||||||||||||||||||||
Net interest income
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$ | 6,577 | $ | 6,401 | ||||||||||||||||||||||
Interest rate spread
|
2.11 | % | 2.11 | % | ||||||||||||||||||||||
Net interest margin
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2.42 | % | 2.34 | % | ||||||||||||||||||||||
Average interest-earning assets
|
||||||||||||||||||||||||||
to average interest-bearing liabilities
|
1.38 |
x
|
1.27 |
x
|
Asset Quality Data
|
||||||||||||
Three
|
Three
|
Three
|
||||||||||
Months
|
Months
|
Months
|
||||||||||
Ended
|
Ended
|
Ended
|
||||||||||
June 30,
|
March 31,
|
June 30,
|
||||||||||
2015
|
2015
|
2014
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Allowance for loan losses:
|
||||||||||||
Allowance at beginning of period
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$ | 3,475 | $ | 3,375 | $ | 3,071 | ||||||
Provision for loan losses
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73 | 100 | 138 | |||||||||
Charge-offs
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(26 | ) | - | (84 | ) | |||||||
Recoveries
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3 | - | - | |||||||||
Net charge-offs
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(23 | ) | - | (84 | ) | |||||||
Allowance at end of period
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$ | 3,525 | $ | 3,475 | $ | 3,125 | ||||||
Allowance for loan losses to total gross loans
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0.54 | % | 0.54 | % | 0.51 | % | ||||||
Allowance for loan losses to nonperforming loans
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66.01 | % | 61.53 | % | 57.12 | % |
At June 30,
|
At March 31,
|
At June 30,
|
||||||||||
2015
|
2015
|
2014
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Nonperforming Assets:
|
||||||||||||
Nonaccrual loans:
|
||||||||||||
One- to four-family real estate
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$ | 4,258 | $ | 4,555 | $ | 5,188 | ||||||
Multi-family real estate
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574 | 581 | - | |||||||||
Commercial real estate
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436 | 439 | 246 | |||||||||
Consumer real estate
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72 | 73 | 37 | |||||||||
Total nonaccrual loans
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5,340 | 5,648 | 5,471 | |||||||||
Real estate owned
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- | - | 124 | |||||||||
Total nonperforming assets
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$ | 5,340 | $ | 5,648 | $ | 5,595 | ||||||
Total nonperforming loans to total gross loans
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0.81 | % | 0.88 | % | 0.89 | % | ||||||
Total nonperforming assets to total assets
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0.46 | % | 0.48 | % | 0.45 | % |
Selected Consolidated Financial Ratios
|
||||||||
Three Months
|
||||||||
Ended June 30,
|
||||||||
Selected Performance Ratios (1):
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2015
|
2014
|
||||||
Return on average assets
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0.57 | % | 0.52 | % | ||||
Return on average equity
|
1.85 | % | 1.83 | % | ||||
Interest rate spread
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2.11 | % | 2.11 | % | ||||
Net interest margin
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2.42 | % | 2.34 | % | ||||
Non-interest expenses to average assets
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1.54 | % | 1.33 | % | ||||
Efficiency ratio (2)
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63.67 | % | 61.30 | % | ||||
Average interest-earning assets to average
|
||||||||
interest-bearing liabilities
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1.38 | x | 1.27 | x | ||||
Average equity to average assets
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30.65 | % | 28.49 | % | ||||
Dividend payout ratio
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180.16 | % | 186.56 | % | ||||
Net change-offs to average outstanding loans during the period
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0.00 | % | 0.01 | % | ||||
(1) Performance ratio are annualized. | ||||||||
(2) Represents non-interest expense divided by the sum of net interest income and non-interest income including gains and losses on the sale of assets.
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Quarterly Data
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Quarter Ended
|
||||||||||||
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
|||||||||
2015
|
2015
|
2014
|
2014
|
2014
|
|||||||||
(In thousands except shares and per share data)
|
|||||||||||||
Operating Data
|
|||||||||||||
Interest income
|
$ 8,712
|
$ 8,558
|
$ 8,993
|
$ 8,899
|
$ 8,712
|
||||||||
Interest expense
|
2,135
|
2,157
|
2,249
|
2,317
|
2,311
|
||||||||
Net interest income
|
6,577
|
6,401
|
6,744
|
6,582
|
6,401
|
||||||||
Provision for loan losses
|
73
|
100
|
178
|
301
|
138
|
||||||||
Net interest income after provision for
|
|||||||||||||
loan losses
|
6,504
|
6,301
|
6,566
|
6,281
|
6,263
|
||||||||
Non-interest income
|
514
|
3,094
|
397
|
474
|
348
|
||||||||
Non-interest expenses
|
4,515
|
4,362
|
4,075
|
4,532
|
4,137
|
||||||||
Income before income taxes
|
2,503
|
5,033
|
2,888
|
2,223
|
2,474
|
||||||||
Income taxes
|
845
|
1,520
|
948
|
744
|
852
|
||||||||
Net income
|
$ 1,658
|
$ 3,513
|
$ 1,940
|
$ 1,479
|
$ 1,622
|
||||||||
Share Data
|
|||||||||||||
Basic earnings per share
|
$ 0.07
|
$ 0.14
|
$ 0.08
|
$ 0.06
|
$ 0.06
|
||||||||
Diluted earnings per share
|
$ 0.07
|
$ 0.13
|
$ 0.08
|
$ 0.06
|
$ 0.06
|
||||||||
Dividends per share
|
$ 0.12
|
$ 0.06
|
$ 0.06
|
$ 0.06
|
$ 0.12
|
||||||||
Average shares outstanding - basic
|
25,421
|
25,979
|
25,594
|
25,333
|
25,244
|
||||||||
Average shares outstanding - diluted
|
25,494
|
26,073
|
25,728
|
25,521
|
25,413
|
||||||||
Shares outstanding at period end
|
25,960
|
27,326
|
27,145
|
26,676
|
26,596
|
||||||||
Financial Condition Data
|
|||||||||||||
Total assets
|
$ 1,152,707
|
$ 1,186,924
|
$ 1,198,171
|
$ 1,211,527
|
$ 1,231,730
|
||||||||
Loans receivable, net
|
654,802
|
641,084
|
628,872
|
617,024
|
610,950
|
||||||||
Cash and cash equivalents
|
23,498
|
49,308
|
45,668
|
74,979
|
85,042
|
||||||||
Securities
|
395,386
|
418,875
|
446,511
|
454,595
|
470,605
|
||||||||
Deposits
|
685,248
|
699,476
|
711,486
|
731,070
|
736,557
|
||||||||
FHLB advances
|
107,500
|
107,500
|
112,500
|
112,500
|
127,500
|
||||||||
Total stockholders' equity
|
347,764
|
368,001
|
363,765
|
357,693
|
356,491
|
||||||||
Assets Quality:
|
|||||||||||||
Total nonperforming assets
|
$ 5,340
|
$ 5,648
|
$ 3,994
|
$ 4,509
|
$ 5,595
|
||||||||
Total nonperforming loans to total gross loans
|
0.81%
|
0.88%
|
0.63%
|
0.73%
|
0.89%
|
||||||||
Total nonperforming assets to total assets
|
0.46%
|
0.48%
|
0.33%
|
0.37%
|
0.45%
|
||||||||
Allowance for loan losses
|
$ 3,525
|
$ 3,475
|
$ 3,375
|
$ 3,250
|
$ 3,125
|
||||||||
Allowance for loan losses to total gross loans
|
0.54%
|
0.54%
|
0.54%
|
0.53%
|
0.51%
|
||||||||
Allowance for loan losses to nonperforming loans
|
66.01%
|
61.53%
|
84.50%
|
72.08%
|
57.12%
|