10-Q

o

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No.  001-36390

CLIFTON BANCORP INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	46-4757900
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)
1433 Van Houten Avenue, Clifton, New Jersey	07015
(Address of Principal Executive Offices)	(Zip Code)

(973) 473-2200

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one)

Large Accelerated Filer	¨		Accelerated Filer	x
Non-Accelerated Filer	¨	(Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

The number of shares outstanding of each of the issuer’s classes of common stock, as of July 31, 2015: 25,831,756 shares outstanding.

CLIFTON BANCORP INC.AND SUBSIDIARIES

INDEX

		Page
		Number
PART I - FINANCIAL INFORMATION
Item 1:	Financial Statements (Unaudited)
	Consolidated Statements of Financial Condition at June 30, 2015 and March 31, 2015	1
	Consolidated Statements of Income For the Three Months Ended June 30, 2015 and 2014	2
	Consolidated Statements of Comprehensive Income For the Three Months Ended June 30, 2015 and 2014	3
	Consolidated Statements of Changes in Stockholders’ Equity For the Three Months Ended June 30, 2015	4
	Consolidated Statements of Cash Flows For the Three Months Ended June 30, 2015 and 2014	5 – 6
	Notes to Consolidated Financial Statements	7 – 23
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24 –  30
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	31 – 32
Item 4:	Controls and Procedures	33
PART II - OTHER INFORMATION
Item 1:	Legal Proceedings	34
Item 1A:	Risk Factors	34
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3:	Defaults Upon Senior Securities	34
Item 4:	Mine Safety Disclosures	34
Item 5:	Other Information	35
Item 6:	Exhibits	35
SIGNATURES		36

CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data, Unaudited)

	June 30, 2015			March 31, 2015
ASSETS
Cash and due from banks	$	9,081		$	12,579
Interest-bearing deposits in other banks		14,417			36,729
Cash and Cash Equivalents		23,498			49,308
Securities available for sale, at fair value		10,778			18,314
Securities held to maturity, at cost (fair value of $388,540  at June 30, 2015    and $409,554 at March 31, 2015):		384,608			400,561
Loans receivable		658,327			644,559
Allowance for loan losses		(3,525	)		(3,475	)
Net Loans		654,802			641,084
Bank owned life insurance		56,244			55,858
Premises and equipment		7,050			7,108
Federal Home Loan Bank of New York stock		6,085			6,041
Interest receivable		3,274			3,274
Other assets		6,368			5,376
Total Assets		1,152,707			1,186,924
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest bearing		13,906			12,897
Interest bearing		671,342			686,579
Total Deposits		685,248			699,476
Advances from Federal Home Loan Bank of New York		107,500			107,500
Advance payments by borrowers for taxes and insurance		7,246			6,837
Other liabilities and accrued expenses		4,949			5,110
Total Liabilities		804,943			818,923
Commitments and Contingencies
Stockholders' Equity
Preferred stock ($.01 par value), 10,000,000 shares authorized; none issued or    outstanding		—			—
Common stock ($.01 par value), 85,000,000 shares authorized; 25,960,056    issued and outstanding at June 30, 2015; 27,325,847 issued and    outstanding at March 31, 2015		260			273
Paid-in capital		256,425			275,341
Deferred compensation obligation under Rabbi Trust		326			273
Retained earnings		103,703			105,032
Common stock acquired by Employee Stock Ownership Plan ("ESOP")		(12,124	)		(12,437	)
Accumulated other comprehensive loss		(591	)		(481	)
Stock held by Rabbi Trust		(235	)		—
Total Stockholders' Equity		347,764			368,001
Total Liabilities and Stockholders' Equity	$	1,152,707		$	1,186,924

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Share and Per Share Data, Unaudited)

	Three Months Ended June 30,
	2015		2014
Interest Income
Loans	$	5,984	$	5,676
Mortgage-backed securities		1,942		2,365
Debt securities		709		590
Other interest-earning assets		77		81
Total Interest Income		8,712		8,712
Interest Expense
Deposits		1,573		1,717
Advances		562		594
Total 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
Fees and service charges		55		52
Bank owned life insurance		386		295
Gain on sale of securities		72		—
Other		1		1
Total Non-Interest Income		514		348
Non-Interest Expenses
Salaries and employee benefits		2,705		2,425
Occupancy expense of premises		396		385
Equipment		357		303
Directors' compensation		211		212
Advertising and marketing		57		74
Professional services		254		197
Federal deposit insurance premium		124		158
Other		411		383
Total 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
Net Income per Common Share
Basic	$	0.07	$	0.06
Diluted	$	0.07	$	0.06
Dividends per common share	$	0.12	$	0.12
Weighted Average Number of Common Shares and Common Stock Equivalents    Outstanding:
Basic		25,421,469		25,244,252
Diluted		25,494,037		25,412,932

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands, Unaudited)

	Three Months Ended June 30,
	2015			2014
Net income	$	1,658		$	1,622
Other comprehensive (loss) income:
Gross unrealized holding (loss) gain on securities available for sale, net of income    (taxes) benefit of $56 and $(25), respectively		(79	)		37
Reclassification adjustment for net realized gains on securities available for sale, net    of income taxes of $29 and $0, respectively (A)		(43	)		—
Benefit plan amortization, net of income tax benefit of $(9) and $(6),    respectively (B)		12			8
Total other comprehensive (loss) income		(110	)		45
Total comprehensive income	$	1,548		$	1,667

(A) Net realized gain and related income taxes are included in the consolidated statements of income within the gain on sale of securities and income taxes lines, respectively.

(B) Benefit plan amounts represent the amortization of past service cost and unrecognized net loss; such amounts are included in the consolidated statements of income within the directors' compensation line. The related income tax amounts are included in income taxes.

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In Thousands, Except Share and Per Share Data, Unaudited)

										Deferred								Accumulated
										Compensation					Common Stock			Other			Stock Held
	Common Stock						Paid-In			Obligation Under		Retained			Acquired			Comprehensive			by Rabbi
Three Months Ended June 30, 2015	Shares			Par Value			Capital			Rabbi Trust		Earnings			by ESOP			Income (Loss)			Trust			Total
Balance - March 31, 2015		27,325,847		$	273		$	275,341		$	273	$	105,032		$	(12,437	)	$	(481	)	$	—		$	368,001
Net income		—			—			—			—		1,658			—			—			—			1,658
Other comprehensive loss, net    of income tax		—			—			—			—		—			—			(110	)		—			(110	)
ESOP shares committed to be    released		—			—			118			—		—			313			—			—			431
Stock option expense		—			—			4			—		—			—			—			—			4
Restricted stock awards earned		—			—			10			—		—			—			—			—			10
Repurchase restricted stock    awards		(887	)		—			(12	)		—		—			—			—			—			(12	)
Funding of Supplemental    Executive Retirement Plan		—			—			—			53		—			—			—			(235	)		(182	)
Tax benefit from stock based    compensation		—			—			129			—		—			—			—			—			129
Exercise of stock options		113,020			1			1,180			—		—			—			—			—			1,181
Repurchase common stock		(1,477,924	)		(14	)		(20,345	)		—		—			—			—			—			(20,359	)
Cash dividends declared ($0.12    per share)		—			—			—			—		(2,987	)		—			—			—			(2,987	)
Balance - June 30, 2015		25,960,056		$	260		$	256,425		$	326	$	103,703		$	(12,124	)	$	(591	)	$	(235	)	$	347,764

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands, Unaudited)

	Three Months Ended June 30,
	2015			2014
Cash Flows From Operating Activities:
Net income	$	1,658		$	1,622
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment		142			153
Net amortization of deferred fees and costs, premiums and discounts		197			68
Provision for loan losses		73			138
Realized gain on sale of securities available for sale		(72	)		—
(Increase) in interest receivable		—			(23	)
Deferred income tax (benefit)		(99	)		(237	)
(Increase) decrease in other assets		(796	)		1,472
Increase (decrease) in accrued interest payable		8			(4	)
(Decrease) in other liabilities		(169	)		(185	)
Income from bank owned life insurance		(386	)		(295	)
ESOP shares committed to be released		431			377
Restricted stock expense		10			11
Stock option expense		4			7
(Decrease) increase in deferred compensation obligation under Rabbi Trust		(182	)		42
Net Cash Provided by Operating Activities		819			3,146
Cash Flows From Investing Activities:
Proceeds from calls, maturities and repayments of:
Securities available for sale		5,483			266
Securities held to maturity		37,041			18,294
Proceeds from sale of securities available for sale		1,908			—
Redemptions of Federal Home Loan Bank of New York stock		—			675
Purchases of:
Securities available for sale		—			(12,303	)
Securities held to maturity		(21,178	)		(54,572	)
Loans receivable		(12,319	)		(19,200	)
Premises and equipment		(84	)		(36	)
Federal Home Loan Bank of New York stock		(44	)		(128	)
Net (increase) in loans receivable		(1,569	)		(7,506	)
Net Cash Provided by (Used in) Investing Activities		9,238			(74,510	)

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D)

(In Thousands, Unaudited)

	Three Months Ended June 30,
	2015			2014
Cash Flows From Financing Activities:
Net (decrease) in deposits	$	(14,228	)	$	(27,355	)
Net (decrease) in short-term advances from Federal Home Loan Bank of New York		—			(15,000	)
Net proceeds from stock offering		—			8,867
Net increase in payments by borrowers for taxes and insurance		409			275
Repurchase restricted stock award		(12	)		(11	)
Exercise of stock options		1,181			62
Repurchase common stock		(20,359	)		—
Dividends paid		(2,987	)		(3,026	)
Income tax benefit from stock based compensation		129			13
Net Cash (Used in) Financing Activities		(35,867	)		(36,175	)
Net (Decrease) in Cash and Cash Equivalents		(25,810	)		(107,539	)
Cash and Cash Equivalents - Beginning		49,308			192,581
Cash and Cash Equivalents - Ending	$	23,498		$	85,042
Supplemental Information:
Cash paid during the period for:
Interest on deposits and borrowings		2,127		$	2,315
Income taxes paid		2,188		$	1,475
Non cash activities:
Transfer from loans receivable to real estate owned	$	—		$	124
Issuance of common stock funded by stock subscriptions received prior to April 1, 2014	$	—		$	154,345

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

The consolidated financial statements include the accounts of Clifton Bancorp Inc. (the “Company”), the Company’s wholly-owned subsidiary, Clifton Savings Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, Botany Inc. (“Botany”). The Company’s business consists principally of investing in securities and the operations of the Bank.  Botany’s business consists solely of holding investment and mortgage-backed securities, and Botany is treated under New Jersey tax law as a New Jersey investment company. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements were prepared in accordance with the instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, or cash flows in conformity with accounting principles generally accepted in the United States of America.  However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements have been included. The results of operations for the three month period ended June 30, 2015 are not necessarily indicative of the results which may be expected for the entire fiscal year or any other period. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods.  Actual results could differ from those estimates. These consolidated financial statements should be read in conjunction with the Clifton Bancorp’s audited consolidated financial statements and related notes thereto for the year ended March 31, 2015, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on June 5, 2015.

The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of June 30, 2015, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

2. EARNINGS PER SHARE (EPS)

Basic EPS is based on the weighted average number of common shares actually outstanding, and is adjusted for employee stock ownership plan shares not yet committed to be released and deferred compensation obligations required to be settled in shares of Company stock. Unvested restricted stock awards, which contain rights to non-forfeitable dividends, are considered participating securities and the two-class method of computing basic and diluted EPS is applied. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.  Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable (such as stock options) or which could be converted into common stock, if dilutive, using the treasury stock method. Basic and diluted EPS have been determined based on the adjusted numbers of weighted average shares. The calculation of diluted EPS for the three months ended June 30, 2015 and 2014 includes incremental shares related to outstanding stock options of 72,568 and 168,680, respectively.  Shares issued, or retired during any period are weighted for the portion of the period they were outstanding. During the three months ended June 30, 2015 and 2014, the average number of options which were antidilutive were 882 and -0-, respectively.

3. STOCK REPURCHASE

On March 11, 2015, the Company announced that the Board of Directors authorized a stock repurchase plan, that became effective on April 2, 2015, to acquire up to 2,731,000 shares, or 10%, of the Company’s outstanding stock. During the three months ended June 30, 2015, approximately 1,478,000 shares were repurchased at an aggregate cost of approximately $20.4 million, or $13.78 per share. There were no stock repurchase plans in effect for the three months ended June 30, 2014.

Additionally, during the three months ended June 30, 2015 and 2014, 887 and 887 shares, respectively, were repurchased at an aggregate cost of approximately $12,000, or $13.89 per share, and $11,000, or $11.93 per share, respectively, representing the withholding of shares subject to restricted stock awards under the Clifton Savings Bancorp, Inc. 2005 Equity Incentive Plan for payment of taxes due upon the vesting of restricted stock awards. All repurchased shares are retired.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. RETIREMENT PLAN-COMPONENTS OF NET PERIODIC PENSION COST

Periodic pension expense for the directors’ retirement plan and a former president’s post-retirement health care plan were as follows:

	Three Months Ended
	June 30,
	2015		2014
	(In Thousands)
Service cost	$	44	$	45
Interest cost		31		30
Amortization of unrecognized net loss		12		4
Amortization of past service cost		9		10
Net periodic benefit cost	$	96	$	89

5. SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities available for sale and held to maturity for the dates indicated are as follows:

	June 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	10,778	$	39	$	39	$	10,778
Total available for sale securities	$	10,778	$	39	$	39	$	10,778
	March 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Debt securities:
Government-sponsored enterprises	$	5,000	$	—	$	—	$	5,000
Mortgage-backed securities:
Federal National Mortgage Association		13,107		207		—		13,314
Total available for sale securities	$	18,107	$	207	$	—	$	18,314

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5.SECURITIES (CONT’D)

	June 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	64,914	$	214	$	15	$	65,113
Corporate bonds		50,045		772		85		50,732
Municipal bonds		3,104		1		20		3,085
		118,063		987		120		118,930
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		54,473		999		500		54,972
Federal National Mortgage Association		197,071		3,476		1,698		198,849
Government National Mortgage Association		15,001		863		75		15,789
		266,545		5,338		2,273		269,610
Total held to maturity securities	$	384,608	$	6,325	$	2,393	$	388,540
	March 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	74,904	$	393	$	16	$	75,281
Corporate bonds		45,009		1,291		—		46,300
Municipal bonds		16,139		23		1		16,161
		136,052		1,707		17		137,742
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		56,286		1,673		132		57,827
Federal National Mortgage Association		191,117		5,102		413		195,806
Government National Mortgage Association		17,106		1,122		49		18,179
		264,509		7,897		594		271,812
Total held to maturity securities	$	400,561	$	9,604	$	611	$	409,554

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. SECURITIES (CONT’D)

Contractual maturity data for securities are as follows:

	June 30, 2015
	Amortized		Fair
	Cost		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Due after five through ten years	$	2,045	$	2,017
Due after ten years		8,733		8,761
Total available for sale securities	$	10,778	$	10,778
Held to maturity:
Debt securities:
Due less than one year	$	16,343	$	16,604
Due after one through five years		70,450		70,753
Due after five through ten years		25,496		25,808
Due after ten years		5,774		5,765
		118,063		118,930
Mortgage-backed securities:
Due after one through five years		13,196		13,040
Due after five through ten years		73,716		73,188
Due after ten years		179,633		183,382
		266,545		269,610
Total held to maturity securities	$	384,608	$	388,540

The amortized cost and carrying values shown above are by contractual final maturity.  Actual maturities will differ from contractual final maturities due to scheduled monthly payments related to mortgage-backed securities and due to the borrowers having the right to prepay obligations with or without prepayment penalties. The Company’s mortgage-backed securities are generally secured by residential mortgage loans with contractual maturities of 15 years or greater, and multi-family loans with maturities of five to ten years. However, the effective lives of those securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the loans within those securities. Investors in pass-through securities generally share in the receipt of principal repayments on a pro-rata basis as paid by the borrowers.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. SECURITIES (CONT’D)

The age of gross unrealized losses and the fair value of related securities at June 30 and March 31, 2015 were as follows:

	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
June 30, 2015	FairValue		Losses		FairValue		Losses		FairValue		Losses
Available for sale:	(In Thousands)
Mortgage-backed securities:
Federal National Mortgage Association	$	6,529	$	39	$	—	$	—	$	6,529	$	39
Total available for sale securities	$	6,529	$	39	$	—	$	—	$	6,529	$	39
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	14,992	$	8	$	4,993	$	7	$	19,985	$	15
Municipal bonds		1,419		20		—		—		1,419		20
Corporate bonds		4,952		85		—		—		4,952		85
		21,363		113		4,993		7		26,356		120
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		18,803		251		8,033		249		26,836		500
Federal National Mortgage Association		97,152		1,012		21,728		686		118,880		1,698
Government National Mortgage Association		—		—		1,459		75		1,459		75
		115,955		1,263		31,220		1,010		147,175		2,273
Total held to maturity securities	$	137,318	$	1,376	$	36,213	$	1,017	$	173,531	$	2,393
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
March 31, 2015	FairValue		Losses		FairValue		Losses		FairValue		Losses
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	4,996	$	4	$	9,988	$	12	$	14,984	$	16
Municipal bonds		2,999		1		—		—		2,999		1
		7,995		5		9,988		12		17,983		17
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		—		—		8,364		132		8,364		132
Federal National Mortgage Association		20,293		18		22,524		395		42,817		413
Government National Mortgage Association		—		—		1,494		49		1,494		49
		20,293		18		32,382		576		52,675		594
Total held to maturity securities	$	28,288	$	23	$	42,370	$	588	$	70,658	$	611

Management does not believe that any of the unrealized losses at June 30, 2015 (four bonds of Government-sponsored enterprises, one corporate bond, and eight municipal bonds included in debt securities, and thirty-four FNMA mortgage-backed securities, eight FHLMC mortgage-backed securities, and one GNMA mortgage-backed security) represent an other-than-temporary impairment as they are primarily related to market interest rates and not related to the underlying credit quality of the issuers of the securities.  Additionally, the Company and its subsidiaries have the ability, and management has the intent, to hold such securities for the time necessary to recover amortized cost and does not have the intent to sell the securities, and it is more likely than not that it will not have to sell the securities before recovery of their amortized cost.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. SECURITIES (CONT’D)

During the three months ended June 30, 2015, the proceeds from sales of securities available for sale totaled $1.9 million, resulting in gross realized gains of $72,000. There were no sales of securities held to maturity during the three months ended June 30, 2015. There were no sales of securities available for sale or held to maturity during the three months ended June 30, 2014.

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES

The following is a summary of loans by segment and the classes within those segments:

	June 30,			March 31,
	2015			2015
	(In Thousands)
Real estate:
One- to four-family	$	571,450		$	557,301
Multi-family		35,221			35,410
Commercial		38,195			38,838
Construction		582			611
		645,448			632,160
Consumer:
Second mortgage		7,114			7,121
Passbook or certificate		650			602
Equity lines of credit		2,778			2,556
Other loans		70			70
		10,612			10,349
Total Loans		656,060			642,509
Loans in process		(477	)		(533	)
Net purchase premiums, discounts, and deferred loan costs		2,744			2,583
		2,267			2,050
Total Loans, Net	$	658,327		$	644,559

The allowance for loan losses consists of general and unallocated components. For loans that are classified as impaired, a valuation allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component of the allowance covers pools of loans by loan class not considered impaired, as well as smaller balance homogeneous loans, such as one- to four-family real estate, construction real estate, second mortgage loans, home equity lines of credit and passbook loans.  These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors to reflect current conditions. The qualitative risk factors which include:

1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices.

2. National, regional, and local economic and business conditions, including the value of underlying collateral for collateral dependent loans.

3. Nature and volume of the portfolio and terms of loans.

4. Experience, ability, and depth of lending management and staff.

5. The quality of the Bank’s loan review system.

6. Volume and severity of past due, classified and nonaccrual loans.

7. Existence and effect of any concentrations of credit and changes in the level of such concentrations.

8. Effect of external factors, such as competition and legal and regulatory requirements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation.

An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating losses in the portfolio.

The evaluation of the adequacy of the allowance is based on an analysis which categorizes the entire loan portfolio by certain risk characteristics. The loan portfolio segments are further disaggregated into the following loan classes, where the risk level for each type is analyzed when determining the allowance for loan losses.

Real Estate:

1. One- to Four-Family Loans - consists of loans secured by first liens on either owner occupied or investment properties.  These loans can be affected by economic conditions and the value of the underlying properties. The risk is considered relatively low as the Bank has always had conservative underwriting standards and does not have sub-prime loans in its loan portfolio.

2. Multi-Family Loans - consists of loans secured by multi-family real estate which generally involve a greater degree of risk than one- to four-family residential mortgage loans. These loans can be affected by economic conditions and the value of the underlying properties. The risk is considered relatively low as the Bank believes it has always had conservative underwriting standards.

3. Commercial Loans - consists of loans secured by commercial real estate which generally involve a greater degree of risk than one- to four-family residential mortgage loans. These loans can be affected by economic conditions and the value of the underlying properties. The risk is considered relatively low as the Bank believes it has always had conservative underwriting standards. These loans are affected by economic conditions to a greater degree than one- to four-family and multi-family loans.

4. Construction Loans - consists primarily of the financing of construction of one- to four-family properties or construction/permanent loans for the construction of one- to four-family homes to be occupied by the borrower. Construction loans generally are considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate due to uncertainty of construction costs. Independent inspections are performed prior to disbursement of loan proceeds as construction progresses to mitigate these risks. These loans are also affected by economic conditions.

Consumer:

1. Second Mortgage and Equity Lines of Credit - consists of one- to four-family loans secured by first, second or third liens (when the Bank has the two other lien positions) or, in one instance, a commercial property.  These loans are affected by the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. The credit risk is considered slightly higher than one- to four-family first lien loans as these loans are also dependent on the value of underlying properties, but in many instances, have the added risk of a subordinate collateral position.

2. Passbook or Certificate and Other Loans - consists of loans secured by passbook accounts and certificates of deposits and unsecured loans. The passbook or certificate loans have low credit risk as they are fully secured by their collateral. Unsecured loans, included in other loans, are two loans in a New Jersey loan fund and they also are considered a low credit risk.

The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss.  Loans classified as special mention have potential weaknesses that deserve management’s close attention.  If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects.  Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt.  They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any.  Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable.   Loans classified as a loss are considered uncollectible and are

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

charged to the allowance for loan losses.  Non-classified assets are rated as a pass or pass-watch. Pass-watch loans require current oversight or tracking by management generally due to incomplete documentation or monitoring due to previous delinquent status.

In addition, the Office of the Comptroller of the Currency (the “OCC”), as an integral part of its examination process, periodically reviews the Bank’s loan portfolio and the related allowance for loan losses. The OCC may require the allowance for loan losses to be increased based on its review of information available at the time of the examination.

The change in the allowance for loan losses for the three months ended June 30, 2015 and 2014 is as follows:

												Second		Passbook or
	One- to Four											Mortgage and		Certificate
	-Family			Multi-Family			Commercial			Construction		Equity Lines		and Other
	Real Estate			Real Estate			Real Estate			Real Estate		of Credit		Loans		Unallocated		Total
	(In Thousands)
At March 31, 2015:
Total allowance for    loan losses	$	2,704		$	350		$	353		$	1	$	42	$	—	$	25	$	3,475
Charge-offs		(26	)		—			—			—		—		—		—		(26	)
Recoveries		3			—			—			—		—		—		—		3
Provision charged to    operations		143			(50	)		(25	)		—		3		—		2		73
At June 30, 2015:
Total allowance for    loan losses	$	2,824		$	300		$	328		$	1	$	45	$	—	$	27	$	3,525

										Second			Passbook or
	One- to Four									Mortgage and			Certificate
	-Family			Multi-Family		Commercial		Construction		Equity Lines			and Other
	Real Estate			Real Estate		Real Estate		Real Estate		of Credit			Loans		Unallocated			Total
	(In Thousands)
At March 31, 2014:
Total allowance for    loan losses	$	2,460		$	186	$	224	$	2	$	45		$	1	$	153		$	3,071
Charge-offs		(84	)																(84	)
Recoveries		—			—		—		—		—			—		—			—
Provision charged to    operations		144			61		42		—		(2	)		—		(107	)		138
At June 30, 2014:
Total allowance for    loan losses	$	2,520		$	247	$	266	$	2	$	43		$	1	$	46		$	3,125

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table presents the allocation of the allowance for loan losses and related loans by loan class at June 30 and March 31, 2015.

									Second		Passbook or
	One-to-Four								Mortgage and		Certificate
	Family		Multi-Family		Commercial		Construction		Equity Lines		and Other
June 30, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Unallocated		Total
	(In Thousands)
Allowance for loan    losses:
Individually    evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively    evaluated for    impairment		2,824		300		328		1		45		—		27		3,525
Total	$	2,824	$	300	$	328	$	1	$	45	$	—	$	27	$	3,525
Loans:
Individually    evaluated for    impairment	$	1,088	$	776	$	436	$	—	$	12	$	—	$	—	$	2,312
Collectively    evaluated for    impairment		570,362		34,445		37,759		582		9,880		720		—		653,748
Total	$	571,450	$	35,221	$	38,195	$	582	$	9,892	$	720	$	—	$	656,060

									Second		Passbook or
	One-to-Four								Mortgage and		Certificate
	Family		Multi-Family		Commercial		Construction		Equity Lines		and Other
March 31, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Unallocated		Total
	(In Thousands)
Allowance for loan    losses:
Individually    evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively    evaluated for    impairment		2,704		350		353		1		42		—		25		3,475
Total	$	2,704	$	350	$	353	$	1	$	42	$	—	$	25	$	3,475
Loans:
Individually    evaluated for    impairment	$	885	$	784	$	439	$	—	$	13	$	—	$	—	$	2,121
Collectively    evaluated for    impairment		556,416		34,626		38,399		611		9,664		672		—		640,388
Total	$	557,301	$	35,410	$	38,838	$	611	$	9,677	$	672	$	—	$	642,509

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The aggregate amount of classified loan balances are as follows at June 30 and March 31, 2015:

									Second		Passbookor
	One- to Four								Mortgage and		Certificate
	-Family		Multi-family		Commercial		Construction		Equity Lines		and Other		Total
June 30, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Loans
	(In Thousands)
Non-classified:	$	566,403	$	34,647	$	37,759	$	582	$	9,815	$	720	$	649,926
Classified:
Special mention		789		—		—		—		5		—		794
Substandard		4,258		574		436		—		72		—		5,340
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	571,450	$	35,221	$	38,195	$	582	$	9,892	$	720	$	656,060
									Second		Passbook or
	One- toFour								Mortgage and		Certificate
	-Family		Multi-family		Commercial		Construction		Equity Lines		and Other		Total
March 31, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Loans
	(In Thousands)
Non-classified:	$	551,680	$	34,829	$	38,399	$	611	$	9,585	$	672		635,776
Classified:
Special mention		1,008		—		—		—		19		—		1,027
Substandard		4,613		581		439		—		73		—		5,706
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	557,301	$	35,410	$	38,838	$	611	$	9,677	$	672	$	642,509

The following table provides information with respect to the Bank’s nonaccrual loans at June 30 and March 31, 2015. Loans are generally placed on nonaccrual status when they become more than 90 days delinquent, or when the collection of principal and, or interest become doubtful. Nonaccrual loans differed from the amount of total loans past due greater than 90 days due to some previously delinquent loans that are currently not more than 90 days delinquent which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated the ability to satisfy the loan terms. A loan is returned to accrual status when there is sustained period of repayment performance (generally six months) by the borrower in accordance with the contractual terms of the loan, or in some circumstances, when the factors indicating doubtful collectability no longer exist and the Bank expects repayment of the remaining contractual amounts due.

	June 30, 2015		March 31, 2015
	(In Thousands)
Nonaccrual loans:
Real estate loans:
One- to four-family	$	4,258	$	4,555
Multi-family		574		581
Commercial		436		439
Consumer and other loans:
Second mortgage		72		73
Total nonaccrual loans	$	5,340	$	5,648

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table provides information about delinquencies in the Bank’s loan portfolio at June 30 and March 31, 2015.

	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
June 30, 2015	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	2,298	$	267	$	3,071	$	5,636	$	565,814	$	571,450
Multi-family		574		—		—		574		34,647		35,221
Commercial		—		192		244		436		37,759		38,195
Construction		—		—		—		—		582		582
Consumer and other loans:
Second mortgage and equity lines of credit		—		30		72		102		9,790		9,892
Passbook or certificate and other loans		—		—		—		—		720		720
Total	$	2,872	$	489	$	3,387	$	6,748	$	649,312	$	656,060

	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
March 31, 2015	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	1,289	$	239	$	3,262	$	4,790	$	552,511	$	557,301
Multi-family		—		—		581		581		34,829		35,410
Commercial		—		—		439		439		38,399		38,838
Construction		—		—		—		—		611		611
Consumer and other loans:
Second mortgage and equity lines of credit		13		—		60		73		9,604		9,677
Passbook or certificate and other loans		4		—		—		4		668		672
Total	$	1,306	$	239	$	4,342	$	5,887	$	636,622	$	642,509

There were no loans that are past due greater than 90 days that were accruing as of June 30 and March 31, 2015.

A loan is defined as impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due under the contractual terms of the loan agreement.  The Company considers one- to four-family mortgage loans and consumer installment loans to be homogeneous and, therefore, does not generally evaluate them individually for impairment, unless they are considered troubled debt restructurings.  All other loans are evaluated for impairment on an individual basis.

- 17 -

CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

Impaired loans, none of which had a related allowance at or for the three months ending June 30, 2015 and 2014, and at or for the year ended March 31, 2015, were as follows:

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended June 30, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,088	$	1,260	$	1,005	$	7
Multi-family		776		801		779		15
Commercial		436		436		437		4
Consumer and other loans:
Second mortgage		12		12		12		—
Total impaired loans	$	2,312	$	2,509	$	2,233	$	26

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended June 30, 2014	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	766	$	943	$	621	$	2
Multi-family		207		234		207		3
Commercial		246		246		246		3
Total impaired loans	$	1,219	$	1,423	$	1,074	$	8
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Year Ended March 31, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One- to four-family	$	885	$	1,058	$	746	$	20
Multi-family		784		810		250		12
Commercial		439		439		351		16
Consumer and other loans
Second mortgage		13		13		4		—
Total impaired loans	$	2,121	$	2,320	$	1,351	$	48

The recorded investment in loans modified in a troubled debt restructuring totaled $865,000 and $784,000, respectively, at June 30 and March 31, 2015, of which $86,000 and -0- were 90 days or more past due, and $6,000 and $7,000, respectively, were 60 days or more past due. The remaining loans modified were current at the time of the restructuring and have complied with the terms of their restructure agreements at June 30 and March 31, 2015. Loans that were modified in a troubled debt restructuring represent concessions made to borrowers experiencing financial difficulties. The Bank works with these borrowers to modify existing loan terms usually by extending maturities or reducing interest rates. The Bank records an impairment loss, if any, based on the present value of expected future cash flows discounted at the original loan’s effective interest rate. Subsequently, these loans are individually evaluated for impairment.

- 18 -

CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table presents troubled debt restructurings by class during the period indicated.

		Pre-restructuring		Post-restructuring
		Outstanding		Outstanding		Charge-off
	Number of	Recorded		Recorded		RecordedUpon
	Loans	Investment		Investment		Restructuring
		(Dollar In Thousands)
Three Months Ended June 30, 2015
One- to Four-Family Real Estate	1	$	86	$	99	$	—
Three Months Ended June 30, 2014
One- to Four-Family Real Estate	1	$	210	$	214	$	7

The restructuring of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan, capitalization of prior past dues, and payment recalculation and re-amortization.

There were no new troubled debt restructurings which defaulted within twelve months of restructuring during the three months ended June 30, 2015 and 2014.            

7. FAIR VALUE

Accounting guidance on fair value measurement establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Observable inputs other than Level 1 prices, such as quoted for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

In addition, the guidance requires the Company to disclose the fair value for certain assets and liabilities on both a recurring and non-recurring basis.

An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7. FAIR VALUE (CONT’D)

For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30 and March 31, 2015 are as follows:

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
			in Active		Other		Significant
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
June 30, 2015
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	10,778	$	—	$	10,778	$	—
Total securities available for sale	$	10,778	$	—	$	10,778	$	—
March 31, 2015
Securities available for sale:
Debt securities:
Government-sponsored enterprises	$	5,000	$	—	$	5,000	$	—
Mortgage-backed securities:
Federal National Mortgage Association		13,314		—		13,314		—
Total securities available for sale	$	18,314	$	—	$	18,314	$	—

For assets measured at fair value on a non-recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30 and March 31, 2015 are as follow:

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
June 30, 2015
Impaired loans	$	365	$	—	$	—	$	365
March 31, 2015
Impaired loans	$	245	$	—	$	—	$	245

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7. FAIR VALUE (CONT’D)

There were no liabilities measured at fair value on a recurring or non-recurring basis at June 30 and March 31, 2015.

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value.

	Fair Value		Valuation	Unobservable	Range (Weighted
	Estimate		Techniques	Input	Average)
	(Dollars in Thousand)
June 30, 2015
Impaired Loans	$	365	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)
March 31, 2015
Impaired Loans	$	245	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)

(1) Fair value is based on third party appraisals.

(2) Includes estimated costs to sell.

The following information should not be interpreted as an estimate of the fair value of the Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of certain of the Company’s assets and liabilities at June 30 and March 31, 2015:

Cash and Cash Equivalents, Interest Receivable, and Interest Payable (Carried at Cost)

The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents, interest receivable, and interest payable approximate their fair values.

Securities

The fair value of all securities, whether classified as available for sale (carried at fair value) or held to maturity (carried at cost), is determined by reference to quoted market prices, where available.  If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Securities are measured on a recurring basis. The fair values of these securities are obtained from quotes received from an independent broker. The Company’s broker provides it with prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available. As the Company is responsible for the determination of fair value, it performs monthly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. The Company’s internal price verification procedures and review of fair value methodology documentation provided by third- party pricing services has not historically resulted in adjustment in the prices obtained from the pricing service.

Loans Receivable (Carried at Cost)

Fair value is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, of such loans.

Impaired Loans (Carried based on Collateral Fair Value or Discounted Cash Flows)

Impaired loans are those accounted for under ASC Topic 310 “Accounting by Creditors for Impairment of a Loan” in which the Company has measured impairment generally based on either the fair value of the loan’s collateral or discounted cash flows. These assets are included as Level 3 assets.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7. FAIR VALUE (CONT’D)

Federal Home Loan Bank of New York Stock (Carried at Cost)

Fair value approximates cost basis as these instruments are redeemable only with the issuing agency at face value.

Deposits (Carried at Cost)

The fair value of non-interest-bearing demand, Crystal Checking, NOW, Super NOW, Money Market and Savings and Club accounts is the amount payable on demand at the reporting date.  For fixed-maturity certificates of deposit, fair value is estimated by discounting future cash flows using the rates currently offered for deposits of similar remaining maturities.

Advances from Federal Home Loan Bank of New York (Carried at Cost)

The fair value is estimated by discounting future cash flows using rates currently offered for liabilities of similar remaining maturities, or when available, quoted market prices.

Commitments to Extend Credit

The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties.  For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates.

As of June 30 and March 31, 2015, the fair value of the commitments to extend credit were not considered to be material.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7. FAIR VALUE (CONT’D)

The carrying amounts and fair values of financial instruments are as follows:

					(Level 1)		(Level 2)
					Quoted Prices		Significant		(Level 3)
					in Active		Other		Significant
	Carrying		Estimated		Markets for		Observable		Unobservable
June 30, 2015	Value		Fair Value		IdenticalAssets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	23,498	$	23,498	$	23,498	$	—	$	—
Securities available for sale		10,778		10,778		—		10,778		—
Securities held to maturity		384,608		388,540		—		388,540		—
Net loans receivable		654,802		652,292		—		—		652,292
Federal Home Loan Bank of New York stock		6,085		6,085		—		6,085		—
Interest receivable		3,274		3,274		—		3,274		—
Financial liabilities:
Deposits		685,248		689,493		—		689,493		—
FHLB advances		107,500		110,600		—		110,600		—
Interest payable		252		252		—		252		—
					(Level 1)		(Level 2)
					Quoted Prices		Significant		(Level 3)
					in Active		Other		Significant
	Carrying		Estimated		Markets for		Observable		Unobservable
March 31, 2015	Value		Fair Value		Identical Assets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	49,308	$	49,308	$	49,308	$	—	$	—
Securities available for sale		18,314		18,314		—		18,314		—
Securities held to maturity		400,561		409,554		—		409,554		—
Net loans receivable		641,084		645,801		—		—		645,801
Federal Home Loan Bank of New York stock		6,041		6,041		—		6,041		—
Interest receivable		3,274		3,274		—		3,274		—
Financial liabilities:
Deposits		699,476		704,788		—		704,788		—
FHLB advances		107,500		111,008		—		111,008		—
Interest payable		244		244		—		244		—

8. RECENT ACCOUNTING PRONOUNCEMENTS

On May 28, 2014, the FASB and International Accounting Standards Board (“IASB”) issued their final standard on revenue from contracts with customers. The standard, issued as ASU 2014-09 by the FASB and as IFRS 152 by the IASB, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The goals of the revenue recognition project are to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements while also providing “a more robust framework for addressing revenue issues.” The boards believe that the standard will improve the consistency of requirements, comparability of revenue recognition practices, and usefulness of disclosures. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of this standard effective April 1, 2018 is not expected to have a material impact on the Company’s consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

ITEM 2:

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Form 10-Q may include, and from time to time the Company may disclose, certain forward-looking statements based on current management expectations.  The Company’s actual results could differ materially from those management expectations.  Factors that could cause future results to vary from current management expectations include, but are not limited to, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities, changes in interest rates, deposit flows, the cost of funds, demand for loan products, demand for financial services, competition, changes in the quality or composition of loan and investment portfolios, changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and prices. (See Part II - “Item 1A: Risk Factors.”)  Additional factors are discussed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2015 under Part I - “Item 1A. Risk Factors”.  These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  Forward-looking statements speak only as of the date they are made and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date of the forward-looking statements or to reflect the occurrence of unanticipated events. Accordingly, past results and trends should not be used by investors to anticipate future results or trends.

Overview of Financial Condition and Results of Operations

The Company’s results of operations depend primarily on its net interest income, which is a function of the interest rate environment.  Net interest income is the difference between the interest income earned on interest-earning assets and the interest paid on interest-bearing liabilities. It is a function of the average balances of loans and securities versus deposits and borrowed funds outstanding in any one period and the yields earned on those loans and securities and the cost of those deposits and borrowed funds.

Interest-earning assets consist primarily of investment and mortgage-backed securities and net loans which comprised 34.3% and 56.8%, respectively, of total assets at June 30, 2015, as compared to 35.3% and 54.0%, respectively, of total assets at March 31, 2015. Cash and cash equivalents decreased to 2.0% of total assets at June 30, 2015, as compared to 4.2% at March 31, 2015. The Company’s mortgage-backed securities portfolio at June 30, 2015 consists solely of U.S. government-sponsored or guaranteed enterprises and the investment portfolio consists of approximately 55.0% U.S. government-sponsored or guaranteed enterprises, 42.4% corporate bonds and 2.6% municipal bonds.

Interest-bearing liabilities consist of deposits and borrowings from the Federal Home Loan Bank of New York (the “FHLB”).  Deposits decreased $14.2 million, or 2.0%, between March 31, 2015 and June 30, 2015. The decrease in deposits was mainly due to our continued strategy of managing the cost of funds by allowing controlled, higher priced time deposit runoff. Borrowed funds remained stable at $107.5 million at June 30, 2015.

Net interest income increased $176,000, or 2.7%, during the three months ended June 30, 2015, when compared with the same 2014 period.  This increase in net interest income was due to a $176,000 decrease in total interest expense. Average interest-earning assets decreased $7.6 million, or 0.7%, compared with the same 2014 period, while average interest-bearing liabilities decreased $78.8 million, or 9.1%, when compared with the same 2014 period. The $71.2 million increase in average net interest-earning assets was mainly attributable to an increase of $49.3 million in the average balance of loans, coupled with decreases of $55.0 million in the average balance of interest bearing deposits, and $23.8 million in the average balance of FHLB advances, partially offset by  decreases of $27.7 million in the average balance of mortgage-backed securities, $13.3 million in the average balance of investment securities, and $15.9 million in the average balance of other interest-earning assets.

The net interest rate spread stayed unchanged at 2.11% for the three months ended June 30, 2015. This was due to an increase of 2 basis points in the yield on interest-earning assets fully offset by an increase of 2 basis points in the cost of interest-bearing liabilities. Results of operations also depend, to a lesser extent, on non-interest income generated, any provision for loan losses recorded, and non-interest expenses incurred. During the three months ended June 30, 2015, non-interest income increased $166,000, or 47.7%, as compared to the comparable period in 2014 mainly as the result of an increase in income from bank owned life insurance and the inclusion of $72,000 in gains on sales of available for sale securities in the 2015 period. Provision for loan losses decreased $65,000, or 47.1%, for the three months ended June 30, 2015, and non-interest expenses increased $378,000, or 9.1%, between periods.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Changes in Financial Condition

Assets at June 30, 2015 totaled $1.15 billion, which represents a decrease of $34.2 million, or 2.9%, as compared with $1.19 billion at March 31, 2015. The decrease in total assets was primarily due to our continued management of the cost of funds by allowing controlled, higher priced time deposit runoff funded by repayments on securities coupled with a decrease in cash, which was used primarily to repurchase common stock.

Cash and cash equivalents decreased $25.8 million, or 52.3%, to $23.5 million at June 30, 2015 as compared to $49.3 million at March 31, 2015, mainly due to the repurchase of $20.4 million of common stock during the three months ended June 30, 2015.

Securities available for sale at June 30, 2015 decreased $7.5 million, or 41.1%, to $10.8 million from $18.3 million at March 31, 2015, resulting primarily from maturities and principal repayments of $5.5 million, $1.9 million in proceeds from the sale of securities, and a decrease of $207,000 in the unrealized gain on the portfolio.

Securities held to maturity at June 30, 2015 decreased $16.0 million, or 4.0%, to $384.6 million from $400.6 million at March 31, 2015, resulting primarily from maturities, calls and repayments totaling $37.0 million, partially offset by purchases of securities totaling $21.2 million.

Net loans at June 30, 2015 increased $13.7 million, or 2.1%, to $654.8 million when compared with $641.1 million at March 31, 2015.  The largest increase in the loan portfolio was in one- to four-family real estate loans, which increased $14.1 million, or 2.5%. Repayment levels remained stable.

Total liabilities decreased $14.0 million, or 1.7%, to $804.9 million at June 30, 2015 from $818.9 million at March 31, 2014.  Deposits at June 30, 2015 decreased $14.2 million, or 2.0%, to $685.2 million when compared with $699.5 million at March 31, 2015 mainly due to the previously noted planned run-off of higher priced deposits. From March 31, 2015 to June 30, 2015, borrowed funds remained at $107.5 million with a weighted average interest rate of 2.08%.

Total stockholders’ equity decreased $20.2 million, or 5.5%, to $347.8 million at June 30, 2015 from $368.0 million at March 31, 2015. The decrease resulted primarily from cash dividends paid of $3.0 million and repurchases of common stock of $20.4 million, partially offset by net income of $1.7 million.

Comparison of Operating Results for the Three Months Ended June 30, 2015 and 2014

Average Balances and Yields.  The following table presents information regarding average balances of assets and liabilities, as well as the total dollar amounts of interest income and dividends from average interest-earning assets and interest expense on average interest-bearing liabilities and the resulting average yields and costs.  The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented.  For purposes of this table, average balances have been calculated using the average of month-end balances, and nonaccrual loans are included in average balances; however, accrued interest income has been excluded from these loans.  Loan fees (costs) are included in interest income on loans and are insignificant.  Yields are not presented on a tax-equivalent basis.  Any adjustments necessary to present yields on a tax equivalent basis are insignificant.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Comparison of Operating Results for the Three Months Ended June 30, 2015 and 2014 (Cont’d.)

	Three Months Ended  June 30,
	2015								2014
				Interest								Interest
	Average			and		Yield/			Average			and		Yield/
	Balance			Dividends		Cost			Balance			Dividends		Cost
	(Dollars in thousands)
Assets:
Interest-earning assets:
Loans receivable	$	646,459		$	5,984		3.70	%	$	597,112		$	5,676		3.80	%
Mortgage-backed securities		279,074			1,942		2.78	%		306,831			2,365		3.08	%
Investment securities		128,390			709		2.21	%		141,681			590		1.67	%
Other interest-earning assets		34,236			77		0.90	%		50,128			81		0.65	%
Total interest-earning assets		1,088,159			8,712		3.20	%		1,095,752			8,712		3.18	%
Non-interest-earning assets		81,378								149,253
Total assets	$	1,169,537							$	1,245,005
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Demand accounts	$	54,037			15		0.11	%	$	56,799			18		0.13	%
Savings and Club accounts		141,798			58		0.16	%		143,501			63		0.18	%
Certificates of deposit		482,464			1,500		1.24	%		533,040			1,636		1.23	%
Total interest-bearing deposits		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		785,799			2,135		1.09	%		864,590			2,311		1.07	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		13,556								12,452
Other non-interest-bearing liabilities		11,699								13,281
Total non-interest-bearing liabilities		25,255								25,733
Total liabilities		811,054								890,323
Stockholders' equity		358,483								354,682
Total liabilities and stockholders' equity	$	1,169,537							$	1,245,005
Net interest income				$	6,577							$	6,401
Interest rate spread							2.11	%							2.11	%
Net interest margin							2.42	%							2.34	%
Average interest-earning assets to average    interest-bearing liabilities		1.38	x							1.27	x

Net income increased $36,000, or 2.2%, to $1.66 million for the three months ended June 30, 2015 compared with $1.62 million for the same 2014 period.  The increase in net income during the 2015 period resulted primarily from increases of $176,000, or 2.7%, in net interest income and $166,000, or 47.7%, in non-interest income, as well as a decrease of $65,000, or 47.1%, in provision for loan losses, partially offset by an increase of $378,000, or 9.1%, in non-interest expense.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Comparison of Operating Results for the Three Months Ended June 30, 2015 and 2014 (Cont’d.)

Interest income on loans increased by $308,000, or 5.4%, to $6.0 million during the three months ended June 30, 2015, when compared with $5.7 million for the same 2014 period.  The increase during the 2015 period mainly resulted from an increase of $49.3 million, or 8.3%, in the average balance when compared to the same period in 2014, partially offset by a decrease of 10 basis points in the yield earned on the loan portfolio, to 3.70% from 3.80%. Interest income on mortgage-backed securities decreased $423,000, or 17.9%, to $1.9 million during the three months ended June 30, 2015, when compared with $2.4 million for the same 2014 period. The decrease during the 2015 period resulted from a decrease of 30 basis points in the yield earned on mortgage-backed securities to 2.78% from 3.08%, coupled with a decrease of $27.8 million, or 9.0%, in the average balance of mortgage-backed securities outstanding. Interest earned on investment securities increased by $119,000, or 20.2%, to $709,000 during the three months ended June 30, 2015, when compared to $590,000 during the same 2014 period, due to a 54 basis point increase in yield to 2.21% from 1.67%, partially offset by a decrease in the average balance of $13.3 million, or 9.4%. Interest earned on other interest-earning assets decreased by $4,000, or 4.9%, to $77,000 during the three months ended June 30, 2015, when compared to $81,000 during the same 2014 period. The decrease was primarily due to a decrease of $15.9 million, or 31.7%, in average balance, partially offset by a 25 basis point increase in the yield to 0.90% from 0.65%.  The decrease in the yields on most interest-earning assets was the result of continued overall lower market interest rates.

Interest expense on deposits decreased $144,000, or 8.4%, to $1.6 million during the three months ended June 30, 2015, when compared to $1.7 million during the same 2014 period.  The decrease was primarily attributable to a decrease of 1 basis point in the cost of interest-bearing deposits to 0.93% from 0.94%, coupled with a decrease of $55.0 million, or 7.5%, in the average balance of interest-bearing deposits.  Interest expense on borrowed money decreased approximately $32,000, or 5.4%, to $562,000 during the three months ended June 30, 2015 when compared with $594,000 during the same 2014 period. The decrease was primarily attributable to a decrease of $23.8 million, or 18.1%, in the average balance of borrowings, mostly from short-term borrowings originated in late 2014, partially offset by an increase of 28 basis points in the cost of borrowings to 2.09% from 1.81%. The $78.8 million decrease in average interest-bearing liabilities was due to a decrease of $55.0 million in the interest-bearing deposits and $23.8 million in the average balance of borrowings. Net interest income increased $176,000, or 2.7%, during the three months ended June 30, 2015, to $6.6 million when compared to $6.4 million for the same 2014 period. The net interest rate spread remained unchanged at 2.11% for both period due to a 2 basis point increase in the yield earned on interest-earning assets, fully offset by a 2 basis point increase in the cost of interest-bearing liabilities.

The provision for loan losses decreased $65,000, or 47.1%, to $73,000 for the three months ended June 30, 2015 as compared to $138,000 for the same period in 2014. The allowance for loan losses is based on management’s qualitative analysis, which includes an evaluation of economic and other factors to determine the adequacy of the allowance for loan loss balance. The Bank continually evaluates the need for a provision for loan losses based on its periodic review of the loan portfolio and general market conditions. At June 30, 2015 and 2014, the Bank’s non-accrual loans totaled $5.3 million and $5.5 million, respectively, representing 0.81% and 0.89%, respectively, of total gross loans, and 0.46% and 0.44%, respectively, of total assets. At March 31, 2015, nonaccrual loans totaled $5.6 million, or 0.88% and 0.48% of total gross loans and total assets, respectively. During the three months ended June 30, 2015, the Bank recorded $23,000 in net charge-offs on three one- to four-family residential real estate loans. During the three months ended June 30, 2014, the Bank recorded $84,000 in net charge-offs on two one- to four-family residential real estate loans.  At June 30, 2015, non-accrual loans consisted of twenty-two loans secured by one- to four-family residential real estate, two loans secured by commercial real estate, one loan secured by multi-family real estate, one second mortgage loan secured by one- to four-family residential real estate, and one second mortgage loan secured by commercial real estate, while at June 30, 2014, non-accrual loans consisted of twenty-five loans secured by one- to four-family residential real estate, one loan secured by commercial real estate, and one second mortgage loans secured by one- to four-family residential real estate.  Included in non-accrual loans at June 30, 2015 are ten loans totaling $2.0 million that were current or less than ninety days delinquent. At June 30, 2014, there were thirteen loans totaling $3.0 million that were current or less than ninety days delinquent included in non-accrual loans. All non-accrual loans included above are secured by properties located in the state of New Jersey. Impaired loans totaled $2.3 million, $2.1 million and $1.2 million at June 30, 2015, March 31, 2015 and June 30, 2014, respectively. The allowance for loan losses amounted to $3.53 million, $3.48 million, and $3.13 million, respectively, at June 30, 2015, March 31, 2015, and June 30, 2014, representing 0.54%, 0.54%, and 0.51% of total gross loans, respectively.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Comparison of Operating Results for the Three Months Ended June 30, 2015 and 2014 (Cont’d.)

Non-interest income increased $166,000, or 47.7%, to $514,000 for the three months ended June 30, 2015 as compared to $348,000 for the three months ended June 30, 2014. The increase was mainly attributable to a $91,000 increase in income from bank owned life insurance, resulting from a $12.5 million additional investment in the quarter ended December 31, 2014, and a gain of $72,000 on sales of available for sale securities being included in the 2015 period. There were no such gains in the 2014 period.

Non-interest expenses increased $378,000, or 9.1%, to $4.52 million for the three months ended June 30, 2015, as compared to $4.14 million for the three months ended June 30, 2014. The increase was driven by increases of $280,000, or 11.5%, in salaries and employee benefits, $54,000, or 17.8%, in equipment expense, and $57,000, or 28.9%, in professional services. The increase in salaries and employee benefits includes typical annual increases in compensation and benefits expenses and costs related to the hiring of additional personnel, as well as a related increase in employee stock ownership plan expense. The increase in equipment expense related to the increase in costs for the development and implementation of new products. Professional services included an increase in legal fees primarily related to the development and implementation of products and services and the Bank’s branding and marketing efforts.

Income taxes totaled $845,000 and $852,000 during the three months ended June 30, 2015 and 2014, respectively.  The decrease of $7,000, or 0.8%, during the 2015 period resulted from a decrease in the effective income tax rate.  The overall effective income tax rate was 33.8% for the 2015 period compared with 34.4% for the 2014 period.

Liquidity and Capital Resources

The Company maintains levels of liquid assets sufficient to ensure the Bank’s safe and sound operation. The Company adjusts its liquidity levels in order to meet funding needs for deposit outflows, payment of real estate taxes from escrow accounts on mortgage loans, repayment of borrowings, when applicable, and loan funding commitments. The Company also adjusts its liquidity level as appropriate to meet its asset/liability objectives. Liquid assets, which include cash and cash equivalents and securities available for sale, totaled $34.3 million, or 3.0% of total assets at June 30, 2015, as compared to $67.6 million, or 5.7% of total assets at March 31, 2015.

The Company’s liquidity, represented by cash and cash equivalents and securities available for sale, is a product of its operating, investing and financing activities.

The Company is a separate legal entity from the Bank and must provide for its own liquidity.  In addition to its operating expenses, the Company alone is responsible for paying any dividends declared to its shareholders.  The Company also may repurchase shares of its common stock.  Its primary source of income is dividends received from the Bank.  The amount of dividends that the Bank may declare and pay to the Company in any calendar year, without the receipt of prior approval from the Office of the Comptroller of the Currency (“the OCC”) but with prior notice to the OCC, cannot exceed net income for that year to date plus retained net income for the preceding two calendar years.  On a stand-alone basis, at June 30, 2015, the Company had liquid assets of $85.5 million, which included $74.7 million in cash and cash equivalent and $10.8 million in securities available for sale.

Cash was generated by operating and investing activities and used by financing activities during the three months ended June 30, 2015.  The primary sources of cash were net income, and proceeds from principal repayments, maturities and calls of securities. The primary uses of funds were purchases of securities and loans, net loan originations, decrease in deposits, and the repurchase of common stock. Dividends declared and paid totaled $3.0 million during the three months ended June 30, 2015.

The Company’s primary investing activities are the origination and purchase of loans, and the purchases of securities. Net loans amounted to $654.8 million and $641.1 million at June 30, 2015 and March 31, 2015, respectively.  Securities, including available for sale and held to maturity issues, totaled $395.4 million and $418.9 million at June 30, 2015 and March 31, 2015, respectively.  In addition to funding new loan production through operating and investing activities, such activities were funded by principal repayments,  maturities, and calls on existing loans and securities, and the sale of securities.

Liquidity management is both a daily and long-term function of business management.  Excess liquidity is generally invested in short to intermediate-term investments. If the Bank requires funds beyond its ability to generate them internally, it can borrow funds from

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources (Cont’d)

the FHLB under an overnight advance program up to the Bank’s maximum borrowing capacity based on its ability to collateralize such borrowings. Members in good standing can borrow up to 50% of their asset size as long as they have qualifying collateral to support the advance and purchase of FHLB capital stock. At June 30, 2015, advances from the FHLB amounted to $107.5 million at a weighted average rate of 2.08%. Additionally, the Bank has the ability to borrow funds of up to an aggregate of $88.0 million at two large financial institutions under established, unsecured, overnight lines of credit at a daily adjustable interest rate.

The Bank anticipates that it will have sufficient funds available to meet its current commitments. At June 30, 2015, the Bank had outstanding commitments to originate one- to four-family mortgage loans totaling approximately $6.4 million which included $4.9 million for fixed rate loans with interest rates ranging from 3.125% to 4.00%, and $1.5 million for adjustable rate loans with initial interest rates ranging from 3.00% to 3.50%.

In addition, at June 30, 2015, the Bank had outstanding commitments to originate an adjustable rate multi-family real estate loan of $700,000 with an initial interest rate of 4.25%, and an adjustable rate commercial real estate loan of $560,000 with an initial interest rate of 4.50%.

At June 30, 2015 the Bank also had outstanding commitments to purchase one- to four-family mortgage loans totaling approximately $8.9 million, which included $2.8 million for adjustable rate loans with initial interest rates ranging from 2.875% to 3.25%, and $6.1 million for fixed rate loans with interest rates ranging from 3.00% to 4.50%.

At June 30, 2015, undisbursed funds from customer approved unused lines of credit under a homeowners’ equity lending program amounted to approximately $5.3 million. Unless they are specifically cancelled by notice from the Bank, these funds represent firm commitments available to the respective borrowers on demand. At June 30, 2015, the Bank also had outstanding commitments to originate fixed rates home equity loans totaling $300,000 with interest rates ranging from 3.50% to 4.50%.

Certificates of deposit due within one year at June 30, 2015 totaled $201.9 million, or 42.3% of total certificates of deposit. Management believes that, based upon its experience and the Bank’s deposit flow history, a significant portion of such deposits will remain with the Bank.  FHLB advances due within one year at June 30, 2015 totaled $65.0 million.

The Company and its subsidiary Bank are subject to regulatory capital requirements promulgated by the federal banking agencies. The Federal Reserve establishes capital requirements, including well capitalized standards, for the consolidated financial holding company, and the OCC has similar requirement for the Company’s subsidiary bank.

Effective January 1, 2015, the Company adopted the Basel III final rule. Based on the Company’s capital levels and statement of condition composition, the implementation of the new rule had no material impact on our regulatory capital level or ratios at the Bank level. The new rule establishes limits at the Company level and increased the minimum Tier 1 capital to risk based assets requirement from 4% to 6% of risk-weighted assets; established a new common equity Tier 1 capital; and assigned a higher risk weight (150%) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The new rule has a capital conservation buffer requirement that will be phased in beginning January 1, 2016 through January 1, 2019, when the full capital conservation buffer requirement will be effective.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources (Cont’d)

The following table sets forth the Company’s and the Bank’s capital position at June 30 and March 31, 2015, as compared to the minimum regulatory capital requirements:

						Regulatory Capital Requirements
						Minimum Capital					For Classification as
	Actual					Adequacy					Well-Capitalized
	Amount		Ratio			Amount		Ratio			Amount		Ratio
June 30, 2015	(Dollars In Thousands)
Total risk-based capital (to risk-weighted assets)
Bank	$	252,073		46.07	%	$	43,776		8.00	%	$	54,720		10.00	%
Company		351,879		64.01			43,979		8.00			54,974		10.00
Tier 1 capital (to risk-weighted assets)
Bank		248,548		45.42			32,832		6.00			43,776		8.00
Company		348,354		63.37			32,984		6.00			43,979		8.00
Common equity (tier 1) capital (to risk-weighted    assets)
Bank		248,548		45.42			24,624		4.50			35,568		6.50
Company		348,354		63.37			24,738		4.50			35,733		6.50
Core (tier 1) capital (to average total assets)
Bank		248,548		21.92			45,355		4.00			56,694		5.00
Company		348,354		29.70			46,921		4.00			58,651		5.00
March 31, 2015
Total risk-based capital (to risk-weighted assets)
Bank	$	249,980		45.96	%	$	43,508		8.00	%	$	54,385		10.00	%
Company		371,957		67.51			44,075		8.00			55,094		10.00
Tier 1 capital (to risk-weighted assets)
Bank		246,505		45.33			32,631		6.00			43,508		8.00
Company		368,482		66.88			33,056		6.00			44,075		8.00
Common equity (tier 1) capital (to risk-weighted    assets)
Bank		246,505		45.33			24,473		4.50			35,350		6.50
Company		368,482		66.88			24,792		4.50			35,811		6.50
Core (tier 1) capital (to average total assets)
Bank		246,505		21.55			45,752		4.00			57,189		5.00
Company		368,482		30.88			47,735		4.00			59,669		5.00

In January 2015, the most recent notification from the OCC categorized the Bank as well capitalized as of June 30, 2014, under the regulatory framework for prompt corrective action. There are no conditions existing or events which have occurred since notification that management believes have changed the Bank’s category.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

ITEM 3:

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Qualitative Analysis

The majority of the Bank’s assets and liabilities are monetary in nature. Consequently, one of our most significant forms of market risk is interest rate risk. The Bank’s assets consist primarily of mortgage loans, and investment and mortgage-backed securities that have longer maturities than the Bank’s liabilities, which consist primarily of deposits. As a result, a principal part of the Bank’s business strategy is to manage interest rate risk and reduce the exposure of net interest income to change in market interest rates. Accordingly, our Board of Directors, through its Enterprise Risk Management Committee, has established an Asset/Liability Management Committee which is responsible for evaluating the interest rate risk inherent in assets and liabilities, for determining the level of risk that is appropriate given the Bank’s business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the Board of Directors. Senior management monitors the level of interest rate risk on a regular basis and the Asset/Liability Management Committee, which consists of senior management and one outside director, operates under a policy adopted by the Board of Directors, and meets as needed to review the Bank’s asset/liability policies and interest rate risk position.

The Bank retains an independent, nationally recognized consulting firm that specializes in asset and liability management to complete the quarterly interest rate risk reports. This firm uses a combination of analyses to monitor the Bank’s exposure to changes in interest rates. The economic value of equity analysis is a model that estimates the change in net portfolio value (“NPV”) over a range of instantaneously shocked interest rate scenarios. NPV is the discounted present value of expected cash flows from assets, liabilities, and off-balance sheet contracts. In calculating changes in NPV, assumptions estimating loan prepayment rates, reinvestment rates and deposit decay rates that seem most likely based on historical experience during prior interest rate changes are used.

The net interest income analysis uses data derived from an asset and liability analysis and applies several additional elements, including actual interest rate indices and margins, contractual limitations and the U.S. Treasury yield curve as of the balance sheet date. In addition the model uses consistent parallel yield curve ramps (in both directions) to determine possible changes in net interest income if the theoretical yield curve ramps occurred gradually. Net interest income analysis also adjusts the asset and liability repricing analysis based on changes in prepayment rates resulting from the parallel yield curve shifts.

The asset and liability analysis determines the relative balance between the repricing of assets and liabilities over multiple periods of time (ranging from overnight to five years). This asset and liability analysis includes expected cash flows from loans and mortgage-backed securities, applying prepayment rates based on the differential between the current interest rate and the market interest rate for each loan and security type. This analysis identifies mismatches in the timing of asset and liability repricing but does not necessarily provide an accurate indicator of interest rate risk because the assumptions used in the analysis may not reflect the actual response to market changes.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Quantitative Analysis (Cont’d)

The table below sets forth, as of March 31, 2015, the most recent date the Bank’s interest rate risk was measured, the estimated changes in the Bank’s NPV and net interest income that would result from the designated changes in interest rates. Given the current economic environment, the Bank expects that these changes as of June 30, 2015 will not materially differ from the results presented. This data is for the Bank and its subsidiary only and does not include any assets of Clifton Bancorp. Such changes to interest rates are calculated as an immediate and permanent change for the purposes of computing NPV and a gradual change over a one-year period for the purposes of computing net interest income. Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, loan prepayments and deposit decay, and should not be relied upon as indicative of actual results. We estimate changes in NPV or net interest income for an interest rate decrease of 100 basis points or an increase of 200 basis points.

		Net Portfolio Value (2)								Net Interest Income
												(Decrease) in
				Estimated Increase						Estimated		Estimated Net
Change in Interest Rates		Estimated		(Decrease)						Net Interest		Interest Income
Basis Point (bp) (1)		NPV		Amount			Percent			Income (3)		Amount			Percent
	(Dollars in Thousands)
+200 bp		$	212,934	$	(46,229	)		(17.84	)%	$	25,437	$	(624	)		(2.39	)	%
0			259,163	—			—				26,061	—			—
(100)			267,795		8,632			3.33			25,819		(242	)		(0.93	)

(1) Assumes an instantaneous and parallel shift in interest rates at all maturities.

(2) NPV is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

(3) Assumes a gradual change in interest rates over a one year period at all maturities.

The table set forth above indicates that at March 31, 2015, in the event of a 200 basis point increase in interest rates, we would be expected to experience a 17.84% decrease in NPV and a $624,000 or 2.39%, decrease in net interest income. In the event of a 100 basis point decrease in interest rates, we would be expected to experience a 3.33% increase in NPV and a $242,000, or 0.93%, decrease in net interest income. NPV is a theoretical liquidation calculation that assumes the Bank is no longer a going concern and that the net interest income simulation is built upon a static (no growth or attrition) balance sheet. Accordingly, this data does not reflect any future actions management may take in response to changes in interest rates.

Certain shortcomings are inherent in any methodology used in the above interest rate risk measurements. Modeling changes in NPV and net interest income require certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the NPV and net interest income table presented above assumes the composition of the Bank’s interest-rate sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and, accordingly, the data does not reflect any actions we may take in response to changes in interest rates such as changing the mix of assets and liabilities, which could change the results of the NPV and net interest income calculations.  The table also assumes a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration to maturity or the repricing characteristics of specific assets and liabilities. Accordingly, although the NPV and net interest income table provide an indication of the Bank’s sensitivity to interest rate changes at a particular point in time, such measurement is not intended to and does not provide a precise forecast of the effects of changes in market interest rates on the Bank’s NPV and net interest income and will differ from actual results.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

ITEM 4:

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures.  The Company’s management, including the Company’s principal executive officer and principal financial officer, have evaluated the effectiveness of the Company’s  “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”).   Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission (the “SEC”) (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s  rules and forms, and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely  decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting.  There were no changes in the Company’s internal control over financial reporting that occurred during the three months ended June 30, 2015 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

- 33 -

CLIFTON BANCORP INC. AND SUBSIDIARIES

PART II

ITEM1. Legal Proceedings

Periodically, there have been various claims and lawsuits against the Company and Bank, such as claims to enforce liens, condemnation proceedings on properties in which we hold security interests, claims involving the making and servicing of real property loans and other issues incident to our business.  We are not a party to any pending legal proceedings that we believe would have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

ITEM1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed under the section “Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, 2015, as filed with the SEC on June 5, 2015, which could materially affect our business, financial condition and/or operating results.  As of June 30, 2015, the risk factors of the Company have not changed materially from those reported in the Form 10-K. The risks described in the Form 10-K are not the only risks that we face.  Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) Unregistered Sale of Equity Securities. There were no sales of unregistered securities during the quarter ended June 30, 2015.

(b) Use of Proceeds.  Not applicable.

(c) The following table sets forth information regarding the Company’s repurchases of its common stock during the quarter ended June 30, 2015.

					TotalNumber		Maximum
					ofShares		NumberofShares
	Total				Purchasedas		ThatMayYetBe
	Numberof		Average		PartofPublicly		PurchasedUnder
	Shares		PricePaid		AnnouncedPlan		thePlansor
Period	Purchased(1)		PerShare		orPrograms		Programs
April 1 - April 30, 2015		44,000	$	13.78		44,000		2,687,000
May 1 - May 31, 2015		1,368,724		13.78		1,368,724		1,318,276
June 1 - June 30, 2015 (2)		66,087		13.79		65,200		1,253,076
Total		1,478,811	$	13.78		1,477,924

(1) On March 11, 2015, the Company announced that the Board of Directors authorized a stock repurchase plan, which became effective on April 2, 2015, to acquire up to 2,731,000 shares of the Company's outstanding stock.

(2) In June 2015, 887 shares under the Clifton Savings Bancorp, Inc. 2005 Equity Incentive Plan were repurchased as payment of taxes due upon the vesting of restricted stock awards.

ITEM3. Defaults Upon Senior Securities

None.

ITEM4. Mine Safety Disclosures

Not applicable.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

PART II

ITEM5. Other Information

None.

ITEM6. Exhibits

The following Exhibits are filed as part of this report.

3.1 Articles of Incorporation of Clifton Bancorp Inc. ⁽¹⁾

3.2 Bylaws of Clifton Bancorp Inc. ⁽²⁾

4.0 Specimen Stock Certificate of Clifton Bancorp Inc. ⁽³⁾

10.0 Clifton Savings Bank 2016 Performance Incentive Compensation Plan*

31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

32.0 Section 1350 Certification of Chief Executive Officer and Chief Financial Officer

101.0 The following materials from Clifton Bancorp’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to the Consolidated Financial Statements.

* Management contract or compensation plan arrangement.

(1) Incorporated by reference to Exhibit 3.1 to Clifton Bancorp Inc.’s Registration Statement on Form S-1
(File No. 333-192598) filed on November 27, 2014.

(2) Incorporated by reference to Exhibit 3.2 to Clifton Bancorp Inc.’s Registration Statement on Form S-1
(File No. 333-192598) filed on November 27, 2014.

(3) Incorporated by reference to Exhibit 4.0 to Clifton Bancorp Inc.’s Registration Statement on Form S-1
(File No. 333-192598) filed on November 27, 2014.

- 35 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		CLIFTON BANCORP INC.
Date:	August 6, 2015	By:	/s/ Paul M. Aguggia
			Paul M. Aguggia
			Chairman, President and Chief Executive Officer (principal executive officer)
Date:	August 6, 2015	By:	/s/ Christine R. Piano
			Christine R. Piano
			Executive Vice President, Chief Financial Officer and Treasurer (principal financial and accounting officer)

- 36 -

EX-10.0

Exhibit 10.0

CLIFTON SAVINGS BANK

PERFORMANCE INCENTIVE COMPENSATION PLAN,

AS AMENDED JUNE 24, 2015

1. Purpose

The purpose of the Clifton Savings Bank Performance Incentive Compensation Plan (the “Plan”) is to provide annual cash awards to key personnel (each, a “Participant”) of Clifton Savings Bank (the “Bank”) and its affiliates that recognizes and rewards the achievement of corporate and/or individual performance goals.

2. Effective Date of Plan

The Plan was effective upon adoption by the Board of Directors of the Bank on July 2, 2014 and, as amended, is in effect for the subsequent Plan Years. A “Plan Year” is the Bank’s fiscal year and references to a specific “Plan Year” shall refer to the year in which such fiscal year ends.

3. Plan Administration

The Plan shall be administered by the Compensation Committee (“Committee”) of the Board of Directors of the Bank. The Committee shall have the power and authority, subject to the provisions of the Plan and applicable law, to (a) establish, amend, suspend or waive such rules and regulations and appoint such agents as it deems necessary or advisable for the proper administration of the Plan, (b) construe, interpret and administer the Plan and any instrument or agreement relating to the Plan, and (c) make all other determinations and take all other actions necessary or advisable for the administration of the Plan. Unless otherwise expressly provided in the Plan, each determination made and each action taken by the Committee pursuant to the Plan or any instrument or agreement relating to the Plan (a) shall be within the sole discretion of the Committee, (b) may be made at any time, and (c) shall be final, binding and conclusive for all purposes on all persons, including, but not limited to, Participants in the Plan, their legal representatives and beneficiaries and employees of the Bank and its affiliates.

4. Eligibility

Employees of the Bank are eligible to participate in the Plan only upon designation by the Committee.

5. Awards

(a) Prior to or within 90 days after the fiscal year-end, the Committee shall designate the following in an award program established for such Plan Year:

(i) The employees who will participate in the Plan for the Plan Year. The Committee may, after the 90th day noted above, designate additional employees, including but not limited to, newly hired employees, to participate in the Plan for the Plan Year, provided, however, that: (A) any awards earned by any such Participant for participation for such partial Plan Year will be pro-rated based on the number of days during the Plan Year in which the Participant participated in the Plan, and (B) the Performance Goals for such additional Participants will be established prior to or before the expiration of 25% of the days remaining in such partial Plan Year. Notwithstanding anything in this Plan to the contrary, designation as a Participant for any Plan Year will not establish the Participant’s eligibility to participate in any subsequent Plan Year.

(ii) The Performance Metrics, as defined herein, that will apply to the determination of awards for the Plan Year.

(iii) The Performance Goals, as defined herein, to be met by the Bank for Participants to earn awards for the Plan Year and a payout matrix or formula for such Performance Metrics and Performance Goals.

(iv) The individual performance criteria, if any, applicable to a Participant for the Plan Year.

(b) All awards under the Plan will be made in the form of a cash payment. Awards will generally be determined by reference to (i) a Participant’s base salary as of the last day of the Plan Year and (ii) a specified percentage (expressed as a decimal or fixed by a formula which will determine such percentage) determined by the Committee to apply to the Participant for the Plan Year based on the payout matrix or formula for the Performance Metrics and Performance Goals established for the Plan Year.

(c) Unless otherwise determined by the Committee, a Participant who terminates employment, either voluntarily or involuntarily, before the payment date for awards for the Plan Year is thereby ineligible for an award under the Plan. The Committee, in its sole discretion, may authorize the full or partial payments of awards to a Participant who terminates employment prior to the payment date by reason of death, disability, or retirement or in such other circumstances as the Committee may determine.

(d) Within a reasonable time following each fiscal year-end, each Participant for the Plan Year shall receive a written communication (“a notice of participation”) from the Committee identifying (i) the applicable Performance Metrics, Performance Goals and any individual performance goals for the Plan Year, (ii) the award opportunity, and (iii) other applicable terms and conditions.

(e) The Participants, the Performance Metrics, Performance Goals and award opportunities shall be as set forth in Exhibit A to the Plan.

6.Performance Metrics

For each Plan Year, the Committee shall designate one or more of the corporate financial criteria (the “Performance Metrics”) for use in determining an award for a Participant for such Plan Year; provided, however, that the Committee retains the discretion to determine whether an award will be paid under any one or more of such Performance Metrics. The exercise of such discretion will be accompanied by a written description of the business rationale supporting the Committee’s decision, and the description shall be provided to affected Participants.

7. Performance Goals

For each Plan Year, the Committee shall establish one or more specific, objective performance goals (the “Performance Goals”), the outcome of which are substantially uncertain at the time so established, for each of the Performance Metrics designated by the Committee for the Plan Year, against which actual Bank performance is to be measured to determine the amount or level of awards. Performance Goals established by the Committee may be described by means of a matrix or formula, providing for goals resulting in the payment of awards under the Plan.

8. Determination and Payment of Awards

As soon as practicable after the end of the Plan Year, the Committee will determine the amount of the award, if any, earned by each Participant, based on the application of the criteria and goals specified pursuant to Sections 6 and 7 and any individual performance criteria established by the Committee; provided, however, that the Committee may, in its sole discretion, reduce the amount which would otherwise be payable to a Participant under the Plan based upon such factors as the Committee deems relevant. The exercise of such discretion will be accompanied by a written description of the business rationale supporting the Committee’s decision, and the description shall be provided to affected Participants. Notwithstanding the above, below-average scores on one or more of the individual criteria should be expected to result in such a reduction in the amount of the award, and such an award reduction does not require additional rationale or written description. Cash payments will occur as soon as administratively practicable after determination of the awards by the Committee and not later than 75 days after the end of the Plan Year, unless payment of the cash portion of an award has been deferred pursuant to Section 10(f) hereof. The Committee’s determination must include a certification in writing that the Performance Goals and any other material terms of the award were in fact satisfied; provided that minutes of the Committee meeting (or any action by written consent) shall satisfy the written certification requirement. Notwithstanding anything in the Plan to the contrary, the Committee may, in its sole discretion, authorize the payment of an award prior to the end of the Plan Year if the Committee determines that the applicable Performance Metrics and any applicable individual performance criteria have been, or are likely to be, satisfied.

9. Termination, Suspension or Modification of the Plan

The Board of Directors may at any time, with or without notice, terminate, suspend, or modify the Plan in whole or in part, provided that any awards earned for a completed performance year but not yet paid will not be affected. The Committee may also correct any defect, supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent it shall deem desirable to carry the Plan into effect.

10. Miscellaneous

(a) No award under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary, including any such liability which is for alimony or other payments for the support of a spouse or former spouse, or for any other relative of a Participant prior to actually being received by the Participant or his/her designated beneficiary, and any attempt to

anticipate, alienate, sell, transfer, assign, pledge encumber, charge, or otherwise dispose of any right to such award shall be void.

(b) Neither the adoption of the Plan, the determination of eligibility to participate in the Plan, nor the granting of an award under the Plan shall confer upon any Participant any right to continue in the employ of the Bank or any of its affiliates or to interfere in any way with the right of the Bank or the affiliate to terminate such employment at any time.

(c) The Bank shall have the right to withhold the amount of any tax attributable to amounts payable or benefits distributable under the Plan.

(d) The Plan and all determinations under the Plan shall be governed by and construed in accordance with the laws of the State of New Jersey.

(e) Nothing in this Plan shall be construed as limiting the authority of the Committee, the Board of Directors, the Bank or any affiliate of the Bank to establish any other compensation plan, or as in any way limiting its or their authority to pay bonuses or supplemental compensation to any persons employed by the Bank or any affiliate of the Bank, whether or not such person is a Participant in this Plan and regardless of how the amount of such compensation or bonuses is determined.

(f) A Participant may elect to defer payment of his/her cash award under the Plan if deferral of an award under the Plan is permitted pursuant to the terms of a deferred compensation program of the Bank existing at the time the election to defer is permitted to be made, and the Participant complies with the terms of such program.

(g) It is intended that all cash awards made under the Plan shall constitute short-term deferrals for purposes of the regulations issued under Internal Revenue Code Section 409A and that all provisions of this Plan shall be interpreted in all events in a manner consistent with such intent, to the extent Section 409A could apply.

(h) Any payment under this Plan is subject to recovery (clawback) in accordance with the Company’s clawback policy and applicable law or regulation.

EXHIBIT A

CLIFTON SAVINGS BANK

PERFORMANCE INCENTIVE COMPENSATION PLAN

2016 INCENTIVE PROGRAM

Pursuant to the terms of the Clifton Savings Bank Performance Incentive Compensation Plan, the Compensation Committee of the Board of Directors of Clifton Savings Bank hereby establishes the following incentive compensation program for Plan Year 2016 for employees designated below as 2016 participants. The terms of the Plan are incorporated by reference herein. All capitalized terms not defined herein shall the same meaning as under the Plan.

A.2016 Incentive Program Participants

An employee identified in Appendix A to this 2016 Incentive Program description shall be a Participant in the 2016 Incentive Program and subject to any specific terms and conditions set forth in their notice of participation, including, without limitation, any individual performance objectives applicable for the 2016 Plan Year.

B.2016 Incentive Program Performance Metrics

The following Performance Metrics shall be used to determine award levels under the 2016 program with the indicated weighting of each metric expressed as a percentage of the total weighting of the portion of the award attributable to Bank financial performance (as set forth in the award matrix in Paragraph E below):

Net Income	50	%
Net Interest Margin (NIM)	30	%
Efficiency Ratio	20	%

C.2016 Incentive Program Performance Goals

Participant awards shall be determined by reference to the attainment of the indicated levels of Bank performance with respect to the 2016 Performance Metrics.

	Performance Goals
	Net Income	NIM	Efficiency Ratio
Goals	(50% weighting)	(30% weighting)	(20% weighting)
Threshold
Target
Maximum

D.2016 Individual Performance Goals

Individual performance goals shall be as specified in the Participant’s notice of participation and shall be weighted as specified in the matrix in Paragraph E below. The level of attainment of individual goals is based on a discretionary assessment of the Participant’s performance in accordance with the process set forth in the Participant’s notice of participation.

E.2016 Incentive Program Award Opportunities

Based on the attainment of the 2016 Performance Goals and the indicated weighting, the following Participant award opportunities shall apply for the 2016 Plan Year, subject to any adjustment authorized by the Plan:

	Total Incentive Opportunity (% of base salary)			Goal Weightings
Name	Threshold	Target	Maximum	Bank	Individual
Paul Aguggia	5%	10%	15%	80%	20%
Christine Piano	5%	10%	15%	70%	30%
Stephen Hoogerhyde	5%	10%	15%	50%	50%
Bart D’Ambra	5%	10%	15%	50%	50%
Tricia Hrotko	5%	10%	15%	70%	30%
Tracy Tripucka	5%	10%	15%	50%	50%
Linda Fisher	5%	10%	15%	50%	50%
Theodore Munley	5%	10%	15%	50%	50%
Bernadette McDonald	5%	10%	15%	50%	50%
Xika (Nancy) Na	5%	10%	15%	50%	50%
Richard Bzdek	5%	10%	15%	50%	50%
Claire Giancola	5%	10%	15%	50%	50%

F.Special Rules

The following rules shall apply to the calculation of awards under the 2016 Plan:

§ No awards will be paid to a Participant unless the following two conditions are met at the time of payment:

o The Bank is not subject to a regulatory order and must have a satisfactory rating from all applicable regulatory agencies; and

o The Participant has received a satisfactory 2016 performance review; provided, however, that awards can be reduced in accordance with the terms of this Plan.

§ Cash awards shall be determined as a percentage of the Participant’s annual rate of base salary on the last day of the Plan Year.

§ All cash awards shall be rounded to the nearest whole dollar.

APPENDIX A

2016 PERFORMANCE INCENTIVE COMPENSATION PLAN PARTICIPANTS

Paul Aguggia

Christine Piano

Stephen Hoogerhyde

Bart D’Ambra

Tricia Hrotko

Tracy Tripucka

Linda Fisher

Theodore Munley

Bernadette McDonald

Xika (Nancy) Na

Richard Bzdek

Claire Giancola

EX-31.1

Exhibit 31.1

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

CERTIFICATION

I, Paul M. Aguggia certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Clifton Bancorp Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15)(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2015	/s/ Paul M. Aguggia
	Paul M. Aguggia
	Chairman, President and Chief Executive Officer
	(principal executive officer)

EX-31.2

Exhibit 31.2

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

CERTIFICATION

I, Christine R. Piano, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Clifton Bancorp Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15)(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2015	/s/ Christine R. Piano
	Christine R. Piano
	Executive Vice President, Chief Financial Officer and Treasurer
	(principal financial and accounting officer)

EX-32.0

Exhibit 32.0

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADDED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Clifton Bancorp Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2015 as filed with the Securities and Exchange Commission (the “Report”), the undersigned hereby certify, pursuant to 18 U.S.C. §1350, as added by § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

/s/ Paul M. Aguggia

Paul M. Aguggia

Chairman, President and Chief Executive Officer

/s/ Christine R. Piano

Christine R. Piano

Executive Vice President,

Chief Financial Officer and Treasurer

Date: August 6, 2015

XML

Fair Value - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Liabilities measured at fair value on recurring or non-recurring basis	$ 0	$ 0

XML

Securities - Available for Sale Securities and Held to Maturity Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Investment Holdings [Line Items]
Available for sale, Amortized Cost	$ 10,778	$ 18,107
Available for sale, Gross Unrealized Gains	39	207
Available for sale, Gross Unrealized Losses	39
Available for sale, Fair Value	10,778	18,314
Held to maturity, Amortized Cost	384,608	400,561
Held to maturity, Gross Unrealized Gains	6,325	9,604
Held to maturity, Gross Unrealized Losses	2,393	611
Held to maturity, Fair Value	388,540	409,554
Mortgage-Backed Securities [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	266,545	264,509
Held to maturity, Gross Unrealized Gains	5,338	7,897
Held to maturity, Gross Unrealized Losses	2,273	594
Held to maturity, Fair Value	269,610	271,812
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member]
Investment Holdings [Line Items]
Available for sale, Amortized Cost	10,778	13,107
Available for sale, Gross Unrealized Gains	39	207
Available for sale, Gross Unrealized Losses	39
Available for sale, Fair Value	10,778	13,314
Held to maturity, Amortized Cost	197,071	191,117
Held to maturity, Gross Unrealized Gains	3,476	5,102
Held to maturity, Gross Unrealized Losses	1,698	413
Held to maturity, Fair Value	198,849	195,806
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	54,473	56,286
Held to maturity, Gross Unrealized Gains	999	1,673
Held to maturity, Gross Unrealized Losses	500	132
Held to maturity, Fair Value	54,972	57,827
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	15,001	17,106
Held to maturity, Gross Unrealized Gains	863	1,122
Held to maturity, Gross Unrealized Losses	75	49
Held to maturity, Fair Value	15,789	18,179
Debt Securities [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	118,063	136,052
Held to maturity, Gross Unrealized Gains	987	1,707
Held to maturity, Gross Unrealized Losses	120	17
Held to maturity, Fair Value	118,930	137,742
Debt Securities [Member] | Government-Sponsored Enterprises [Member]
Investment Holdings [Line Items]
Available for sale, Amortized Cost		5,000
Available for sale, Fair Value		5,000
Held to maturity, Amortized Cost	64,914	74,904
Held to maturity, Gross Unrealized Gains	214	393
Held to maturity, Gross Unrealized Losses	15	16
Held to maturity, Fair Value	65,113	75,281
Debt Securities [Member] | Corporate Bonds [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	50,045	45,009
Held to maturity, Gross Unrealized Gains	772	1,291
Held to maturity, Gross Unrealized Losses	85
Held to maturity, Fair Value	50,732	46,300
Debt Securities [Member] | Municipal Bonds [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	3,104	16,139
Held to maturity, Gross Unrealized Gains	1	23
Held to maturity, Gross Unrealized Losses	20	1
Held to maturity, Fair Value	$ 3,085	$ 16,161

XML

Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	$ 10,778	$ 18,314
(Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	10,778	18,314
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	10,778	18,314
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	10,778	18,314
Debt Securities [Member] | Government-Sponsored Enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value		5,000
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Government-Sponsored Enterprises [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value		5,000
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Government-Sponsored Enterprises [Member] | (Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value		5,000
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	10,778	13,314
Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	10,778	13,314
Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association [Member] | (Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	$ 10,778	$ 13,314

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities:
Net income	$ 1,658	$ 1,622
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment	142	153
Net amortization of deferred fees and costs, premiums and discounts	197	68
Provision for Loan Losses	73	138
Realized gain on sale of securities available for sale	(72)	0
(Increase) in interest receivable		(23)
Deferred income tax (benefit)	(99)	(237)
(Increase) decrease in other assets	(796)	1,472
Increase (decrease) in accrued interest payable	8	(4)
(Decrease) in other liabilities	(169)	(185)
Income from bank owned life insurance	(386)	(295)
ESOP shares committed to be released	431	377
Restricted stock expense	10	11
Stock option expense	4	7
(Decrease) increase in deferred compensation obligation under Rabbi Trust	(182)	42
Net Cash Provided by Operating Activities	819	3,146
Proceeds from calls, maturities and repayments of:
Securities available for sale	5,483	266
Securities held to maturity	37,041	18,294
Proceeds from sale of securities available for sale	1,908	0
Redemptions of Federal Home Loan Bank of New York stock		675
Purchases of:
Securities available for sale		(12,303)
Securities held to maturity	(21,178)	(54,572)
Loans receivable	(12,319)	(19,200)
Premises and equipment	(84)	(36)
Federal Home Loan Bank of New York stock	(44)	(128)
Net (increase) in loans receivable	(1,569)	(7,506)
Net Cash Provided by (Used in) Investing Activities	9,238	(74,510)
Cash Flows From Financing Activities:
Net (decrease) in deposits	(14,228)	(27,355)
Net (decrease) in short-term advances from Federal Home Loan Bank of New York		(15,000)
Net proceeds from stock offering		8,867
Net increase in payments by borrowers for taxes and insurance	409	275
Repurchase restricted stock award	(12)	(11)
Exercise of stock options	1,181	62
Repurchase common stock	(20,359)
Dividends paid	(2,987)	(3,026)
Income tax benefit from stock based compensation	129	13
Net Cash (Used in) Financing Activities	(35,867)	(36,175)
Net (Decrease) in Cash and Cash Equivalents	(25,810)	(107,539)
Cash and Cash Equivalents - Beginning	49,308	192,581
Cash and Cash Equivalents - Ending	23,498	85,042
Cash paid during the period for:
Interest on deposits and borrowings	2,127	2,315
Income taxes paid	$ 2,188	1,475
Non cash activities:
Transfer from loans receivable to real estate owned		124
Issuance of common stock funded by stock subscriptions received prior to April 1, 2014		$ 154,345

XML

Loans Receivable and Allowance for Loan Losses - Summary of Loans by Segment (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 656,060	$ 642,509
Loans in process	(477)	(533)
Net purchase premiums, discounts, and deferred loan costs	2,744	2,583
Loan in process and unamortized yield adjustments	2,267	2,050
Total Loans, Net	658,327	644,559
Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	645,448	632,160
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	571,450	557,301
Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	35,221	35,410
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	38,195	38,838
Real Estate [Member] | Construction Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	582	611
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,612	10,349
Consumer [Member] | Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	7,114	7,121
Consumer [Member] | Passbook or Certificate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	650	602
Consumer [Member] | Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	2,778	2,556
Consumer [Member] | Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 70	$ 70

XML

Securities - Gross Unrealized Losses and Fair Value of Related Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	$ 137,318	$ 28,288
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	1,376	23
Held to maturity, 12 Months or More, Fair Value	36,213	42,370
Held to maturity, 12 Months or More, Gross Unrealized Losses	1,017	588
Held to maturity, Total, Fair Value	173,531	70,658
Held to maturity, Total, Gross Unrealized Losses	2,393	611
Available for sale, Less Than 12 Months, Fair Value	6,529
Available for sale, Less Than 12 Months, Gross Unrealized Losses	39
Available for sale, Total, Fair Value	6,529
Available for sale, Total, Gross Unrealized Losses	39
Debt Securities [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	21,363	7,995
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	113	5
Held to maturity, 12 Months or More, Fair Value	4,993	9,988
Held to maturity, 12 Months or More, Gross Unrealized Losses	7	12
Held to maturity, Total, Fair Value	26,356	17,983
Held to maturity, Total, Gross Unrealized Losses	120	17
Debt Securities [Member] | Government-Sponsored Enterprises [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	14,992	4,996
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	8	4
Held to maturity, 12 Months or More, Fair Value	4,993	9,988
Held to maturity, 12 Months or More, Gross Unrealized Losses	7	12
Held to maturity, Total, Fair Value	19,985	14,984
Held to maturity, Total, Gross Unrealized Losses	15	16
Debt Securities [Member] | Municipal Bonds [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	1,419	2,999
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	20	1
Held to maturity, Total, Fair Value	1,419	2,999
Held to maturity, Total, Gross Unrealized Losses	20	1
Debt Securities [Member] | Corporate Bonds [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	4,952
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	85
Held to maturity, Total, Fair Value	4,952
Held to maturity, Total, Gross Unrealized Losses	85
Mortgage-Backed Securities [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	115,955	20,293
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	1,263	18
Held to maturity, 12 Months or More, Fair Value	31,220	32,382
Held to maturity, 12 Months or More, Gross Unrealized Losses	1,010	576
Held to maturity, Total, Fair Value	147,175	52,675
Held to maturity, Total, Gross Unrealized Losses	2,273	594
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	18,803
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	251
Held to maturity, 12 Months or More, Fair Value	8,033	8,364
Held to maturity, 12 Months or More, Gross Unrealized Losses	249	132
Held to maturity, Total, Fair Value	26,836	8,364
Held to maturity, Total, Gross Unrealized Losses	500	132
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	97,152	20,293
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	1,012	18
Held to maturity, 12 Months or More, Fair Value	21,728	22,524
Held to maturity, 12 Months or More, Gross Unrealized Losses	686	395
Held to maturity, Total, Fair Value	118,880	42,817
Held to maturity, Total, Gross Unrealized Losses	1,698	413
Available for sale, Less Than 12 Months, Fair Value	6,529
Available for sale, Less Than 12 Months, Gross Unrealized Losses	39
Available for sale, Total, Fair Value	6,529
Available for sale, Total, Gross Unrealized Losses	39
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member]
Investment Holdings [Line Items]
Held to maturity, 12 Months or More, Fair Value	1,459	1,494
Held to maturity, 12 Months or More, Gross Unrealized Losses	75	49
Held to maturity, Total, Fair Value	1,459	1,494
Held to maturity, Total, Gross Unrealized Losses	$ 75	$ 49

XML

Loans Receivable and Allowance for Loan Losses - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($) Loan OperatingLocation Restructuring	Jun. 30, 2014 Restructuring	Mar. 31, 2015 USD ($) OperatingLocation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of unsecured loans in other loans | Loan	2
Loans that are past due greater than 90 days still accruing | OperatingLocation	0		0
Total past due loans	$ 6,748,000		$ 5,887,000
60-89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due loans	489,000		239,000
90 Days Or More Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due loans	3,387,000		4,342,000
Troubled Debt Restructuring [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring total	$ 865,000		784,000
Period for assumption of trouble debt restructuring	12 months	12 months
Number of defaults of new troubled debt restructuring | Restructuring	0	0
Troubled Debt Restructuring [Member] | 60-89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due loans	$ 6,000		7,000
Troubled Debt Restructuring [Member] | 90 Days Or More Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due loans	$ 86,000		$ 0
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans on non accrual status	90 days		90 days
Non accrual status to satisfy the loan terms	6 months		6 months

XML

Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	$ 3,475	$ 3,071
Charge-offs	(26)	(84)
Recoveries	3
Provision charged to operations	73	138
Total allowance for loan losses, ending balance	3,525	3,125
Allowance for loan losses:
Collectively evaluated for impairment	3,525		$ 3,475
Total allowance for loan losses, ending balance	3,525	3,125
Loans:
Individually evaluated for impairment	2,312		2,121
Collectively evaluated for impairment	653,748		640,388
Total	656,060		642,509
Real Estate [Member]
Loans:
Total	645,448		632,160
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	2,704	2,460
Charge-offs	(26)	(84)
Recoveries	3
Provision charged to operations	143	144
Total allowance for loan losses, ending balance	2,824	2,520
Allowance for loan losses:
Collectively evaluated for impairment	2,824		2,704
Total allowance for loan losses, ending balance	2,824	2,520
Loans:
Individually evaluated for impairment	1,088		885
Collectively evaluated for impairment	570,362		556,416
Total	571,450		557,301
Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	350	186
Provision charged to operations	(50)	61
Total allowance for loan losses, ending balance	300	247
Allowance for loan losses:
Collectively evaluated for impairment	300		350
Total allowance for loan losses, ending balance	300	247
Loans:
Individually evaluated for impairment	776		784
Collectively evaluated for impairment	34,445		34,626
Total	35,221		35,410
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	353	224
Provision charged to operations	(25)	42
Total allowance for loan losses, ending balance	328	266
Allowance for loan losses:
Collectively evaluated for impairment	328		353
Total allowance for loan losses, ending balance	328	266
Loans:
Individually evaluated for impairment	436		439
Collectively evaluated for impairment	37,759		38,399
Total	38,195		38,838
Real Estate [Member] | Construction Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	1	2
Total allowance for loan losses, ending balance	1	2
Allowance for loan losses:
Collectively evaluated for impairment	1		1
Total allowance for loan losses, ending balance	1	2
Loans:
Collectively evaluated for impairment	582		611
Total	582		611
Consumer [Member]
Loans:
Total	10,612		10,349
Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	42	45
Provision charged to operations	3	(2)
Total allowance for loan losses, ending balance	45	43
Allowance for loan losses:
Collectively evaluated for impairment	45		42
Total allowance for loan losses, ending balance	45	43
Loans:
Individually evaluated for impairment	12		13
Collectively evaluated for impairment	9,880		9,664
Total	9,892		9,677
Consumer [Member] | Passbook or Certificate and Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance		1
Total allowance for loan losses, ending balance		1
Allowance for loan losses:
Total allowance for loan losses, ending balance		1
Loans:
Collectively evaluated for impairment	720		672
Total	720		672
Unallocated [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	25	153
Provision charged to operations	2	(107)
Total allowance for loan losses, ending balance	27	46
Allowance for loan losses:
Collectively evaluated for impairment	27		$ 25
Total allowance for loan losses, ending balance	$ 27	$ 46

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement Of Stockholders Equity [Abstract]
Dividends per common share	$ 0.12	$ 0.12

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Loans Receivable and Allowance for Loan Losses - Aggregate Amounts of Classified Loan Balances (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 656,060	$ 642,509
Non Classified [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	649,926	635,776
Classified [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	794	1,027
Classified [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	5,340	5,706
Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	645,448	632,160
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	571,450	557,301
Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	35,221	35,410
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	38,195	38,838
Real Estate [Member] | Construction Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	582	611
Real Estate [Member] | Non Classified [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	566,403	551,680
Real Estate [Member] | Non Classified [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	34,647	34,829
Real Estate [Member] | Non Classified [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	37,759	38,399
Real Estate [Member] | Non Classified [Member] | Construction Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	582	611
Real Estate [Member] | Classified [Member] | One-to-Four-Family Real Estate [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	789	1,008
Real Estate [Member] | Classified [Member] | One-to-Four-Family Real Estate [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	4,258	4,613
Real Estate [Member] | Classified [Member] | Multi-Family Real Estate [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	574	581
Real Estate [Member] | Classified [Member] | Commercial Real Estate [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	436	439
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,612	10,349
Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	9,892	9,677
Consumer [Member] | Passbook or Certificate and Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	720	672
Consumer [Member] | Non Classified [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	9,815	9,585
Consumer [Member] | Non Classified [Member] | Passbook or Certificate and Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	720	672
Consumer [Member] | Classified [Member] | Second Mortgage and Equity Lines of Credit [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	5	19
Consumer [Member] | Classified [Member] | Second Mortgage and Equity Lines of Credit [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 72	$ 73

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Fair Value - Additional Quantitative Information about Assets Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - Impaired Loan [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate	$ 365	$ 245
Valuation Techniques	Market valuation of underlying collateral	Market valuation of underlying collateral
Selling costs, Range	7.00%	7.00%
Selling costs, Weighted Average	7.00%	7.00%

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Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
ASSETS
Cash and due from banks	$ 9,081	$ 12,579
Interest-bearing deposits in other banks	14,417	36,729
Cash and Cash Equivalents	23,498	49,308
Securities available for sale, at fair value	10,778	18,314
Securities held to maturity, at cost (fair value of $388,540 at June 30, 2015 and $409,554 at March 31, 2015):	384,608	400,561
Loans receivable	658,327	644,559
Allowance for loan losses	(3,525)	(3,475)
Net Loans	654,802	641,084
Bank owned life insurance	56,244	55,858
Premises and equipment	7,050	7,108
Federal Home Loan Bank of New York stock	6,085	6,041
Interest receivable	3,274	3,274
Other assets	6,368	5,376
Total Assets	1,152,707	1,186,924
Deposits:
Non-interest bearing	13,906	12,897
Interest bearing	671,342	686,579
Total Deposits	685,248	699,476
Advances from Federal Home Loan Bank of New York	107,500	107,500
Advance payments by borrowers for taxes and insurance	7,246	6,837
Other liabilities and accrued expenses	4,949	5,110
Total Liabilities	$ 804,943	$ 818,923
Commitments and Contingencies
Stockholders' Equity
Preferred stock ($.01 par value), 10,000,000 shares authorized; none issued or outstanding	$ 0	$ 0
Common stock ($.01 par value), 85,000,000 shares authorized; 25,960,056 issued and outstanding at June 30, 2015; 27,325,847 issued and outstanding at March 31, 2015	260	273
Paid-in capital	256,425	275,341
Deferred compensation obligation under Rabbi Trust	326	273
Retained earnings	103,703	105,032
Common stock acquired by Employee Stock Ownership Plan ("ESOP")	(12,124)	(12,437)
Accumulated other comprehensive loss	(591)	(481)
Stock held by Rabbi Trust	(235)	0
Total Stockholders' Equity	347,764	368,001
Total Liabilities and Stockholders' Equity	$ 1,152,707	$ 1,186,924

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Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Gross unrealized holding gain (loss) on securities available for sale, income (taxes) benefit	$ 56	$ (25)
Reclassification adjustment for net realized gains on securities available for sale, income taxes	29	0
Benefit plan amortization, income (taxes) benefit	$ (9)	$ (6)

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Loans Receivable and Allowance for Loan Losses - Impaired Loans, None of Which had Related Allowance (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total impaired loans, Recorded Investment	$ 2,312	$ 1,219	$ 2,121
Total impaired loans, Unpaid Principal Balance	2,509	1,423	2,320
Total impaired loans, Average Recorded Investment	2,233	1,074	1,351
Total impaired loans, Interest Income Recognized	26	8	48
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total impaired loans, Recorded Investment	1,088	766	885
Total impaired loans, Unpaid Principal Balance	1,260	943	1,058
Total impaired loans, Average Recorded Investment	1,005	621	746
Total impaired loans, Interest Income Recognized	7	2	20
Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total impaired loans, Recorded Investment	776	207	784
Total impaired loans, Unpaid Principal Balance	801	234	810
Total impaired loans, Average Recorded Investment	779	207	250
Total impaired loans, Interest Income Recognized	15	3	12
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total impaired loans, Recorded Investment	436	246	439
Total impaired loans, Unpaid Principal Balance	436	246	439
Total impaired loans, Average Recorded Investment	437	246	351
Total impaired loans, Interest Income Recognized	4	$ 3	16
Consumer [Member] | Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total impaired loans, Recorded Investment	12		13
Total impaired loans, Unpaid Principal Balance	12		13
Total impaired loans, Average Recorded Investment	$ 12		$ 4

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Earnings Per Share (EPS) - Additional Information (Detail) - shares	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Incremental shares related to outstanding options included in calculation of diluted EPS	72,568	168,680
Antidilutive shares excluded from calculation of diluted EPS	882	0

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Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings by Class (Detail) - Real Estate [Member] - One-to-Four-Family Real Estate [Member] $ in Thousands	3 Months Ended
	Jun. 30, 2015 USD ($) SecurityLoan	Jun. 30, 2014 USD ($) SecurityLoan
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan	1	1
Pre-restructuring Outstanding Recorded Investment	$ 86	$ 210
Post-restructuring Outstanding Recorded Investment	$ 99	214
Charge-off Recorded Upon Restructuring		$ 7

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Retirement Plan-Components of Net Periodic Pension Cost - Periodic Pension Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Service cost	$ 44	$ 45
Interest cost	31	30
Amortization of unrecognized net loss	12	4
Amortization of past service cost	9	10
Net periodic benefit cost	$ 96	$ 89

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 3 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Paid-In Capital [Member]	Deferred Compensation Obligation Under Rabbi Trust [Member]	Retained Earnings [Member]	Common Stock Acquired By Esop [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Stock Held by Rabbi Trust [Member]
Beginning Balance at Mar. 31, 2015	$ 368,001	$ 273	$ 275,341	$ 273	$ 105,032	$ (12,437)	$ (481)
Beginning Balance, Shares at Mar. 31, 2015		27,325,847
Net income	1,658				1,658
Other comprehensive loss, net of income tax	(110)						(110)
ESOP shares committed to be released	431		118			313
Stock option expense	4		4
Restricted stock awards earned	10		10
Repurchase restricted stock awards	(12)		(12)
Repurchase restricted stock awards, Shares		(887)
Funding of Supplemental Executive Retirement Plan	(182)			53				$ (235)
Tax benefit from stock based compensation	129		129
Exercise of stock options	1,181	$ 1	1,180
Exercise of stock options, Shares		113,020
Repurchase common stock	(20,359)	$ (14)	(20,345)
Repurchase common stock, Shares		(1,477,924)
Cash dividends declared ($0.12 per share)	(2,987)				(2,987)
Ending Balance at Jun. 30, 2015	$ 347,764	$ 260	$ 256,425	$ 326	$ 103,703	$ (12,124)	$ (591)	$ (235)
Ending Balance, Shares at Jun. 30, 2015		25,960,056

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Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Statement Of Financial Position [Abstract]
Securities held to maturity, fair value	$ 388,540	$ 409,554
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	85,000,000	85,000,000
Common stock, shares issued	25,960,056	27,325,847
Common stock, shares outstanding	25,960,056	27,325,847

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Recent Accounting Pronouncements

3 Months Ended

Jun. 30, 2015

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Pronouncements

8. RECENT ACCOUNTING PRONOUNCEMENTS

On May 28, 2014, the FASB and International Accounting Standards Board (“IASB”) issued their final standard on revenue from contracts with customers. The standard, issued as ASU 2014-09 by the FASB and as IFRS 152 by the IASB, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The goals of the revenue recognition project are to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements while also providing “a more robust framework for addressing revenue issues.” The boards believe that the standard will improve the consistency of requirements, comparability of revenue recognition practices, and usefulness of disclosures. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of this standard effective April 1, 2018 is not expected to have a material impact on the Company’s consolidated financial statements.

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Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Trading Symbol	CSBK
Entity Registrant Name	Clifton Bancorp Inc.
Entity Central Index Key	0001592329
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		25,831,756

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Retirement Plan-Components of Net Periodic Pension Cost (Tables)

3 Months Ended

Jun. 30, 2015

Compensation And Retirement Disclosure [Abstract]

Periodic Pension Expense

Periodic pension expense for the directors’ retirement plan and a former president’s post-retirement health care plan were as follows:

	Three Months Ended
	June 30,
	2015		2014
	(In Thousands)
Service cost	$	44	$	45
Interest cost		31		30
Amortization of unrecognized net loss		12		4
Amortization of past service cost		9		10
Net periodic benefit cost	$	96	$	89

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Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Interest Income
Loans	$ 5,984	$ 5,676
Mortgage-backed securities	1,942	2,365
Debt securities	709	590
Other interest-earning assets	77	81
Total Interest Income	8,712	8,712
Interest Expense
Deposits	1,573	1,717
Advances	562	594
Total 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
Fees and service charges	55	52
Bank owned life insurance	386	295
Gain on sale of securities	72
Other	1	1
Total Non-Interest Income	514	348
Non-Interest Expenses
Salaries and employee benefits	2,705	2,425
Occupancy expense of premises	396	385
Equipment	357	303
Directors' compensation	211	212
Advertising and marketing	57	74
Professional services	254	197
Federal deposit insurance premium	124	158
Other	411	383
Total 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
Net Income per Common Share
Basic	$ 0.07	$ 0.06
Diluted	0.07	0.06
Dividends per common share	$ 0.12	$ 0.12
Weighted Average Number of Common Shares and Common Stock Equivalents Outstanding:
Basic	25,421,469	25,244,252
Diluted	25,494,037	25,412,932

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Stock Repurchase

3 Months Ended

Jun. 30, 2015

Equity [Abstract]

Stock Repurchase

3. STOCK REPURCHASE

On March 11, 2015, the Company announced that the Board of Directors authorized a stock repurchase plan, that became effective on April 2, 2015, to acquire up to 2,731,000 shares, or 10%, of the Company’s outstanding stock. During the three months ended June 30, 2015, approximately 1,478,000 shares were repurchased at an aggregate cost of approximately $20.4 million, or $13.78 per share. There were no stock repurchase plans in effect for the three months ended June 30, 2014.

Additionally, during the three months ended June 30, 2015 and 2014, 887 and 887 shares, respectively, were repurchased at an aggregate cost of approximately $12,000, or $13.89 per share, and $11,000, or $11.93 per share, respectively, representing the withholding of shares subject to restricted stock awards under the Clifton Savings Bancorp, Inc. 2005 Equity Incentive Plan for payment of taxes due upon the vesting of restricted stock awards. All repurchased shares are retired.

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Earnings Per Share (EPS)

3 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share (EPS)

2. EARNINGS PER SHARE (EPS)

Basic EPS is based on the weighted average number of common shares actually outstanding, and is adjusted for employee stock ownership plan shares not yet committed to be released and deferred compensation obligations required to be settled in shares of Company stock. Unvested restricted stock awards, which contain rights to non-forfeitable dividends, are considered participating securities and the two-class method of computing basic and diluted EPS is applied. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.  Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable (such as stock options) or which could be converted into common stock, if dilutive, using the treasury stock method. Basic and diluted EPS have been determined based on the adjusted numbers of weighted average shares. The calculation of diluted EPS for the three months ended June 30, 2015 and 2014 includes incremental shares related to outstanding stock options of 72,568 and 168,680, respectively.  Shares issued, or retired during any period are weighted for the portion of the period they were outstanding. During the three months ended June 30, 2015 and 2014, the average number of options which were antidilutive were 882 and -0-, respectively.

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Stock Repurchase - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 11, 2015	Jun. 30, 2015	Jun. 30, 2014
Equity Class Of Treasury Stock [Line Items]
Stock repurchase plan, Authorized shares	2,731,000
Stock repurchase plan, Percentage of outstanding stock	10.00%
Stock repurchased during period, value		$ 20,359
Stock repurchased during period, per share		$ 13.78
Stock repurchase plan, Number of stock repurchased		1,478,000	0
2005 Equity Incentive Plan [Member] | Restricted Stock Awards [Member]
Equity Class Of Treasury Stock [Line Items]
Stock repurchased during period, value		$ 12	$ 11
Stock repurchased during period, per share		$ 13.89	$ 11.93
Stock repurchase plan, Number of stock repurchased		887	887

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Securities (Tables)

3 Months Ended

Jun. 30, 2015

Investments Debt And Equity Securities [Abstract]

Available for Sale Securities and Held to Maturity Securities

The amortized cost, gross unrealized gains and losses and estimated fair value of securities available for sale and held to maturity for the dates indicated are as follows:

	June 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	10,778	$	39	$	39	$	10,778
Total available for sale securities	$	10,778	$	39	$	39	$	10,778
	March 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Debt securities:
Government-sponsored enterprises	$	5,000	$	—	$	—	$	5,000
Mortgage-backed securities:
Federal National Mortgage Association		13,107		207		—		13,314
Total available for sale securities	$	18,107	$	207	$	—	$	18,314

	June 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	64,914	$	214	$	15	$	65,113
Corporate bonds		50,045		772		85		50,732
Municipal bonds		3,104		1		20		3,085
		118,063		987		120		118,930
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		54,473		999		500		54,972
Federal National Mortgage Association		197,071		3,476		1,698		198,849
Government National Mortgage Association		15,001		863		75		15,789
		266,545		5,338		2,273		269,610
Total held to maturity securities	$	384,608	$	6,325	$	2,393	$	388,540
	March 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	74,904	$	393	$	16	$	75,281
Corporate bonds		45,009		1,291		—		46,300
Municipal bonds		16,139		23		1		16,161
		136,052		1,707		17		137,742
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		56,286		1,673		132		57,827
Federal National Mortgage Association		191,117		5,102		413		195,806
Government National Mortgage Association		17,106		1,122		49		18,179
		264,509		7,897		594		271,812
Total held to maturity securities	$	400,561	$	9,604	$	611	$	409,554

Contractual Maturity Data for Securities

Contractual maturity data for securities are as follows:

	June 30, 2015
	Amortized		Fair
	Cost		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Due after five through ten years	$	2,045	$	2,017
Due after ten years		8,733		8,761
Total available for sale securities	$	10,778	$	10,778
Held to maturity:
Debt securities:
Due less than one year	$	16,343	$	16,604
Due after one through five years		70,450		70,753
Due after five through ten years		25,496		25,808
Due after ten years		5,774		5,765
		118,063		118,930
Mortgage-backed securities:
Due after one through five years		13,196		13,040
Due after five through ten years		73,716		73,188
Due after ten years		179,633		183,382
		266,545		269,610
Total held to maturity securities	$	384,608	$	388,540

Gross Unrealized Losses and Fair Value of Related Securities

The age of gross unrealized losses and the fair value of related securities at June 30 and March 31, 2015 were as follows:

	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
June 30, 2015	FairValue		Losses		FairValue		Losses		FairValue		Losses
Available for sale:	(In Thousands)
Mortgage-backed securities:
Federal National Mortgage Association	$	6,529	$	39	$	—	$	—	$	6,529	$	39
Total available for sale securities	$	6,529	$	39	$	—	$	—	$	6,529	$	39
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	14,992	$	8	$	4,993	$	7	$	19,985	$	15
Municipal bonds		1,419		20		—		—		1,419		20
Corporate bonds		4,952		85		—		—		4,952		85
		21,363		113		4,993		7		26,356		120
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		18,803		251		8,033		249		26,836		500
Federal National Mortgage Association		97,152		1,012		21,728		686		118,880		1,698
Government National Mortgage Association		—		—		1,459		75		1,459		75
		115,955		1,263		31,220		1,010		147,175		2,273
Total held to maturity securities	$	137,318	$	1,376	$	36,213	$	1,017	$	173,531	$	2,393
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
March 31, 2015	FairValue		Losses		FairValue		Losses		FairValue		Losses
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	4,996	$	4	$	9,988	$	12	$	14,984	$	16
Municipal bonds		2,999		1		—		—		2,999		1
		7,995		5		9,988		12		17,983		17
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		—		—		8,364		132		8,364		132
Federal National Mortgage Association		20,293		18		22,524		395		42,817		413
Government National Mortgage Association		—		—		1,494		49		1,494		49
		20,293		18		32,382		576		52,675		594
Total held to maturity securities	$	28,288	$	23	$	42,370	$	588	$	70,658	$	611

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Loans Receivable and Allowance for Loan Losses

3 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Loans Receivable and Allowance for Loan Losses

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES

The following is a summary of loans by segment and the classes within those segments:

	June 30,			March 31,
	2015			2015
	(In Thousands)
Real estate:
One- to four-family	$	571,450		$	557,301
Multi-family		35,221			35,410
Commercial		38,195			38,838
Construction		582			611
		645,448			632,160
Consumer:
Second mortgage		7,114			7,121
Passbook or certificate		650			602
Equity lines of credit		2,778			2,556
Other loans		70			70
		10,612			10,349
Total Loans		656,060			642,509
Loans in process		(477	)		(533	)
Net purchase premiums, discounts, and deferred loan costs		2,744			2,583
		2,267			2,050
Total Loans, Net	$	658,327		$	644,559

The allowance for loan losses consists of general and unallocated components. For loans that are classified as impaired, a valuation allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component of the allowance covers pools of loans by loan class not considered impaired, as well as smaller balance homogeneous loans, such as one- to four-family real estate, construction real estate, second mortgage loans, home equity lines of credit and passbook loans.  These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors to reflect current conditions. The qualitative risk factors which include:

1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices.

2. National, regional, and local economic and business conditions, including the value of underlying collateral for collateral dependent loans.

3. Nature and volume of the portfolio and terms of loans.

4. Experience, ability, and depth of lending management and staff.

5. The quality of the Bank’s loan review system.

6. Volume and severity of past due, classified and nonaccrual loans.

7. Existence and effect of any concentrations of credit and changes in the level of such concentrations.

8. Effect of external factors, such as competition and legal and regulatory requirements.

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation.

An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating losses in the portfolio.

The evaluation of the adequacy of the allowance is based on an analysis which categorizes the entire loan portfolio by certain risk characteristics. The loan portfolio segments are further disaggregated into the following loan classes, where the risk level for each type is analyzed when determining the allowance for loan losses.

Real Estate:

1. One- to Four-Family Loans - consists of loans secured by first liens on either owner occupied or investment properties.  These loans can be affected by economic conditions and the value of the underlying properties. The risk is considered relatively low as the Bank has always had conservative underwriting standards and does not have sub-prime loans in its loan portfolio.

2. Multi-Family Loans - consists of loans secured by multi-family real estate which generally involve a greater degree of risk than one- to four-family residential mortgage loans. These loans can be affected by economic conditions and the value of the underlying properties. The risk is considered relatively low as the Bank believes it has always had conservative underwriting standards.

3. Commercial Loans - consists of loans secured by commercial real estate which generally involve a greater degree of risk than one- to four-family residential mortgage loans. These loans can be affected by economic conditions and the value of the underlying properties. The risk is considered relatively low as the Bank believes it has always had conservative underwriting standards. These loans are affected by economic conditions to a greater degree than one- to four-family and multi-family loans.

4. Construction Loans - consists primarily of the financing of construction of one- to four-family properties or construction/permanent loans for the construction of one- to four-family homes to be occupied by the borrower. Construction loans generally are considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate due to uncertainty of construction costs. Independent inspections are performed prior to disbursement of loan proceeds as construction progresses to mitigate these risks. These loans are also affected by economic conditions.

Consumer:

1. Second Mortgage and Equity Lines of Credit - consists of one- to four-family loans secured by first, second or third liens (when the Bank has the two other lien positions) or, in one instance, a commercial property.  These loans are affected by the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. The credit risk is considered slightly higher than one- to four-family first lien loans as these loans are also dependent on the value of underlying properties, but in many instances, have the added risk of a subordinate collateral position.

2. Passbook or Certificate and Other Loans - consists of loans secured by passbook accounts and certificates of deposits and unsecured loans. The passbook or certificate loans have low credit risk as they are fully secured by their collateral. Unsecured loans, included in other loans, are two loans in a New Jersey loan fund and they also are considered a low credit risk.

The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss.  Loans classified as special mention have potential weaknesses that deserve management’s close attention.  If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects.  Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt.  They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any.  Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable.   Loans classified as a loss are considered uncollectible and are

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

charged to the allowance for loan losses.  Non-classified assets are rated as a pass or pass-watch. Pass-watch loans require current oversight or tracking by management generally due to incomplete documentation or monitoring due to previous delinquent status.

In addition, the Office of the Comptroller of the Currency (the “OCC”), as an integral part of its examination process, periodically reviews the Bank’s loan portfolio and the related allowance for loan losses. The OCC may require the allowance for loan losses to be increased based on its review of information available at the time of the examination.

The change in the allowance for loan losses for the three months ended June 30, 2015 and 2014 is as follows:

												Second		Passbook or
	One- to Four											Mortgage and		Certificate
	-Family			Multi-Family			Commercial			Construction		Equity Lines		and Other
	Real Estate			Real Estate			Real Estate			Real Estate		of Credit		Loans		Unallocated		Total
	(In Thousands)
At March 31, 2015:
Total allowance for    loan losses	$	2,704		$	350		$	353		$	1	$	42	$	—	$	25	$	3,475
Charge-offs		(26	)		—			—			—		—		—		—		(26	)
Recoveries		3			—			—			—		—		—		—		3
Provision charged to    operations		143			(50	)		(25	)		—		3		—		2		73
At June 30, 2015:
Total allowance for    loan losses	$	2,824		$	300		$	328		$	1	$	45	$	—	$	27	$	3,525

										Second			Passbook or
	One- to Four									Mortgage and			Certificate
	-Family			Multi-Family		Commercial		Construction		Equity Lines			and Other
	Real Estate			Real Estate		Real Estate		Real Estate		of Credit			Loans		Unallocated			Total
	(In Thousands)
At March 31, 2014:
Total allowance for    loan losses	$	2,460		$	186	$	224	$	2	$	45		$	1	$	153		$	3,071
Charge-offs		(84	)																(84	)
Recoveries		—			—		—		—		—			—		—			—
Provision charged to    operations		144			61		42		—		(2	)		—		(107	)		138
At June 30, 2014:
Total allowance for    loan losses	$	2,520		$	247	$	266	$	2	$	43		$	1	$	46		$	3,125

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table presents the allocation of the allowance for loan losses and related loans by loan class at June 30 and March 31, 2015.

									Second		Passbook or
	One-to-Four								Mortgage and		Certificate
	Family		Multi-Family		Commercial		Construction		Equity Lines		and Other
June 30, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Unallocated		Total
	(In Thousands)
Allowance for loan    losses:
Individually    evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively    evaluated for    impairment		2,824		300		328		1		45		—		27		3,525
Total	$	2,824	$	300	$	328	$	1	$	45	$	—	$	27	$	3,525
Loans:
Individually    evaluated for    impairment	$	1,088	$	776	$	436	$	—	$	12	$	—	$	—	$	2,312
Collectively    evaluated for    impairment		570,362		34,445		37,759		582		9,880		720		—		653,748
Total	$	571,450	$	35,221	$	38,195	$	582	$	9,892	$	720	$	—	$	656,060

									Second		Passbook or
	One-to-Four								Mortgage and		Certificate
	Family		Multi-Family		Commercial		Construction		Equity Lines		and Other
March 31, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Unallocated		Total
	(In Thousands)
Allowance for loan    losses:
Individually    evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively    evaluated for    impairment		2,704		350		353		1		42		—		25		3,475
Total	$	2,704	$	350	$	353	$	1	$	42	$	—	$	25	$	3,475
Loans:
Individually    evaluated for    impairment	$	885	$	784	$	439	$	—	$	13	$	—	$	—	$	2,121
Collectively    evaluated for    impairment		556,416		34,626		38,399		611		9,664		672		—		640,388
Total	$	557,301	$	35,410	$	38,838	$	611	$	9,677	$	672	$	—	$	642,509

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The aggregate amount of classified loan balances are as follows at June 30 and March 31, 2015:

									Second		Passbookor
	One- to Four								Mortgage and		Certificate
	-Family		Multi-family		Commercial		Construction		Equity Lines		and Other		Total
June 30, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Loans
	(In Thousands)
Non-classified:	$	566,403	$	34,647	$	37,759	$	582	$	9,815	$	720	$	649,926
Classified:
Special mention		789		—		—		—		5		—		794
Substandard		4,258		574		436		—		72		—		5,340
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	571,450	$	35,221	$	38,195	$	582	$	9,892	$	720	$	656,060
									Second		Passbook or
	One- toFour								Mortgage and		Certificate
	-Family		Multi-family		Commercial		Construction		Equity Lines		and Other		Total
March 31, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Loans
	(In Thousands)
Non-classified:	$	551,680	$	34,829	$	38,399	$	611	$	9,585	$	672		635,776
Classified:
Special mention		1,008		—		—		—		19		—		1,027
Substandard		4,613		581		439		—		73		—		5,706
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	557,301	$	35,410	$	38,838	$	611	$	9,677	$	672	$	642,509

The following table provides information with respect to the Bank’s nonaccrual loans at June 30 and March 31, 2015. Loans are generally placed on nonaccrual status when they become more than 90 days delinquent, or when the collection of principal and, or interest become doubtful. Nonaccrual loans differed from the amount of total loans past due greater than 90 days due to some previously delinquent loans that are currently not more than 90 days delinquent which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated the ability to satisfy the loan terms. A loan is returned to accrual status when there is sustained period of repayment performance (generally six months) by the borrower in accordance with the contractual terms of the loan, or in some circumstances, when the factors indicating doubtful collectability no longer exist and the Bank expects repayment of the remaining contractual amounts due.

	June 30, 2015		March 31, 2015
	(In Thousands)
Nonaccrual loans:
Real estate loans:
One- to four-family	$	4,258	$	4,555
Multi-family		574		581
Commercial		436		439
Consumer and other loans:
Second mortgage		72		73
Total nonaccrual loans	$	5,340	$	5,648

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table provides information about delinquencies in the Bank’s loan portfolio at June 30 and March 31, 2015.

	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
June 30, 2015	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	2,298	$	267	$	3,071	$	5,636	$	565,814	$	571,450
Multi-family		574		—		—		574		34,647		35,221
Commercial		—		192		244		436		37,759		38,195
Construction		—		—		—		—		582		582
Consumer and other loans:
Second mortgage and equity lines of credit		—		30		72		102		9,790		9,892
Passbook or certificate and other loans		—		—		—		—		720		720
Total	$	2,872	$	489	$	3,387	$	6,748	$	649,312	$	656,060

	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
March 31, 2015	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	1,289	$	239	$	3,262	$	4,790	$	552,511	$	557,301
Multi-family		—		—		581		581		34,829		35,410
Commercial		—		—		439		439		38,399		38,838
Construction		—		—		—		—		611		611
Consumer and other loans:
Second mortgage and equity lines of credit		13		—		60		73		9,604		9,677
Passbook or certificate and other loans		4		—		—		4		668		672
Total	$	1,306	$	239	$	4,342	$	5,887	$	636,622	$	642,509

There were no loans that are past due greater than 90 days that were accruing as of June 30 and March 31, 2015.

A loan is defined as impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due under the contractual terms of the loan agreement.  The Company considers one- to four-family mortgage loans and consumer installment loans to be homogeneous and, therefore, does not generally evaluate them individually for impairment, unless they are considered troubled debt restructurings.  All other loans are evaluated for impairment on an individual basis.

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

Impaired loans, none of which had a related allowance at or for the three months ending June 30, 2015 and 2014, and at or for the year ended March 31, 2015, were as follows:

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended June 30, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,088	$	1,260	$	1,005	$	7
Multi-family		776		801		779		15
Commercial		436		436		437		4
Consumer and other loans:
Second mortgage		12		12		12		—
Total impaired loans	$	2,312	$	2,509	$	2,233	$	26

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended June 30, 2014	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	766	$	943	$	621	$	2
Multi-family		207		234		207		3
Commercial		246		246		246		3
Total impaired loans	$	1,219	$	1,423	$	1,074	$	8
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Year Ended March 31, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One- to four-family	$	885	$	1,058	$	746	$	20
Multi-family		784		810		250		12
Commercial		439		439		351		16
Consumer and other loans
Second mortgage		13		13		4		—
Total impaired loans	$	2,121	$	2,320	$	1,351	$	48

The recorded investment in loans modified in a troubled debt restructuring totaled $865,000 and $784,000, respectively, at June 30 and March 31, 2015, of which $86,000 and -0- were 90 days or more past due, and $6,000 and $7,000, respectively, were 60 days or more past due. The remaining loans modified were current at the time of the restructuring and have complied with the terms of their restructure agreements at June 30 and March 31, 2015. Loans that were modified in a troubled debt restructuring represent concessions made to borrowers experiencing financial difficulties. The Bank works with these borrowers to modify existing loan terms usually by extending maturities or reducing interest rates. The Bank records an impairment loss, if any, based on the present value of expected future cash flows discounted at the original loan’s effective interest rate. Subsequently, these loans are individually evaluated for impairment.

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table presents troubled debt restructurings by class during the period indicated.

		Pre-restructuring		Post-restructuring
		Outstanding		Outstanding		Charge-off
	Number of	Recorded		Recorded		RecordedUpon
	Loans	Investment		Investment		Restructuring
		(Dollar In Thousands)
Three Months Ended June 30, 2015
One- to Four-Family Real Estate	1	$	86	$	99	$	—
Three Months Ended June 30, 2014
One- to Four-Family Real Estate	1	$	210	$	214	$	7

The restructuring of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan, capitalization of prior past dues, and payment recalculation and re-amortization.

There were no new troubled debt restructurings which defaulted within twelve months of restructuring during the three months ended June 30, 2015 and 2014.          

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Retirement Plan-Components of Net Periodic Pension Cost

3 Months Ended

Jun. 30, 2015

Compensation And Retirement Disclosure [Abstract]

Retirement Plan-Components of Net Periodic Pension Cost

4. RETIREMENT PLAN-COMPONENTS OF NET PERIODIC PENSION COST

Periodic pension expense for the directors’ retirement plan and a former president’s post-retirement health care plan were as follows:

	Three Months Ended
	June 30,
	2015		2014
	(In Thousands)
Service cost	$	44	$	45
Interest cost		31		30
Amortization of unrecognized net loss		12		4
Amortization of past service cost		9		10
Net periodic benefit cost	$	96	$	89

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Securities

3 Months Ended

Jun. 30, 2015

Investments Debt And Equity Securities [Abstract]

Securities

5. SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities available for sale and held to maturity for the dates indicated are as follows:

	June 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	10,778	$	39	$	39	$	10,778
Total available for sale securities	$	10,778	$	39	$	39	$	10,778
	March 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Debt securities:
Government-sponsored enterprises	$	5,000	$	—	$	—	$	5,000
Mortgage-backed securities:
Federal National Mortgage Association		13,107		207		—		13,314
Total available for sale securities	$	18,107	$	207	$	—	$	18,314

5. SECURITIES (CONT’D)

	June 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	64,914	$	214	$	15	$	65,113
Corporate bonds		50,045		772		85		50,732
Municipal bonds		3,104		1		20		3,085
		118,063		987		120		118,930
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		54,473		999		500		54,972
Federal National Mortgage Association		197,071		3,476		1,698		198,849
Government National Mortgage Association		15,001		863		75		15,789
		266,545		5,338		2,273		269,610
Total held to maturity securities	$	384,608	$	6,325	$	2,393	$	388,540
	March 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	74,904	$	393	$	16	$	75,281
Corporate bonds		45,009		1,291		—		46,300
Municipal bonds		16,139		23		1		16,161
		136,052		1,707		17		137,742
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		56,286		1,673		132		57,827
Federal National Mortgage Association		191,117		5,102		413		195,806
Government National Mortgage Association		17,106		1,122		49		18,179
		264,509		7,897		594		271,812
Total held to maturity securities	$	400,561	$	9,604	$	611	$	409,554

5. SECURITIES (CONT’D)

Contractual maturity data for securities are as follows:

	June 30, 2015
	Amortized		Fair
	Cost		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Due after five through ten years	$	2,045	$	2,017
Due after ten years		8,733		8,761
Total available for sale securities	$	10,778	$	10,778
Held to maturity:
Debt securities:
Due less than one year	$	16,343	$	16,604
Due after one through five years		70,450		70,753
Due after five through ten years		25,496		25,808
Due after ten years		5,774		5,765
		118,063		118,930
Mortgage-backed securities:
Due after one through five years		13,196		13,040
Due after five through ten years		73,716		73,188
Due after ten years		179,633		183,382
		266,545		269,610
Total held to maturity securities	$	384,608	$	388,540

The amortized cost and carrying values shown above are by contractual final maturity.  Actual maturities will differ from contractual final maturities due to scheduled monthly payments related to mortgage-backed securities and due to the borrowers having the right to prepay obligations with or without prepayment penalties. The Company’s mortgage-backed securities are generally secured by residential mortgage loans with contractual maturities of 15 years or greater, and multi-family loans with maturities of five to ten years. However, the effective lives of those securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the loans within those securities. Investors in pass-through securities generally share in the receipt of principal repayments on a pro-rata basis as paid by the borrowers.

5. SECURITIES (CONT’D)

The age of gross unrealized losses and the fair value of related securities at June 30 and March 31, 2015 were as follows:

	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
June 30, 2015	FairValue		Losses		FairValue		Losses		FairValue		Losses
Available for sale:	(In Thousands)
Mortgage-backed securities:
Federal National Mortgage Association	$	6,529	$	39	$	—	$	—	$	6,529	$	39
Total available for sale securities	$	6,529	$	39	$	—	$	—	$	6,529	$	39
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	14,992	$	8	$	4,993	$	7	$	19,985	$	15
Municipal bonds		1,419		20		—		—		1,419		20
Corporate bonds		4,952		85		—		—		4,952		85
		21,363		113		4,993		7		26,356		120
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		18,803		251		8,033		249		26,836		500
Federal National Mortgage Association		97,152		1,012		21,728		686		118,880		1,698
Government National Mortgage Association		—		—		1,459		75		1,459		75
		115,955		1,263		31,220		1,010		147,175		2,273
Total held to maturity securities	$	137,318	$	1,376	$	36,213	$	1,017	$	173,531	$	2,393
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
March 31, 2015	FairValue		Losses		FairValue		Losses		FairValue		Losses
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	4,996	$	4	$	9,988	$	12	$	14,984	$	16
Municipal bonds		2,999		1		—		—		2,999		1
		7,995		5		9,988		12		17,983		17
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		—		—		8,364		132		8,364		132
Federal National Mortgage Association		20,293		18		22,524		395		42,817		413
Government National Mortgage Association		—		—		1,494		49		1,494		49
		20,293		18		32,382		576		52,675		594
Total held to maturity securities	$	28,288	$	23	$	42,370	$	588	$	70,658	$	611

Management does not believe that any of the unrealized losses at June 30, 2015 (four bonds of Government-sponsored enterprises, one corporate bond, and eight municipal bonds included in debt securities, and thirty-four FNMA mortgage-backed securities, eight FHLMC mortgage-backed securities, and one GNMA mortgage-backed security) represent an other-than-temporary impairment as they are primarily related to market interest rates and not related to the underlying credit quality of the issuers of the securities.  Additionally, the Company and its subsidiaries have the ability, and management has the intent, to hold such securities for the time necessary to recover amortized cost and does not have the intent to sell the securities, and it is more likely than not that it will not have to sell the securities before recovery of their amortized cost.

5. SECURITIES (CONT’D)

During the three months ended June 30, 2015, the proceeds from sales of securities available for sale totaled $1.9 million, resulting in gross realized gains of $72,000. There were no sales of securities held to maturity during the three months ended June 30, 2015. There were no sales of securities available for sale or held to maturity during the three months ended June 30, 2014.

XML

Fair Value

3 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value

7. FAIR VALUE

Accounting guidance on fair value measurement establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Observable inputs other than Level 1 prices, such as quoted for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

In addition, the guidance requires the Company to disclose the fair value for certain assets and liabilities on both a recurring and non-recurring basis.

An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

7. FAIR VALUE (CONT’D)

For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30 and March 31, 2015 are as follows:

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
			in Active		Other		Significant
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
June 30, 2015
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	10,778	$	—	$	10,778	$	—
Total securities available for sale	$	10,778	$	—	$	10,778	$	—
March 31, 2015
Securities available for sale:
Debt securities:
Government-sponsored enterprises	$	5,000	$	—	$	5,000	$	—
Mortgage-backed securities:
Federal National Mortgage Association		13,314		—		13,314		—
Total securities available for sale	$	18,314	$	—	$	18,314	$	—

For assets measured at fair value on a non-recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30 and March 31, 2015 are as follow:

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
June 30, 2015
Impaired loans	$	365	$	—	$	—	$	365
March 31, 2015
Impaired loans	$	245	$	—	$	—	$	245

7. FAIR VALUE (CONT’D)

There were no liabilities measured at fair value on a recurring or non-recurring basis at June 30 and March 31, 2015.

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value.

	Fair Value		Valuation	Unobservable	Range (Weighted
	Estimate		Techniques	Input	Average)
	(Dollars in Thousand)
June 30, 2015
Impaired Loans	$	365	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)
March 31, 2015
Impaired Loans	$	245	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)

(1) Fair value is based on third party appraisals.

(2) Includes estimated costs to sell.

The following information should not be interpreted as an estimate of the fair value of the Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of certain of the Company’s assets and liabilities at June 30 and March 31, 2015:

Cash and Cash Equivalents, Interest Receivable, and Interest Payable (Carried at Cost)

The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents, interest receivable, and interest payable approximate their fair values.

Securities

The fair value of all securities, whether classified as available for sale (carried at fair value) or held to maturity (carried at cost), is determined by reference to quoted market prices, where available.  If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Securities are measured on a recurring basis. The fair values of these securities are obtained from quotes received from an independent broker. The Company’s broker provides it with prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available. As the Company is responsible for the determination of fair value, it performs monthly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. The Company’s internal price verification procedures and review of fair value methodology documentation provided by third- party pricing services has not historically resulted in adjustment in the prices obtained from the pricing service.

Loans Receivable (Carried at Cost)

Fair value is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, of such loans.

Impaired Loans (Carried based on Collateral Fair Value or Discounted Cash Flows)

Impaired loans are those accounted for under ASC Topic 310 “Accounting by Creditors for Impairment of a Loan” in which the Company has measured impairment generally based on either the fair value of the loan’s collateral or discounted cash flows. These assets are included as Level 3 assets.

7. FAIR VALUE (CONT’D)

Federal Home Loan Bank of New York Stock (Carried at Cost)

Fair value approximates cost basis as these instruments are redeemable only with the issuing agency at face value.

Deposits (Carried at Cost)

The fair value of non-interest-bearing demand, Crystal Checking, NOW, Super NOW, Money Market and Savings and Club accounts is the amount payable on demand at the reporting date.  For fixed-maturity certificates of deposit, fair value is estimated by discounting future cash flows using the rates currently offered for deposits of similar remaining maturities.

Advances from Federal Home Loan Bank of New York (Carried at Cost)

The fair value is estimated by discounting future cash flows using rates currently offered for liabilities of similar remaining maturities, or when available, quoted market prices.

Commitments to Extend Credit

The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties.  For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates.

As of June 30 and March 31, 2015, the fair value of the commitments to extend credit were not considered to be material.

7. FAIR VALUE (CONT’D)

The carrying amounts and fair values of financial instruments are as follows:

					(Level 1)		(Level 2)
					Quoted Prices		Significant		(Level 3)
					in Active		Other		Significant
	Carrying		Estimated		Markets for		Observable		Unobservable
June 30, 2015	Value		Fair Value		IdenticalAssets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	23,498	$	23,498	$	23,498	$	—	$	—
Securities available for sale		10,778		10,778		—		10,778		—
Securities held to maturity		384,608		388,540		—		388,540		—
Net loans receivable		654,802		652,292		—		—		652,292
Federal Home Loan Bank of New York stock		6,085		6,085		—		6,085		—
Interest receivable		3,274		3,274		—		3,274		—
Financial liabilities:
Deposits		685,248		689,493		—		689,493		—
FHLB advances		107,500		110,600		—		110,600		—
Interest payable		252		252		—		252		—
					(Level 1)		(Level 2)
					Quoted Prices		Significant		(Level 3)
					in Active		Other		Significant
	Carrying		Estimated		Markets for		Observable		Unobservable
March 31, 2015	Value		Fair Value		Identical Assets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	49,308	$	49,308	$	49,308	$	—	$	—
Securities available for sale		18,314		18,314		—		18,314		—
Securities held to maturity		400,561		409,554		—		409,554		—
Net loans receivable		641,084		645,801		—		—		645,801
Federal Home Loan Bank of New York stock		6,041		6,041		—		6,041		—
Interest receivable		3,274		3,274		—		3,274		—
Financial liabilities:
Deposits		699,476		704,788		—		704,788		—
FHLB advances		107,500		111,008		—		111,008		—
Interest payable		244		244		—		244		—

XML

Loans Receivable and Allowance for Loan Losses - Information About Delinquencies in Loan Portfolio (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	$ 6,748	$ 5,887
Current	649,312	636,622
Total	656,060	642,509
Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	645,448	632,160
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	5,636	4,790
Current	565,814	552,511
Total	571,450	557,301
Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	574	581
Current	34,647	34,829
Total	35,221	35,410
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	436	439
Current	37,759	38,399
Total	38,195	38,838
Real Estate [Member] | Construction Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	582	611
Total	582	611
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,612	10,349
Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	102	73
Current	9,790	9,604
Total	9,892	9,677
Consumer [Member] | Passbook or Certificate and Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due		4
Current	720	668
Total	720	672
30-59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,872	1,306
30-59 Days Past Due [Member] | Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,298	1,289
30-59 Days Past Due [Member] | Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	574
30-59 Days Past Due [Member] | Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due		13
30-59 Days Past Due [Member] | Consumer [Member] | Passbook or Certificate and Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due		4
60-89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	489	239
60-89 Days Past Due [Member] | Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	267	239
60-89 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	192
60-89 Days Past Due [Member] | Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	30
90 Days Or More Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	3,387	4,342
90 Days Or More Past Due [Member] | Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	3,071	3,262
90 Days Or More Past Due [Member] | Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due		581
90 Days Or More Past Due [Member] | Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	244	439
90 Days Or More Past Due [Member] | Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	$ 72	$ 60

XML

Fair Value (Tables)

3 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

7. FAIR VALUE (CONT’D)

For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30 and March 31, 2015 are as follows:

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
			in Active		Other		Significant
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
June 30, 2015
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	10,778	$	—	$	10,778	$	—
Total securities available for sale	$	10,778	$	—	$	10,778	$	—
March 31, 2015
Securities available for sale:
Debt securities:
Government-sponsored enterprises	$	5,000	$	—	$	5,000	$	—
Mortgage-backed securities:
Federal National Mortgage Association		13,314		—		13,314		—
Total securities available for sale	$	18,314	$	—	$	18,314	$	—

Assets Measured at Fair Value on Non-Recurring Basis

For assets measured at fair value on a non-recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30 and March 31, 2015 are as follow:

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
June 30, 2015
Impaired loans	$	365	$	—	$	—	$	365
March 31, 2015
Impaired loans	$	245	$	—	$	—	$	245

Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value.

	Fair Value		Valuation	Unobservable	Range (Weighted
	Estimate		Techniques	Input	Average)
	(Dollars in Thousand)
June 30, 2015
Impaired Loans	$	365	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)
March 31, 2015
Impaired Loans	$	245	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)

(1) Fair value is based on third party appraisals.

(2) Includes estimated costs to sell.

Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and fair values of financial instruments are as follows:

					(Level 1)		(Level 2)
					Quoted Prices		Significant		(Level 3)
					in Active		Other		Significant
	Carrying		Estimated		Markets for		Observable		Unobservable
June 30, 2015	Value		Fair Value		IdenticalAssets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	23,498	$	23,498	$	23,498	$	—	$	—
Securities available for sale		10,778		10,778		—		10,778		—
Securities held to maturity		384,608		388,540		—		388,540		—
Net loans receivable		654,802		652,292		—		—		652,292
Federal Home Loan Bank of New York stock		6,085		6,085		—		6,085		—
Interest receivable		3,274		3,274		—		3,274		—
Financial liabilities:
Deposits		685,248		689,493		—		689,493		—
FHLB advances		107,500		110,600		—		110,600		—
Interest payable		252		252		—		252		—
					(Level 1)		(Level 2)
					Quoted Prices		Significant		(Level 3)
					in Active		Other		Significant
	Carrying		Estimated		Markets for		Observable		Unobservable
March 31, 2015	Value		Fair Value		Identical Assets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	49,308	$	49,308	$	49,308	$	—	$	—
Securities available for sale		18,314		18,314		—		18,314		—
Securities held to maturity		400,561		409,554		—		409,554		—
Net loans receivable		641,084		645,801		—		—		645,801
Federal Home Loan Bank of New York stock		6,041		6,041		—		6,041		—
Interest receivable		3,274		3,274		—		3,274		—
Financial liabilities:
Deposits		699,476		704,788		—		704,788		—
FHLB advances		107,500		111,008		—		111,008		—
Interest payable		244		244		—		244		—

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Securities - Contractual Maturity Data for Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Investment Holdings [Line Items]
Available for sale, Amortized Cost	$ 10,778	$ 18,107
Held to maturity, Amortized Cost	384,608	400,561
Available for sale, Fair Value	10,778
Held to maturity, Fair Value	388,540	409,554
Mortgage-Backed Securities [Member]
Investment Holdings [Line Items]
Available for sale, Due after five through ten years, Amortized Cost	2,045
Available for sale, Due after ten years, Amortized Cost	8,733
Held to maturity, Due after one through five years, Amortized Cost	13,196
Held to maturity, Due after five through ten years, Amortized Cost	73,716
Held to maturity, Due after ten years, Amortized Cost	179,633
Held to maturity, Amortized Cost	266,545	264,509
Available for sale, Due after five through ten years, Fair Value	2,017
Available for sale, Due after ten years, Fair Value	8,761
Held to maturity, Due after one through five years, Fair Value	13,040
Held to maturity, Due after five through ten years, Fair Value	73,188
Held to maturity, Due after ten years, Fair Value	183,382
Held to maturity, Fair Value	269,610	271,812
Debt Securities [Member]
Investment Holdings [Line Items]
Held to maturity, Due less than one year, Amortized Cost	16,343
Held to maturity, Due after one through five years, Amortized Cost	70,450
Held to maturity, Due after five through ten years, Amortized Cost	25,496
Held to maturity, Due after ten years, Amortized Cost	5,774
Held to maturity, Amortized Cost	118,063	136,052
Held to maturity, Due less than one year, Fair Value	16,604
Held to maturity, Due after one through five years, Fair Value	70,753
Held to maturity, Due after five through ten years, Fair Value	25,808
Held to maturity, Due after ten years, Fair Value	5,765
Held to maturity, Fair Value	$ 118,930	$ 137,742

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Fair Value - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014
Financial assets:
Cash and cash equivalents	$ 23,498	$ 49,308	$ 85,042	$ 192,581
Securities available for sale, at fair value	10,778	18,314
Securities held to maturity, Amortized Cost	384,608	400,561
Net loans receivable	654,802	641,084
Federal Home Loan Bank of New York stock	6,085	6,041
Interest receivable	3,274	3,274
Securities held to maturity, fair value	388,540	409,554
Financial liabilities:
Deposits	685,248	699,476
FHLB advances	107,500	107,500
Interest payable	252	244
Estimated Fair Value [Member]
Financial assets:
Securities available for sale, at fair value	10,778	18,314
Federal Home Loan Bank of New York stock	6,085	6,041
Interest receivable	3,274	3,274
Cash and cash equivalents	23,498	49,308
Securities held to maturity, fair value	388,540	409,554
Net loans receivable	652,292	645,801
Financial liabilities:
Interest payable	252	244
Deposits	689,493	704,788
FHLB advances	110,600	111,008
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member]
Financial assets:
Cash and cash equivalents	23,498	49,308
(Level 2) Significant Other Observable Inputs [Member]
Financial assets:
Securities available for sale, at fair value	10,778	18,314
Federal Home Loan Bank of New York stock	6,085	6,041
Interest receivable	3,274	3,274
Securities held to maturity, fair value	388,540	409,554
Financial liabilities:
Interest payable	252	244
Deposits	689,493	704,788
FHLB advances	110,600	111,008
(Level 3) Significant Unobservable Inputs [Member]
Financial assets:
Net loans receivable	$ 652,292	$ 645,801

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Comprehensive Income Net Of Tax [Abstract]
Net income		$ 1,658	$ 1,622
Other comprehensive (loss) income:
Gross unrealized holding (loss) gain on securities available for sale, net of income (taxes) benefit of $56 and $(25), respectively		(79)	37
Reclassification adjustment for net realized gains on securities available for sale, net of income taxes of $29 and $0, respectively	[1]	(43)
Benefit plan amortization, net of income tax benefit of $(9) and $(6), respectively	[2]	12	8
Total other comprehensive (loss) income		(110)	45
Total comprehensive income		$ 1,548	$ 1,667

[1] Net realized gain and related income taxes are included in the consolidated statements of income within the gain on sale of securities and income taxes lines, respectively.

[2] Benefit plan amounts represent the amortization of past service cost and unrecognized net loss; such amounts are included in the consolidated statements of income within the directors' compensation line. The related income tax amounts are included in income taxes.

XML

Basis of Presentation

3 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Basis of Presentation

1. BASIS OF PRESENTATION

The consolidated financial statements include the accounts of Clifton Bancorp Inc. (the “Company”), the Company’s wholly-owned subsidiary, Clifton Savings Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, Botany Inc. (“Botany”). The Company’s business consists principally of investing in securities and the operations of the Bank.  Botany’s business consists solely of holding investment and mortgage-backed securities, and Botany is treated under New Jersey tax law as a New Jersey investment company. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements were prepared in accordance with the instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, or cash flows in conformity with accounting principles generally accepted in the United States of America.  However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements have been included. The results of operations for the three month period ended June 30, 2015 are not necessarily indicative of the results which may be expected for the entire fiscal year or any other period. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods.  Actual results could differ from those estimates. These consolidated financial statements should be read in conjunction with the Clifton Bancorp’s audited consolidated financial statements and related notes thereto for the year ended March 31, 2015, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on June 5, 2015.

The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of June 30, 2015, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

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Securities - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2015 USD ($) Security	Jun. 30, 2014 USD ($)
Investment Holdings [Line Items]
Proceeds from sale of securities available for sale | $	$ 1,908,000	$ 0
Realized gain on securities available for sale | $	72,000	0
Proceeds from sale of held-to-maturity securities | $	$ 0	$ 0
Government-Sponsored Enterprises [Member]
Investment Holdings [Line Items]
Number of debt security not representing other than temporary impairment	4
Corporate Bonds [Member]
Investment Holdings [Line Items]
Number of debt security not representing other than temporary impairment	1
Municipal Bonds [Member]
Investment Holdings [Line Items]
Number of debt security not representing other than temporary impairment	8
Federal National Mortgage Association [Member]
Investment Holdings [Line Items]
Number of debt security not representing other than temporary impairment	34
Federal Home Loan Mortgage Corporation [Member]
Investment Holdings [Line Items]
Number of debt security not representing other than temporary impairment	8
Government National Mortgage Association [Member]
Investment Holdings [Line Items]
Number of debt security not representing other than temporary impairment	1
Minimum [Member] | Residential Mortgage Loans [Member]
Investment Holdings [Line Items]
Contractual maturities	15 years
Minimum [Member] | Multi-Family Real Estate [Member]
Investment Holdings [Line Items]
Contractual maturities	5 years
Maximum [Member] | Multi-Family Real Estate [Member]
Investment Holdings [Line Items]
Contractual maturities	10 years

XML

Fair Value - Assets Measured at Fair Value on Non-Recurring Basis (Detail) - Impaired Loan [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets measured on non-recurring basis	$ 365	$ 245
(Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets measured on non-recurring basis	$ 365	$ 245

XML

Loans Receivable and Allowance for Loan Losses (Tables)

3 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Summary of Loans by Segment

The following is a summary of loans by segment and the classes within those segments:

	June 30,			March 31,
	2015			2015
	(In Thousands)
Real estate:
One- to four-family	$	571,450		$	557,301
Multi-family		35,221			35,410
Commercial		38,195			38,838
Construction		582			611
		645,448			632,160
Consumer:
Second mortgage		7,114			7,121
Passbook or certificate		650			602
Equity lines of credit		2,778			2,556
Other loans		70			70
		10,612			10,349
Total Loans		656,060			642,509
Loans in process		(477	)		(533	)
Net purchase premiums, discounts, and deferred loan costs		2,744			2,583
		2,267			2,050
Total Loans, Net	$	658,327		$	644,559

Allowance for Loan Losses

The change in the allowance for loan losses for the three months ended June 30, 2015 and 2014 is as follows:

												Second		Passbook or
	One- to Four											Mortgage and		Certificate
	-Family			Multi-Family			Commercial			Construction		Equity Lines		and Other
	Real Estate			Real Estate			Real Estate			Real Estate		of Credit		Loans		Unallocated		Total
	(In Thousands)
At March 31, 2015:
Total allowance for    loan losses	$	2,704		$	350		$	353		$	1	$	42	$	—	$	25	$	3,475
Charge-offs		(26	)		—			—			—		—		—		—		(26	)
Recoveries		3			—			—			—		—		—		—		3
Provision charged to    operations		143			(50	)		(25	)		—		3		—		2		73
At June 30, 2015:
Total allowance for    loan losses	$	2,824		$	300		$	328		$	1	$	45	$	—	$	27	$	3,525

										Second			Passbook or
	One- to Four									Mortgage and			Certificate
	-Family			Multi-Family		Commercial		Construction		Equity Lines			and Other
	Real Estate			Real Estate		Real Estate		Real Estate		of Credit			Loans		Unallocated			Total
	(In Thousands)
At March 31, 2014:
Total allowance for    loan losses	$	2,460		$	186	$	224	$	2	$	45		$	1	$	153		$	3,071
Charge-offs		(84	)																(84	)
Recoveries		—			—		—		—		—			—		—			—
Provision charged to    operations		144			61		42		—		(2	)		—		(107	)		138
At June 30, 2014:
Total allowance for    loan losses	$	2,520		$	247	$	266	$	2	$	43		$	1	$	46		$	3,125

The following table presents the allocation of the allowance for loan losses and related loans by loan class at June 30 and March 31, 2015.

									Second		Passbook or
	One-to-Four								Mortgage and		Certificate
	Family		Multi-Family		Commercial		Construction		Equity Lines		and Other
June 30, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Unallocated		Total
	(In Thousands)
Allowance for loan    losses:
Individually    evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively    evaluated for    impairment		2,824		300		328		1		45		—		27		3,525
Total	$	2,824	$	300	$	328	$	1	$	45	$	—	$	27	$	3,525
Loans:
Individually    evaluated for    impairment	$	1,088	$	776	$	436	$	—	$	12	$	—	$	—	$	2,312
Collectively    evaluated for    impairment		570,362		34,445		37,759		582		9,880		720		—		653,748
Total	$	571,450	$	35,221	$	38,195	$	582	$	9,892	$	720	$	—	$	656,060

									Second		Passbook or
	One-to-Four								Mortgage and		Certificate
	Family		Multi-Family		Commercial		Construction		Equity Lines		and Other
March 31, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Unallocated		Total
	(In Thousands)
Allowance for loan    losses:
Individually    evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively    evaluated for    impairment		2,704		350		353		1		42		—		25		3,475
Total	$	2,704	$	350	$	353	$	1	$	42	$	—	$	25	$	3,475
Loans:
Individually    evaluated for    impairment	$	885	$	784	$	439	$	—	$	13	$	—	$	—	$	2,121
Collectively    evaluated for    impairment		556,416		34,626		38,399		611		9,664		672		—		640,388
Total	$	557,301	$	35,410	$	38,838	$	611	$	9,677	$	672	$	—	$	642,509

Aggregate Amount of Classified Loan Balances

The aggregate amount of classified loan balances are as follows at June 30 and March 31, 2015:

									Second		Passbookor
	One- to Four								Mortgage and		Certificate
	-Family		Multi-family		Commercial		Construction		Equity Lines		and Other		Total
June 30, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Loans
	(In Thousands)
Non-classified:	$	566,403	$	34,647	$	37,759	$	582	$	9,815	$	720	$	649,926
Classified:
Special mention		789		—		—		—		5		—		794
Substandard		4,258		574		436		—		72		—		5,340
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	571,450	$	35,221	$	38,195	$	582	$	9,892	$	720	$	656,060
									Second		Passbook or
	One- toFour								Mortgage and		Certificate
	-Family		Multi-family		Commercial		Construction		Equity Lines		and Other		Total
March 31, 2015	Real Estate		Real Estate		Real Estate		Real Estate		of Credit		Loans		Loans
	(In Thousands)
Non-classified:	$	551,680	$	34,829	$	38,399	$	611	$	9,585	$	672		635,776
Classified:
Special mention		1,008		—		—		—		19		—		1,027
Substandard		4,613		581		439		—		73		—		5,706
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	557,301	$	35,410	$	38,838	$	611	$	9,677	$	672	$	642,509

Information with Respect to Nonaccrual Loans

The following table provides information with respect to the Bank’s nonaccrual loans at June 30 and March 31, 2015.

	June 30, 2015		March 31, 2015
	(In Thousands)
Nonaccrual loans:
Real estate loans:
One- to four-family	$	4,258	$	4,555
Multi-family		574		581
Commercial		436		439
Consumer and other loans:
Second mortgage		72		73
Total nonaccrual loans	$	5,340	$	5,648

Information about Delinquencies in Loan Portfolio

The following table provides information about delinquencies in the Bank’s loan portfolio at June 30 and March 31, 2015.

	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
June 30, 2015	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	2,298	$	267	$	3,071	$	5,636	$	565,814	$	571,450
Multi-family		574		—		—		574		34,647		35,221
Commercial		—		192		244		436		37,759		38,195
Construction		—		—		—		—		582		582
Consumer and other loans:
Second mortgage and equity lines of credit		—		30		72		102		9,790		9,892
Passbook or certificate and other loans		—		—		—		—		720		720
Total	$	2,872	$	489	$	3,387	$	6,748	$	649,312	$	656,060

	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
March 31, 2015	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	1,289	$	239	$	3,262	$	4,790	$	552,511	$	557,301
Multi-family		—		—		581		581		34,829		35,410
Commercial		—		—		439		439		38,399		38,838
Construction		—		—		—		—		611		611
Consumer and other loans:
Second mortgage and equity lines of credit		13		—		60		73		9,604		9,677
Passbook or certificate and other loans		4		—		—		4		668		672
Total	$	1,306	$	239	$	4,342	$	5,887	$	636,622	$	642,509

Impaired Loans, None of Which had Related Allowance

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

Impaired loans, none of which had a related allowance at or for the three months ending June 30, 2015 and 2014, and at or for the year ended March 31, 2015, were as follows:

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended June 30, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,088	$	1,260	$	1,005	$	7
Multi-family		776		801		779		15
Commercial		436		436		437		4
Consumer and other loans:
Second mortgage		12		12		12		—
Total impaired loans	$	2,312	$	2,509	$	2,233	$	26

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended June 30, 2014	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	766	$	943	$	621	$	2
Multi-family		207		234		207		3
Commercial		246		246		246		3
Total impaired loans	$	1,219	$	1,423	$	1,074	$	8
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Year Ended March 31, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One- to four-family	$	885	$	1,058	$	746	$	20
Multi-family		784		810		250		12
Commercial		439		439		351		16
Consumer and other loans
Second mortgage		13		13		4		—
Total impaired loans	$	2,121	$	2,320	$	1,351	$	48

Troubled Debt Restructurings by Class

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table presents troubled debt restructurings by class during the period indicated.

		Pre-restructuring		Post-restructuring
		Outstanding		Outstanding		Charge-off
	Number of	Recorded		Recorded		RecordedUpon
	Loans	Investment		Investment		Restructuring
		(Dollar In Thousands)
Three Months Ended June 30, 2015
One- to Four-Family Real Estate	1	$	86	$	99	$	—
Three Months Ended June 30, 2014
One- to Four-Family Real Estate	1	$	210	$	214	$	7

The restructuring of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan, capitalization of prior past dues, and payment recalculation and re-amortization.