Clifton Savings Bancorp, Inc. Announces 3rd
Quarter Results
February 01, 2010 11:20 AM Eastern Time
CLIFTON, N.J.--(EON: Enhanced Online News)--Clifton Savings Bancorp, Inc. (Nasdaq Global Select Market:
CSBK) (the “Company”), the holding company of Clifton Savings Bank (the “Bank”), today announced the results
of its operations for the three and nine months ended December 31, 2009. Net income was $1.98 million for the
three months ended December 31, 2009, an increase of $437,000, or 28.3%, as compared to $1.55 million for the
three months ended December 31, 2008. Net income was $4.15 million for the nine months ended December 31,
2009, an increase of $106,000, or 2.6%, as compared to $4.04 million for the nine months ended December 31,
2008. Net income increased for both periods primarily as a result of an increase in net interest income. During the
three months ended December 31, 2009 this increase was partially offset by increases in non-interest expense and
income tax expense. During the nine months ended December 31, 2009 the increase in net interest income was
partially offset by increases in provision for loan losses, non-interest expense and income tax expense. Both basic
and diluted earnings per common share were $0.08 for the three months ended December 31, 2009, an increase of
$0.02, or 33.3%, as compared to $0.06 for the three months ended December 31, 2008. Both basic and diluted
earnings per common share were $0.16 for the nine months ended December 31, 2009, an increase of $0.01, or
6.67%, as compared to $0.15 for the nine months ended December 31, 2008. Cash dividends paid per common
share were $0.05 for both the three months ended December 31, 2009 and 2008, and $0.15 for both the nine
months ended December 31, 2009 and 2008.
Net interest income increased $995,000, or 20.4%, for the three months ended December 31, 2009, to $5.87
million as compared to $4.88 million for three months ended December 31, 2008, reflecting a 17 basis point
increase in the net interest marg