Clifton Savings Bancorp, Inc. Announces 4th
Quarter and Year End Results
April 28, 2010 09:33 AM Eastern Daylight 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 months and year ended March 31, 2010. Net income was $2.15 million for the three
months ended March 31, 2010, an increase of $1.05 million, or 96.3%, as compared to $1.10 million for the three
months ended March 31, 2009. Net income was $6.30 million for the year ended March 31, 2010, an increase of
$1.16 million, or 22.6%, as compared to $5.14 million for year ended March 31, 2009. Net income increased for
both the three months and year ended March 31, 2010 primarily as a result of an increase in net interest income of
$1.6 million, or 33.7%, and $3.5 million, or 19.1%, respectively. During the three months ended March 31, 2010
this increase, coupled with a decrease in provision for loan losses, was partially offset by an increase in income tax
expense. During the year ended March 31, 2010 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 March 31, 2010, an increase of $0.04, or 100.0%, as
compared to $0.04 for the three months ended March 31, 2009. Both basic and diluted earnings per common share
were $0.24 for the year ended March 31, 2010, an increase of $0.04, or 20.0%, as compared to $0.20 for the year
ended March 31, 2009. Cash dividends paid per common share were $0.05 for both the three months ended
March 31, 2010 and 2009, and $0.20 for both the years ended March 31, 2010 and 2009.
Net interest income increased $1.6 million, or 34.0%, for the three months ended March 31, 2010, to $6.3 million
as compared to $4.7 million for three months ende