Clifton Savings Bancorp, Inc. Announces 1st
Quarter Results
July 28, 2010 01:36 PM 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 ended June 30, 2010. Net income was $2.17 million for the three months
ended June 30, 2010, an increase of $1.33 million, or 157.1%, as compared to $844,000 for the three months
ended June 30, 2009. Net income significantly increased for the three months ended June 30, 2010 primarily as a
result of an increase in net interest income of $1.86 million, or 40.6%, coupled with decreases in provision for loan
losses and non interest expense, which was partially offset by an increase in income tax expense. Both basic and
diluted earnings per common share were $0.08 for the three months ended June 30, 2010, an increase of $0.05, or
166.7%, as compared to $0.03 for the three months ended June 30, 2009. Cash dividends paid per common share
were $0.06 for the three months ended June 30, 2010, an increase of $0.01, or 20.0 %, as compared to $0.05 for
the three months ended June 2009.
Net interest income increased $1.86 million, or 40.6%, for the three months ended June 30, 2010, to $6.45 million
as compared to $4.59 million for three months ended June 30, 2009, reflecting a 47 basis point increase in net
interest margin coupled with an increase of $20.9 million in average net interest-earning assets. Average interest-
earning assets increased $126.2 million, or 14.2%, during the 2010 period, which consisted of increases of $4.5
million in loans, $34.0 million in mortgage-backed securities, and $94.6 million in investment securities, partially
offset by a decrease of $6.9 million in other interest-earning assets. Loans, mortgage-backed and investment
securities increased primarily due to the redeployment of funds resulting from a significant growt