Clifton Bancorp Inc. (Nasdaq: CSBK) (the “Company”), the holding company
for Clifton Savings Bank, today announced results for the second quarter
ended September 30, 2015. Net income for the second quarter was $1.54
million ($0.06 per diluted share) as compared to net income of $1.48
million ($0.06 per diluted share) for the quarter ended September 30,
2014. Net income for the six months ended September 30, 2015 was $3.20
million ($0.13 per diluted share) as compared to $3.10 million ($0.12
per diluted share) for the same period in 2014.
The Company also announced today that it has expanded its stock
repurchase program to acquire an additional 2,569,000 shares of the
Company’s outstanding common stock. Through October 27, 2015, the
Company has repurchased approximately 2,322,000 shares at a weighted
average share price of $13.81 per share. The expanded repurchase program
authorizes the Company to repurchase approximately 10% of shares
currently outstanding. Repurchases will be made through open market
purchases or through privately negotiated transactions from time to time
depending on market conditions and other factors.
Notable Items
-
Net loan portfolio growth of 5.6% since March 31, 2015, and 3.4% since
June 30, 2015;
-
Nonperforming loans to total gross loans decreased to 0.64% at
September 30, 2015;
-
The Compensation Committee of the Company’s Board of Directors
approved restricted stock and stock option grants of approximately
512,000 and 1,109,000 shares, respectively, during the quarter ended
September 30, 2015; and
-
791,900 shares of common stock were repurchased during the second
quarter of 2015 at a weighted average share price of $13.87.
Paul M. Aguggia, Chairman, President, and Chief Executive Officer,
stated, “We continue to build our core business to compete more
effectively in our markets. We are pleased to report consistent
quarterly income and stellar asset quality while we invest in the
Company operationally and through repurchases of our shares.”
Balance Sheet and Credit Quality Review
Total assets decreased $33.0 million, or 2.8%, to $1.15 billion at
September 30, 2015, from $1.19 billion at March 31, 2015. The decrease
in total assets was primarily due to a decrease in cash, a significant
amount of which was used to repurchase stock.
Net loans increased $36.2 million, or 5.7%, to $677.3 million at
September 30, 2015 from $641.1 million at March 31, 2015 primarily due
to growth in the residential real estate loan portfolio. Securities
decreased $39.3 million, or 9.4%, to $379.6 million at September 30,
2015 from $418.9 million at March 31, 2015, mainly as a result of calls,
maturities and repayments on securities. Cash and cash equivalents were
mostly redeployed into loans. Securities totaling $1.9 million were sold
during the six months ended September 30, 2015, resulting in a gain of
$72,000. Cash and cash equivalents decreased $31.4 million, or 63.8%, to
$17.9 million at September 30, 2015 from $49.3 million at March 31, 2015.
Deposits decreased $20.9 million, or 3.0%, to $678.6 million at
September 30, 2015 from $699.5 million at March 31, 2015, mainly due to
our continued management of the cost of funds by allowing controlled,
higher priced time deposit runoff. Borrowed funds increased $16.5
million, or 15.4%, to $124.0 million at September 30, 2015 from $107.5
million at March 31, 2015, as borrowings were utilized to fund loan
growth. The outstanding borrowings as of September 30, 2015 have an
average rate of 2.03% and such borrowings have an average term of 18
months. All outstanding borrowings are with the Federal Home Loan Bank
of New York.
Total stockholders’ equity decreased $29.7 million, or 8.1%, to $338.3
million at September 30, 2015 from $368.0 million at March 31, 2015,
primarily as a result of $31.4 million in repurchases of common stock,
and $4.5 million in cash dividends, partially offset by net income of
$3.2 million.
Non-accrual loans decreased $1.3 million, or 23.3%, to $4.3 million at
September 30, 2015 from $5.6 million at March 31, 2015. Included in
non-accrual loans at September 30, 2015 were seven loans totaling $1.2
million that were current or less than 90 days delinquent, but which
were previously 90 days or more delinquent and on a non-accrual status
pending a sustained period of repayment performance (generally six
months). The percentage of nonperforming loans to total gross loans
decreased to 0.64% at September 30, 2015 from 0.88% at March 31, 2015.
The allowance for loan losses to nonperforming loans increased to 83.72%
at September 30, 2015 from 61.53% at March 31, 2015.
Income Statement Review
Net interest income decreased by $42,000, or 0.6%, to $6.54 million for
the three months ended September 30, 2015 as compared to $6.58 million
for the three months ended September 30, 2014, despite an increase of
$15.1 million in average net interest-earning assets, coupled with an
increase of 9 basis points in net interest margin.
Net interest income increased $134,000, or 1.0%, to $13.12 million for
the six months ended September 30, 2015 as compared to $12.98 million
for the six months ended September 30, 2014, reflecting an increase of
$48.7 million in average net interest-earning assets, coupled with an
increase of 7 basis points in net interest margin.
The provision for loan losses decreased $201,000, or 66.8%, to $100,000
for the three months ended September 30, 2015, as compared to $301,000
for the three months ended September 30, 2014, and decreased $266,000,
or 60.6%, to $173,000 for the six months ended September 30, 2015, as
compared to $439,000 for the six months ended September 30, 2014. The
decreases for the 2015 periods were mainly the result of overall
favorable trends in qualitative factors related to delinquencies
considered in the periodic review of the general valuation allowance,
and the decrease in charge-offs.
Non-interest income decreased $22,000, or 4.6%, to $452,000 for the
three months ended September 30, 2015 from $474,000 for the three months
ended September 30, 2014, due to a decrease in fees and service charges
on loans and deposits. Non-interest income increased $144,000, or 17.5%,
to $966,000 for the six months ended September 30, 2015 from $822,000
for the six months ended September 30, 2014. The increase was mainly
attributable to an increase in income from bank owned life insurance,
net of a decrease in gains on sales of securities. Securities available
for sale totaling $1.9 million were sold during the six months ended
September 30, 2015, resulting in a gain of $72,000, while securities
available for sale totaling $1.0 million were sold during the six months
ended September 30, 2014, resulting in a gain of $102,000.
Non-interest expenses increased $48,000, or 1.1%, to $4.58 million for
the three months ended September 30, 2015, as compared to $4.53 million
for the three months ended September 30, 2014. Non-interest expenses
increased $426,000, or 4.9%, to $9.10 million for the six months ended
September 30, 2015, as compared to $8.67 million for the six months
ended September 30, 2014. The increase for the six month period was
driven by increases in salaries and employee benefits and professional
services, partially offset by a decrease in directors’ compensation. 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 and expenses related to the
granting of equity awards under the 2015 Equity Incentive Plan.
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 as well as an increase in
consulting expense. The decrease in directors’ compensation in the
current year related to the prior year including a charge recorded as a
result of a lump sum payment from the directors’ retirement plan.
About Clifton Bancorp Inc.
Clifton Bancorp Inc. is the holding company of Clifton Savings Bank, a
federally chartered savings bank headquartered in Clifton, New Jersey.
Clifton Savings Bank is an organization with dedicated people serving
communities, residents and businesses. Clifton Savings operates 11
full-service banking offices located in the diverse and vibrant
Northeastern counties of New Jersey.
Forward-Looking Statements
Clifton Bancorp makes forward-looking statements in this news release.
These forward-looking statements may include: statements of goals,
intentions, earnings expectations, and other expectations; estimates of
risks and of future costs and benefits; assessments of probable loan and
lease losses; assessments of market risk; and statements of the ability
to achieve financial and other goals.
Forward-looking statements are typically identified by words such as
“believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,”
“forecast,” “project” and other similar words and expressions.
Forward-looking statements are subject to numerous assumptions, risks
and uncertainties, which change over time. Forward-looking statements
speak only as of the date they are made. Clifton Bancorp does not assume
any duty and does not undertake to update its forward-looking
statements. Because forward-looking statements are subject to
assumptions and uncertainties, actual results or future events could
differ, possibly materially, from those that Clifton Bancorp anticipated
in its forward-looking statements and future results could differ
materially from historical performance.
Clifton Bancorp’s forward-looking statements are subject to the
following principal risks and uncertainties: general economic conditions
and trends, either nationally or locally; conditions in the securities
markets; changes in interest rates; changes in deposit flows, and in the
demand for deposit, loan, and investment products and other financial
services; changes in real estate values; changes in the quality or
composition of the loan or investment portfolios; changes in competitive
pressures among financial institutions or from non-financial
institutions; the ability to retain key members of management; changes
in legislation, regulations, and policies; and a variety of other
matters which, by their nature, are subject to significant
uncertainties. Clifton Bancorp provides greater detail regarding some of
these factors in the “Risk Factors” section of its Annual Report on Form
10-K, which was filed on June 5, 2015. Clifton Bancorp’s forward-looking
statements may also be subject to other risks and uncertainties,
including those that it may discuss elsewhere in this news release or in
its filings with the SEC, accessible on the SEC’s website at www.sec.gov.
|
|
|
Selected Consolidated Financial Condition Data
|
|
|
|
|
|
|
|
At September 30,
|
|
At March 31,
|
|
|
2015
|
|
2015
|
|
|
(In thousands)
|
Financial Condition Data:
|
|
|
|
|
Total assets
|
|
$
|
1,153,895
|
|
$
|
1,186,924
|
Loans receivable, net
|
|
|
677,286
|
|
|
641,084
|
Cash and cash equivalents
|
|
|
17,869
|
|
|
49,308
|
Securities
|
|
|
379,582
|
|
|
418,875
|
Deposits
|
|
|
678,624
|
|
|
699,476
|
FHLB advances
|
|
|
124,000
|
|
|
107,500
|
Total stockholders' equity
|
|
|
338,267
|
|
|
368,001
|
|
|
|
|
|
|
|
|
Selected Consolidated Operating Data
|
|
|
|
|
Three Months Ended September 30,
|
|
Six Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
Operating Data:
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
8,739
|
|
$
|
8,899
|
|
$
|
17,451
|
|
$
|
17,611
|
Interest expense
|
|
|
2,199
|
|
|
2,317
|
|
|
4,334
|
|
|
4,628
|
Net interest income
|
|
|
6,540
|
|
|
6,582
|
|
|
13,117
|
|
|
12,983
|
Provision for loan losses
|
|
|
100
|
|
|
301
|
|
|
173
|
|
|
439
|
Net interest income after provision for
|
|
|
|
|
|
|
|
|
loan losses
|
|
|
6,440
|
|
|
6,281
|
|
|
12,944
|
|
|
12,544
|
Non-interest income
|
|
|
452
|
|
|
474
|
|
|
966
|
|
|
822
|
Non-interest expenses
|
|
|
4,580
|
|
|
4,532
|
|
|
9,095
|
|
|
8,669
|
Income before income taxes
|
|
|
2,312
|
|
|
2,223
|
|
|
4,815
|
|
|
4,697
|
Income taxes
|
|
|
772
|
|
|
744
|
|
|
1,617
|
|
|
1,596
|
Net income
|
|
$
|
1,540
|
|
$
|
1,479
|
|
$
|
3,198
|
|
$
|
3,101
|
Basic earnings per share
|
|
$
|
0.06
|
|
$
|
0.06
|
|
$
|
0.13
|
|
$
|
0.12
|
Diluted earnings per share
|
|
$
|
0.06
|
|
$
|
0.06
|
|
$
|
0.13
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
Average shares outstanding - basic
|
|
|
24,554
|
|
|
25,333
|
|
|
24,988
|
|
|
25,289
|
Average shares outstanding - diluted
|
|
|
24,608
|
|
|
25,521
|
|
|
25,052
|
|
|
25,467
|
|
|
|
|
Average Balance Table
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
|
Average Balance
|
|
Interest and Dividends
|
|
Yield/ Cost
|
|
Average Balance
|
|
Interest and Dividends
|
|
Yield/ Cost
|
Assets:
|
|
(Dollars in thousands)
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
|
$
|
666,434
|
|
$
|
6,090
|
|
3.66%
|
|
$
|
613,604
|
|
$
|
5,799
|
|
3.78%
|
Mortgage-backed securities
|
|
|
273,417
|
|
|
1,899
|
|
2.78%
|
|
|
303,938
|
|
|
2,339
|
|
3.08%
|
Investment securities
|
|
|
116,350
|
|
|
678
|
|
2.33%
|
|
|
155,274
|
|
|
666
|
|
1.72%
|
Other interest-earning assets
|
|
|
21,280
|
|
|
72
|
|
1.35%
|
|
|
52,979
|
|
|
95
|
|
0.72%
|
Total interest-earning assets
|
|
|
1,077,481
|
|
|
8,739
|
|
3.24%
|
|
|
1,125,795
|
|
|
8,899
|
|
3.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-earning assets
|
|
|
77,426
|
|
|
|
|
|
|
101,666
|
|
|
|
|
Total assets
|
|
$
|
1,154,907
|
|
|
|
|
|
$
|
1,227,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand accounts
|
|
$
|
52,423
|
|
|
15
|
|
0.11%
|
|
$
|
55,643
|
|
|
19
|
|
0.14%
|
Savings and Club accounts
|
|
|
142,039
|
|
|
58
|
|
0.16%
|
|
|
139,394
|
|
|
61
|
|
0.18%
|
Certificates of deposit
|
|
|
473,311
|
|
|
1,514
|
|
1.28%
|
|
|
528,996
|
|
|
1,645
|
|
1.24%
|
Total interest-bearing deposits
|
|
|
667,773
|
|
|
1,587
|
|
0.95%
|
|
|
724,033
|
|
|
1,725
|
|
0.95%
|
FHLB Advances
|
|
|
116,625
|
|
|
612
|
|
2.10%
|
|
|
123,750
|
|
|
592
|
|
1.91%
|
Total interest-bearing liabilities
|
|
|
784,398
|
|
|
2,199
|
|
1.12%
|
|
|
847,783
|
|
|
2,317
|
|
1.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits
|
|
|
13,898
|
|
|
|
|
|
|
11,180
|
|
|
|
|
Other non-interest-bearing liabilities
|
|
|
12,971
|
|
|
|
|
|
|
11,412
|
|
|
|
|
Total non-interest-bearing liabilities
|
|
|
26,869
|
|
|
|
|
|
|
22,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
811,267
|
|
|
|
|
|
|
870,375
|
|
|
|
|
Stockholders' equity
|
|
|
343,640
|
|
|
|
|
|
|
357,086
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,154,907
|
|
|
|
|
|
$
|
1,227,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
$
|
6,540
|
|
|
|
|
|
$
|
6,582
|
|
|
Interest rate spread
|
|
|
|
|
|
2.12%
|
|
|
|
|
|
2.07%
|
Net interest margin
|
|
|
|
|
|
2.43%
|
|
|
|
|
|
2.34%
|
Average interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
to average interest-bearing liabilities
|
|
|
1.37x
|
|
|
|
|
|
1.33x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
|
Average Balance
|
|
Interest and Dividends
|
|
Yield/ Cost
|
|
Average Balance
|
|
Interest and Dividends
|
|
Yield/ Cost
|
Assets:
|
|
(Dollars in thousands)
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
|
$
|
656,681
|
|
$
|
12,074
|
|
3.68%
|
|
$
|
604,559
|
|
$
|
11,475
|
|
3.80%
|
Mortgage-backed securities
|
|
|
276,092
|
|
|
3,841
|
|
2.78%
|
|
|
304,918
|
|
|
4,704
|
|
3.09%
|
Investment securities
|
|
|
122,985
|
|
|
1,387
|
|
2.26%
|
|
|
146,552
|
|
|
1,256
|
|
1.71%
|
Other interest-earning assets
|
|
|
28,795
|
|
|
149
|
|
1.03%
|
|
|
50,454
|
|
|
176
|
|
0.70%
|
Total interest-earning assets
|
|
|
1,084,553
|
|
|
17,451
|
|
3.22%
|
|
|
1,106,483
|
|
|
17,611
|
|
3.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-earning assets
|
|
|
78,857
|
|
|
|
|
|
|
130,394
|
|
|
|
|
Total assets
|
|
$
|
1,163,410
|
|
|
|
|
|
$
|
1,236,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand accounts
|
|
$
|
53,107
|
|
|
30
|
|
0.11%
|
|
$
|
56,243
|
|
|
37
|
|
0.13%
|
Savings and Club accounts
|
|
|
141,918
|
|
|
116
|
|
0.16%
|
|
|
141,447
|
|
|
124
|
|
0.18%
|
Certificates of deposit
|
|
|
478,253
|
|
|
3,014
|
|
1.26%
|
|
|
531,409
|
|
|
3,281
|
|
1.23%
|
Total interest-bearing deposits
|
|
|
673,278
|
|
|
3,160
|
|
0.94%
|
|
|
729,099
|
|
|
3,442
|
|
0.94%
|
FHLB Advances
|
|
|
112,714
|
|
|
1,174
|
|
2.08%
|
|
|
127,500
|
|
|
1,186
|
|
1.86%
|
Total interest-bearing liabilities
|
|
|
785,992
|
|
|
4,334
|
|
1.10%
|
|
|
856,599
|
|
|
4,628
|
|
1.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits
|
|
|
13,701
|
|
|
|
|
|
|
11,967
|
|
|
|
|
Other non-interest-bearing liabilities
|
|
|
12,184
|
|
|
|
|
|
|
12,513
|
|
|
|
|
Total non-interest-bearing liabilities
|
|
|
25,885
|
|
|
|
|
|
|
24,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
811,877
|
|
|
|
|
|
|
881,079
|
|
|
|
|
Stockholders' equity
|
|
|
351,533
|
|
|
|
|
|
|
355,798
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,163,410
|
|
|
|
|
|
$
|
1,236,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
$
|
13,117
|
|
|
|
|
|
$
|
12,983
|
|
|
Interest rate spread
|
|
|
|
|
|
2.12%
|
|
|
|
|
|
2.10%
|
Net interest margin
|
|
|
|
|
|
2.42%
|
|
|
|
|
|
2.35%
|
Average interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
to average interest-bearing liabilities
|
|
|
1.38x
|
|
|
|
|
|
1.29x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data
|
|
|
|
|
|
|
Six Months Ended September
30,
|
|
Year Ended March 31,
|
|
|
2015
|
|
2015
|
|
|
(Dollars in thousands)
|
Allowance for loan losses:
|
|
|
|
|
Allowance at beginning of period
|
|
$
|
3,475
|
|
$
|
3,071
|
Provision for loan losses
|
|
|
173
|
|
|
717
|
|
|
|
|
|
Charge-offs
|
|
|
(26)
|
|
|
(313)
|
Recoveries
|
|
|
3
|
|
|
-
|
Net charge-offs
|
|
|
(23)
|
|
|
(313)
|
|
|
|
|
|
Allowance at end of period
|
|
$
|
3,625
|
|
$
|
3,475
|
|
|
|
|
|
Allowance for loan losses to total gross loans
|
|
|
0.53%
|
|
|
0.54%
|
Allowance for loan losses to nonperforming loans
|
|
|
83.72%
|
|
|
61.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30,
|
|
At March 31,
|
|
|
2015
|
|
2015
|
|
|
(Dollars in thousands)
|
Nonperforming Assets:
|
|
|
|
|
Nonaccrual loans:
|
|
|
|
|
One- to four-family real estate
|
|
$
|
3,452
|
|
$
|
4,555
|
Multi-family real estate
|
|
|
568
|
|
|
581
|
Commercial real estate
|
|
|
192
|
|
|
439
|
Construction real estate
|
|
|
49
|
|
|
-
|
Consumer real estate
|
|
|
69
|
|
|
73
|
Total nonaccrual loans
|
|
|
4,330
|
|
|
5,648
|
Real estate owned
|
|
|
-
|
|
|
-
|
Total nonperforming assets
|
|
$
|
4,330
|
|
$
|
5,648
|
|
|
|
|
|
Total nonperforming loans to total gross loans
|
|
|
0.64%
|
|
|
0.88%
|
Total nonperforming assets to total assets
|
|
|
0.38%
|
|
|
0.48%
|
|
|
|
|
Selected Consolidated Financial Ratios
|
|
|
|
|
Three Months Ended September 30,
|
|
Six Months Ended September 30,
|
Selected Performance Ratios (1):
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Return on average assets
|
|
0.53%
|
|
0.48%
|
|
0.55%
|
|
0.50%
|
Return on average equity
|
|
1.79%
|
|
1.66%
|
|
1.82%
|
|
1.74%
|
Interest rate spread
|
|
2.12%
|
|
2.07%
|
|
2.12%
|
|
2.10%
|
Net interest margin
|
|
2.43%
|
|
2.34%
|
|
2.42%
|
|
2.35%
|
Non-interest expenses to average assets
|
|
1.59%
|
|
1.48%
|
|
1.56%
|
|
1.40%
|
Efficiency ratio (2)
|
|
65.50%
|
|
64.23%
|
|
64.58%
|
|
62.80%
|
Average interest-earning assets to average
|
|
|
|
|
|
|
|
|
interest-bearing liabilities
|
|
1.37x
|
|
1.33x
|
|
1.38x
|
|
1.29x
|
Average equity to average assets
|
|
29.75%
|
|
29.09%
|
|
30.22%
|
|
28.77%
|
Dividend payout ratio
|
|
95.06%
|
|
102.64%
|
|
139.15%
|
|
146.53%
|
Net charge-offs to average ourtstanding loans during the periods
|
|
0.00%
|
|
0.03%
|
|
0.00%
|
|
0.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Performance ratio are annualized.
|
(2)
|
|
Represents non-interest expense divided by the sum of net interest
income and non-interest income including gains and losses on the
sale of assets.
|
|
|
Quarterly Data
|
|
Quarter Ended
|
|
|
September 30, 2015
|
|
June 30, 2015
|
|
March 31, 2015
|
|
December 31, 2014
|
|
September 30, 2014
|
|
|
(In thousands except shares and per share data)
|
Operating Data
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
8,739
|
|
$
|
8,712
|
|
$
|
8,558
|
|
$
|
8,993
|
|
$
|
8,899
|
Interest expense
|
|
|
2,199
|
|
|
2,135
|
|
|
2,157
|
|
|
2,249
|
|
|
2,317
|
Net interest income
|
|
|
6,540
|
|
|
6,577
|
|
|
6,401
|
|
|
6,744
|
|
|
6,582
|
Provision for loan losses
|
|
|
100
|
|
|
73
|
|
|
100
|
|
|
178
|
|
|
301
|
Net interest income after provision for
|
|
|
|
|
|
|
|
|
|
|
loan losses
|
|
|
6,440
|
|
|
6,504
|
|
|
6,301
|
|
|
6,566
|
|
|
6,281
|
Non-interest income
|
|
|
452
|
|
|
514
|
|
|
3,094
|
|
|
397
|
|
|
474
|
Non-interest expenses
|
|
|
4,580
|
|
|
4,515
|
|
|
4,362
|
|
|
4,075
|
|
|
4,532
|
Income before income taxes
|
|
|
2,312
|
|
|
2,503
|
|
|
5,033
|
|
|
2,888
|
|
|
2,223
|
Income taxes
|
|
|
772
|
|
|
845
|
|
|
1,520
|
|
|
948
|
|
|
744
|
Net income
|
|
$
|
1,540
|
|
$
|
1,658
|
|
$
|
3,513
|
|
$
|
1,940
|
|
$
|
1,479
|
|
|
|
|
|
|
|
|
|
|
|
Share Data
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.06
|
|
$
|
0.07
|
|
$
|
0.14
|
|
$
|
0.08
|
|
$
|
0.06
|
Diluted earnings per share
|
|
$
|
0.06
|
|
$
|
0.07
|
|
$
|
0.13
|
|
$
|
0.08
|
|
$
|
0.06
|
Dividends per share
|
|
$
|
0.06
|
|
$
|
0.12
|
|
$
|
0.06
|
|
$
|
0.06
|
|
$
|
0.06
|
Average shares outstanding - basic
|
|
|
24,554
|
|
|
25,421
|
|
|
25,979
|
|
|
25,594
|
|
|
25,333
|
Average shares outstanding - diluted
|
|
|
24,608
|
|
|
25,494
|
|
|
26,073
|
|
|
25,728
|
|
|
25,521
|
Shares outstanding at period end
|
|
|
25,745
|
|
|
25,960
|
|
|
27,326
|
|
|
27,145
|
|
|
26,676
|
|
|
|
|
|
|
|
|
|
|
|
Financial Condition Data
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,153,895
|
|
$
|
1,152,707
|
|
$
|
1,186,924
|
|
$
|
1,198,171
|
|
$
|
1,211,527
|
Loans receivable, net
|
|
|
677,286
|
|
|
654,802
|
|
|
641,084
|
|
|
628,872
|
|
|
617,024
|
Cash and cash equivalents
|
|
|
17,869
|
|
|
23,498
|
|
|
49,308
|
|
|
45,668
|
|
|
74,979
|
Securities
|
|
|
379,582
|
|
|
395,386
|
|
|
418,875
|
|
|
446,511
|
|
|
454,595
|
Deposits
|
|
|
678,624
|
|
|
685,248
|
|
|
699,476
|
|
|
711,486
|
|
|
731,070
|
FHLB advances
|
|
|
124,000
|
|
|
107,500
|
|
|
107,500
|
|
|
112,500
|
|
|
112,500
|
Total stockholders' equity
|
|
|
338,267
|
|
|
347,764
|
|
|
368,001
|
|
|
363,765
|
|
|
357,693
|
|
|
|
|
|
|
|
|
|
|
|
Assets Quality:
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets
|
|
$
|
4,330
|
|
$
|
5,340
|
|
$
|
5,648
|
|
$
|
3,994
|
|
$
|
4,509
|
Total nonperforming loans to total gross loans
|
|
|
0.64%
|
|
|
0.81%
|
|
|
0.88%
|
|
|
0.63%
|
|
|
0.73%
|
Total nonperforming assets to total assets
|
|
|
0.38%
|
|
|
0.46%
|
|
|
0.48%
|
|
|
0.33%
|
|
|
0.37%
|
Allowance for loan losses
|
|
$
|
3,625
|
|
$
|
3,525
|
|
$
|
3,475
|
|
$
|
3,375
|
|
$
|
3,250
|
Allowance for loan losses to total gross loans
|
|
|
0.53%
|
|
|
0.54%
|
|
|
0.54%
|
|
|
0.54%
|
|
|
0.53%
|
Allowance for loan losses to nonperforming loans
|
|
|
83.72%
|
|
|
66.01%
|
|
|
61.53%
|
|
|
84.50%
|
|
|
72.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151028006108/en/
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