Clifton Bancorp Inc. (Nasdaq: CSBK) (the “Company”), the holding company
for Clifton Savings Bank, today announced results for the third quarter
ended December 31, 2015. Net income for the third quarter was $1.33
million ($0.06 per share, basic, $0.05 per share, diluted) as compared
to net income of $1.94 million ($0.08 per share, basic and diluted) for
the quarter ended December 31, 2014. Net income for the nine months
ended December 31, 2015 was $4.52 million ($0.18 per share, basic and
diluted) as compared to $5.04 million ($0.20 per share, basic and
diluted) for the same period in 2014.
The Board of Directors also announced today that the Company will pay a
cash dividend of $0.06 per common share for the quarter ended December
31, 2015. The dividend will be paid on March 4, 2016 to stockholders of
record on February 19, 2016.
Notable Items
-
Net loan portfolio growth of 9.2% since March 31, 2015, and 3.4% since
September 30, 2015;
-
Nonperforming loans to total gross loans decreased to 0.63% at
December 31, 2015 from 0.88% at March 31, 2015; and
-
350,900 shares of common stock were repurchased during the third
quarter of 2015 at a weighted average share price of $14.40.
Paul M. Aguggia, Chairman, President, and Chief Executive Officer,
stated, “We again maintained consistent earnings while investing in our
core business through hiring, training and product development. We did
so with the headwinds of margin pressure and in the face of intense
competition. Of particular note was the increase in our commercial and
multi-family loan portfolio, which grew from $75.8 million to $90.4
million, or 19.2%. The quarter also allowed us to repurchase our shares
at attractive prices. Through January 29, 2016, the Company has
repurchased 3,175,724 shares at a weighted average price of $13.89 per
share. We plan to continue these initiatives throughout 2016.”
Balance Sheet and Credit Quality Review
Total assets decreased $19.2 million, or 1.6%, to $1.17 billion at
December 31, 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 shares of Company common stock.
Net loans increased $59.2 million, or 9.2%, to $700.3 million at
December 31, 2015 from $641.1 million at March 31, 2015, primarily due
to growth in the residential real estate loan portfolio of $42.4
million, or 7.6%, and multi-family and commercial loans of $16.2
million, or 21.8%. Securities decreased $61.9 million, or 14.8%, to
$357.0 million at December 31, 2015 from $418.9 million at March 31,
2015, mainly as a result of calls, maturities and repayments on
securities. Securities totaling $1.9 million were sold during the nine
months ended December 31, 2015, resulting in a gain of $72,000. Cash and
cash equivalents decreased $18.8 million, or 38.2%, to $30.5 million at
December 31, 2015 from $49.3 million at March 31, 2015.
Deposits decreased $25.5 million, or 3.6%, to $674.0 million at December
31, 2015 from $699.5 million at March 31, 2015 as we emphasized the
generation of non-time deposits while not matching our competition’s
rates on maturing CDs. Borrowed funds increased $39.5 million, or 36.7%,
to $147.0 million at December 31, 2015 from $107.5 million at March 31,
2015, as borrowings were utilized to fund loan growth. The Company’s
outstanding borrowings as of December 31, 2015 have an average rate of
1.97% and an average term of 21 months. All outstanding borrowings are
with the Federal Home Loan Bank of New York.
Total stockholders’ equity decreased $34.0 million, or 9.3%, to $334.0
million at December 31, 2015 from $368.0 million at March 31, 2015,
primarily as a result of $36.4 million in repurchases of common stock,
and the payment of $5.9 million in cash dividends, partially offset by
net income of $4.5 million.
Non-accrual loans decreased $1.3 million, or 22.3%, to $4.4 million at
December 31, 2015 from $5.6 million at March 31, 2015. Included in
non-accrual loans at December 31, 2015 were eight 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 0.63% at December 31, 2015 from 0.88% at March 31, 2015.
The allowance for loan losses to nonperforming loans increased to 85.48%
at December 31, 2015 from 61.53% at March 31, 2015.
Income Statement Review
Net interest income decreased by $308,000, or 4.6%, to $6.44 million for
the three months ended December 31, 2015 as compared to $6.74 million
for the three months ended December 31, 2014. The decrease in net
interest income was primarily the result of a decrease of $9.4 million
in average net interest-earning assets, primarily mortgage-backed and
investment securities, coupled with a decrease of 4 basis points in net
interest margin.
Net interest income decreased $174,000, or 0.9%, to $19.55 million for
the nine months ended December 31, 2015 as compared to $19.73 million
for the nine months ended December 31, 2014, despite an increase of
$29.2 million in average net interest-earning assets and an increase of
3 basis points in net interest margin.
The provision for loan losses increased $11,000, or 6.2%, to $189,000
for the three months ended December 31, 2015, as compared to $178,000
for the three months ended December 31, 2014, and decreased $255,000, or
41.3%, to $362,000 for the nine months ended December 31, 2015, as
compared to $617,000 for the nine months ended December 31, 2014. The
decrease in the provision for the nine months ended December 31, 2015
was mainly the result of overall favorable trends in qualitative factors
related to delinquencies considered in the periodic review of the
general valuation allowance as well as the decrease in charge-offs.
Non-interest income increased $63,000, or 15.9%, to $460,000 for the
three months ended December 31, 2015 from $397,000 for the three months
ended December 31, 2014, due to an increase in income from bank owned
life insurance. Non-interest income increased $207,000, or 17.0%, to
$1.43 million for the nine months ended December 31, 2015 from $1.22
million for the nine months ended December 31, 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 nine
months ended December 31, 2015, resulting in a gain of $72,000, while
securities available for sale totaling $1.0 million were sold during the
nine months ended December 31, 2014, resulting in a gain of $102,000.
Non-interest expenses increased $758,000, or 18.6%, to $4.83 million for
the three months ended December 31, 2015, as compared to $4.08 million
for the three months ended December 31, 2014. Non-interest expenses
increased $1.18 million, or 9.3%, to $13.93 million for the nine months
ended December 31, 2015, as compared to $12.74 million for the nine
months ended December 31, 2014. The increase for the three-month period
was driven by an increase in salaries and employee benefits of $578,000,
or 24.9%, and directors’ compensation of $138,000, or 66.7%. 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 an increase in employee stock
ownership plan expense due an increase in the price of the Company’s
common stock, and the expense related to the granting of equity awards
under the Company’s 2015 Equity Incentive Plan. The increase in
directors’ compensation was primarily due to expenses related to the
granting of equity awards under the 2015 Equity Incentive Plan. The
three-month and nine-month periods ended December 31, 2015 include
expenses totaling $436,000 ($289,000 for salaries and employee benefits,
and $147,000 in directors’ compensation) and $585,000 (389,000 for
salaries and employee benefits, and $196,000 in directors’ compensation)
related to the granting of equity awards granted in September 2015 under
the 2015 Equity Incentive Plan. The increase in non-interest expenses
for the nine month period consisted primarily of an increase in salaries
and employee benefits of $1.15 million, or 16.1%, and was attributable
to the same items as noted above, along with an increase in professional
services of $84,000, or 15.0%, mainly for legal fees related to the
development and implementation of products and services and the Bank’s
branding and marketing efforts.
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 12
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 December 31,
|
|
At March 31,
|
|
|
|
|
|
|
2015
|
|
2015
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
Financial Condition Data:
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,167,739
|
|
$
|
1,186,924
|
|
|
|
|
Loans receivable, net
|
|
|
700,283
|
|
|
641,084
|
|
|
|
|
Cash and cash equivalents
|
|
|
30,493
|
|
|
49,308
|
|
|
|
|
Securities
|
|
|
356,977
|
|
|
418,875
|
|
|
|
|
Deposits
|
|
|
674,002
|
|
|
699,476
|
|
|
|
|
FHLB advances
|
|
|
147,000
|
|
|
107,500
|
|
|
|
|
Total stockholders' equity
|
|
|
333,956
|
|
|
368,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Consolidated Operating Data
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
Operating Data:
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
8,736
|
|
$
|
8,993
|
|
$
|
26,187
|
|
$
|
26,604
|
Interest expense
|
|
|
2,300
|
|
|
2,249
|
|
|
6,634
|
|
|
6,877
|
Net interest income
|
|
|
6,436
|
|
|
6,744
|
|
|
19,553
|
|
|
19,727
|
Provision for loan losses
|
|
|
189
|
|
|
178
|
|
|
362
|
|
|
617
|
Net interest income after provision for loan losses
|
|
|
6,247
|
|
|
6,566
|
|
|
19,191
|
|
|
19,110
|
Non-interest income
|
|
|
460
|
|
|
397
|
|
|
1,426
|
|
|
1,219
|
Non-interest expenses
|
|
|
4,833
|
|
|
4,075
|
|
|
13,928
|
|
|
12,744
|
Income before income taxes
|
|
|
1,874
|
|
|
2,888
|
|
|
6,689
|
|
|
7,585
|
Income taxes
|
|
|
549
|
|
|
948
|
|
|
2,166
|
|
|
2,544
|
Net income
|
|
$
|
1,325
|
|
$
|
1,940
|
|
$
|
4,523
|
|
$
|
5,041
|
Basic earnings per share
|
|
$
|
0.06
|
|
$
|
0.08
|
|
$
|
0.18
|
|
$
|
0.20
|
Diluted earnings per share
|
|
$
|
0.05
|
|
$
|
0.08
|
|
$
|
0.18
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
Average shares outstanding - basic
|
|
|
24,045
|
|
|
25,594
|
|
|
24,674
|
|
|
25,391
|
Average shares outstanding - diluted
|
|
|
24,091
|
|
|
25,728
|
|
|
24,732
|
|
|
25,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Table
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
Average
|
|
|
|
and
|
|
Yield/
|
|
Average
|
|
|
|
and
|
|
Yield/
|
|
|
Balance
|
|
|
|
Dividends
|
|
Cost
|
|
Balance
|
|
|
|
Dividends
|
|
Cost
|
Assets:
|
|
(Dollars in thousands)
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
|
$
|
690,633
|
|
|
|
$
|
6,320
|
|
3.66
|
%
|
|
$
|
624,831
|
|
|
|
$
|
5,919
|
|
3.79
|
%
|
Mortgage-backed securities
|
|
|
272,904
|
|
|
|
|
1,861
|
|
2.73
|
%
|
|
|
302,989
|
|
|
|
|
2,281
|
|
3.01
|
%
|
Investment securities
|
|
|
90,323
|
|
|
|
|
481
|
|
2.13
|
%
|
|
|
150,325
|
|
|
|
|
704
|
|
1.87
|
%
|
Other interest-earning assets
|
|
|
27,418
|
|
|
|
|
74
|
|
1.08
|
%
|
|
|
37,554
|
|
|
|
|
89
|
|
0.95
|
%
|
Total interest-earning assets
|
|
|
1,081,278
|
|
|
|
|
8,736
|
|
3.23
|
%
|
|
|
1,115,699
|
|
|
|
|
8,993
|
|
3.22
|
%
|
Non-interest-earning assets
|
|
|
76,825
|
|
|
|
|
|
|
|
|
85,720
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,158,103
|
|
|
|
|
|
|
|
$
|
1,201,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand accounts
|
|
$
|
54,474
|
|
|
|
|
15
|
|
0.11
|
%
|
|
$
|
55,006
|
|
|
|
|
18
|
|
0.13
|
%
|
Savings and Club accounts
|
|
|
139,017
|
|
|
|
|
62
|
|
0.18
|
%
|
|
|
138,601
|
|
|
|
|
59
|
|
0.17
|
%
|
Certificates of deposit
|
|
|
466,011
|
|
|
|
|
1,531
|
|
1.31
|
%
|
|
|
514,687
|
|
|
|
|
1,594
|
|
1.24
|
%
|
Total interest-bearing deposits
|
|
|
659,502
|
|
|
|
|
1,608
|
|
0.98
|
%
|
|
|
708,294
|
|
|
|
|
1,671
|
|
0.94
|
%
|
FHLB Advances
|
|
|
136,250
|
|
|
|
|
692
|
|
2.03
|
%
|
|
|
112,500
|
|
|
|
|
578
|
|
2.06
|
%
|
Total interest-bearing liabilities
|
|
|
795,752
|
|
|
|
|
2,300
|
|
1.16
|
%
|
|
|
820,794
|
|
|
|
|
2,249
|
|
1.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits
|
|
|
14,683
|
|
|
|
|
|
|
|
|
10,662
|
|
|
|
|
|
|
Other non-interest-bearing liabilities
|
|
|
11,248
|
|
|
|
|
|
|
|
|
9,744
|
|
|
|
|
|
|
Total non-interest-bearing liabilities
|
|
|
25,931
|
|
|
|
|
|
|
|
|
20,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
821,683
|
|
|
|
|
|
|
|
|
841,200
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
336,420
|
|
|
|
|
|
|
|
|
360,219
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,158,103
|
|
|
|
|
|
|
|
$
|
1,201,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
6,436
|
|
|
|
|
|
|
|
$
|
6,744
|
|
|
Interest rate spread
|
|
|
|
|
|
|
|
2.07
|
%
|
|
|
|
|
|
|
|
2.12
|
%
|
Net interest margin
|
|
|
|
|
|
|
|
2.38
|
%
|
|
|
|
|
|
|
|
2.42
|
%
|
Average interest-earning assets to average interest-bearing
liabilities
|
|
|
1.36
|
|
x
|
|
|
|
|
|
|
1.36
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
Average
|
|
|
|
and
|
|
Yield/
|
|
Average
|
|
|
|
and
|
|
Yield/
|
|
|
Balance
|
|
|
|
Dividends
|
|
Cost
|
|
Balance
|
|
|
|
Dividends
|
|
Cost
|
Assets:
|
|
(Dollars in thousands)
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
|
$
|
668,202
|
|
|
|
$
|
18,394
|
|
3.67
|
%
|
|
$
|
611,422
|
|
|
|
$
|
17,394
|
|
3.79
|
%
|
Mortgage-backed securities
|
|
|
275,500
|
|
|
|
|
5,702
|
|
2.76
|
%
|
|
|
304,587
|
|
|
|
|
6,985
|
|
3.06
|
%
|
Investment securities
|
|
|
111,186
|
|
|
|
|
1,868
|
|
2.24
|
%
|
|
|
147,308
|
|
|
|
|
1,960
|
|
1.77
|
%
|
Other interest-earning assets
|
|
|
29,109
|
|
|
|
|
223
|
|
1.02
|
%
|
|
|
46,572
|
|
|
|
|
265
|
|
0.76
|
%
|
Total interest-earning assets
|
|
|
1,083,997
|
|
|
|
|
26,187
|
|
3.22
|
%
|
|
|
1,109,889
|
|
|
|
|
26,604
|
|
3.20
|
%
|
Non-interest-earning assets
|
|
|
78,163
|
|
|
|
|
|
|
|
|
115,236
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,162,160
|
|
|
|
|
|
|
|
$
|
1,225,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand accounts
|
|
$
|
53,854
|
|
|
|
|
45
|
|
0.11
|
%
|
|
$
|
55,862
|
|
|
|
|
55
|
|
0.13
|
%
|
Savings and Club accounts
|
|
|
140,951
|
|
|
|
|
178
|
|
0.17
|
%
|
|
|
140,499
|
|
|
|
|
183
|
|
0.17
|
%
|
Certificates of deposit
|
|
|
473,823
|
|
|
|
|
4,545
|
|
1.28
|
%
|
|
|
525,402
|
|
|
|
|
4,875
|
|
1.24
|
%
|
Total interest-bearing deposits
|
|
|
668,628
|
|
|
|
|
4,768
|
|
0.95
|
%
|
|
|
721,763
|
|
|
|
|
5,113
|
|
0.94
|
%
|
FHLB Advances
|
|
|
121,000
|
|
|
|
|
1,866
|
|
2.06
|
%
|
|
|
123,000
|
|
|
|
|
1,764
|
|
1.91
|
%
|
Total interest-bearing liabilities
|
|
|
789,628
|
|
|
|
|
6,634
|
|
1.12
|
%
|
|
|
844,763
|
|
|
|
|
6,877
|
|
1.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits
|
|
|
14,070
|
|
|
|
|
|
|
|
|
11,458
|
|
|
|
|
|
|
Other non-interest-bearing liabilities
|
|
|
11,648
|
|
|
|
|
|
|
|
|
11,527
|
|
|
|
|
|
|
Total non-interest-bearing liabilities
|
|
|
25,718
|
|
|
|
|
|
|
|
|
22,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
815,346
|
|
|
|
|
|
|
|
|
867,748
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
346,814
|
|
|
|
|
|
|
|
|
357,377
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,162,160
|
|
|
|
|
|
|
|
$
|
1,225,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
19,553
|
|
|
|
|
|
|
|
$
|
19,727
|
|
|
Interest rate spread
|
|
|
|
|
|
|
|
2.10
|
%
|
|
|
|
|
|
|
|
2.11
|
%
|
Net interest margin
|
|
|
|
|
|
|
|
2.40
|
%
|
|
|
|
|
|
|
|
2.37
|
%
|
Average interest-earning assets to average interest-bearing
liabilities
|
|
|
1.37
|
|
x
|
|
|
|
|
|
|
1.31
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data
|
|
|
|
|
|
|
Nine
|
|
|
|
|
Months
|
|
Year
|
|
|
Ended
|
|
Ended
|
|
|
December 31,
|
|
March 31,
|
|
|
2015
|
|
2015
|
|
|
(Dollars in thousands)
|
Allowance for loan losses:
|
|
|
|
|
Allowance at beginning of period
|
|
$
|
3,475
|
|
|
$
|
3,071
|
|
Provision for loan losses
|
|
|
362
|
|
|
|
717
|
|
|
|
|
|
|
Charge-offs
|
|
|
(90
|
)
|
|
|
(313
|
)
|
Recoveries
|
|
|
3
|
|
|
|
-
|
|
Net charge-offs
|
|
|
(87
|
)
|
|
|
(313
|
)
|
|
|
|
|
|
Allowance at end of period
|
|
$
|
3,750
|
|
|
$
|
3,475
|
|
|
|
|
|
|
Allowance for loan losses to total gross loans
|
|
|
0.53
|
%
|
|
|
0.54
|
%
|
Allowance for loan losses to nonperforming loans
|
|
|
85.48
|
%
|
|
|
61.53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
|
|
At March 31,
|
|
|
2015
|
|
2015
|
|
|
(Dollars in thousands)
|
Nonperforming Assets:
|
|
|
|
|
Nonaccrual loans:
|
|
|
|
|
One- to four-family real estate
|
|
$
|
3,572
|
|
|
$
|
4,555
|
|
Multi-family real estate
|
|
|
563
|
|
|
|
581
|
|
Commercial real estate
|
|
|
189
|
|
|
|
439
|
|
Consumer real estate
|
|
|
63
|
|
|
|
73
|
|
Total nonaccrual loans
|
|
|
4,387
|
|
|
|
5,648
|
|
Real estate owned
|
|
|
-
|
|
|
|
-
|
|
Total nonperforming assets
|
|
$
|
4,387
|
|
|
$
|
5,648
|
|
|
|
|
|
|
Total nonperforming loans to total gross loans
|
|
|
0.63
|
%
|
|
|
0.88
|
%
|
Total nonperforming assets to total assets
|
|
|
0.38
|
%
|
|
|
0.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Consolidated Financial Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
December 31,
|
|
December 31,
|
Selected Performance Ratios (1):
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Return on average assets
|
|
|
|
0.46%
|
|
0.65%
|
|
0.52%
|
|
0.55%
|
Return on average equity
|
|
|
|
1.58%
|
|
2.15%
|
|
1.74%
|
|
1.88%
|
Interest rate spread
|
|
|
|
2.07%
|
|
2.12%
|
|
2.10%
|
|
2.11%
|
Net interest margin
|
|
|
|
2.38%
|
|
2.42%
|
|
2.40%
|
|
2.37%
|
Non-interest expenses to average assets
|
|
|
|
1.67%
|
|
1.36%
|
|
1.60%
|
|
1.39%
|
Efficiency ratio (2)
|
|
|
|
70.08%
|
|
57.06%
|
|
66.39%
|
|
60.84%
|
Average interest-earning assets to average interest-bearing
liabilities
|
|
|
|
1.36x
|
|
1.36x
|
|
1.37x
|
|
1.31x
|
Average equity to average assets
|
|
|
|
29.05%
|
|
29.98%
|
|
29.84%
|
|
29.17%
|
Dividend payout ratio
|
|
|
|
110.57%
|
|
78.87%
|
|
130.78%
|
|
120.49%
|
Net charge-offs to average ourtstanding loans during the periods
|
|
|
|
0.04%
|
|
0.03%
|
|
0.02%
|
|
0.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Performance ratios 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
|
|
|
December 31,
|
September 30,
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
|
(In thousands except shares and per share data)
|
Operating Data
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
8,736
|
|
|
$
|
8,739
|
|
|
$
|
8,712
|
|
|
$
|
8,558
|
|
|
$
|
8,993
|
|
Interest expense
|
|
|
2,300
|
|
|
|
2,199
|
|
|
|
2,135
|
|
|
|
2,157
|
|
|
|
2,249
|
|
Net interest income
|
|
|
6,436
|
|
|
|
6,540
|
|
|
|
6,577
|
|
|
|
6,401
|
|
|
|
6,744
|
|
Provision for loan losses
|
|
|
189
|
|
|
|
100
|
|
|
|
73
|
|
|
|
100
|
|
|
|
178
|
|
Net interest income after provision for loan losses
|
|
|
6,247
|
|
|
|
6,440
|
|
|
|
6,504
|
|
|
|
6,301
|
|
|
|
6,566
|
|
Non-interest income
|
|
|
460
|
|
|
|
452
|
|
|
|
514
|
|
|
|
3,094
|
|
|
|
397
|
|
Non-interest expenses
|
|
|
4,833
|
|
|
|
4,580
|
|
|
|
4,515
|
|
|
|
4,362
|
|
|
|
4,075
|
|
Income before income taxes
|
|
|
1,874
|
|
|
|
2,312
|
|
|
|
2,503
|
|
|
|
5,033
|
|
|
|
2,888
|
|
Income taxes
|
|
|
549
|
|
|
|
772
|
|
|
|
845
|
|
|
|
1,520
|
|
|
|
948
|
|
Net income
|
|
$
|
1,325
|
|
|
$
|
1,540
|
|
|
$
|
1,658
|
|
|
$
|
3,513
|
|
|
$
|
1,940
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
$
|
0.07
|
|
|
$
|
0.14
|
|
|
$
|
0.08
|
|
Diluted earnings per share
|
|
$
|
0.05
|
|
|
$
|
0.06
|
|
|
$
|
0.07
|
|
|
$
|
0.13
|
|
|
$
|
0.08
|
|
Dividends per share
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
Average shares outstanding - basic
|
|
|
24,045
|
|
|
|
24,554
|
|
|
|
25,421
|
|
|
|
25,979
|
|
|
|
25,594
|
|
Average shares outstanding - diluted
|
|
|
24,091
|
|
|
|
24,608
|
|
|
|
25,494
|
|
|
|
26,073
|
|
|
|
25,728
|
|
Shares outstanding at period end
|
|
|
25,394
|
|
|
|
25,745
|
|
|
|
25,960
|
|
|
|
27,326
|
|
|
|
27,145
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Condition Data
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,167,739
|
|
|
$
|
1,153,895
|
|
|
$
|
1,152,707
|
|
|
$
|
1,186,924
|
|
|
$
|
1,198,171
|
|
Loans receivable, net
|
|
|
700,283
|
|
|
|
677,286
|
|
|
|
654,802
|
|
|
|
641,084
|
|
|
|
628,872
|
|
Cash and cash equivalents
|
|
|
30,493
|
|
|
|
17,869
|
|
|
|
23,498
|
|
|
|
49,308
|
|
|
|
45,668
|
|
Securities
|
|
|
356,977
|
|
|
|
379,582
|
|
|
|
395,386
|
|
|
|
418,875
|
|
|
|
446,511
|
|
Deposits
|
|
|
674,002
|
|
|
|
678,624
|
|
|
|
685,248
|
|
|
|
699,476
|
|
|
|
711,486
|
|
FHLB advances
|
|
|
147,000
|
|
|
|
124,000
|
|
|
|
107,500
|
|
|
|
107,500
|
|
|
|
112,500
|
|
Total stockholders' equity
|
|
|
333,956
|
|
|
|
338,267
|
|
|
|
347,764
|
|
|
|
368,001
|
|
|
|
363,765
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Quality:
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets
|
|
$
|
4,387
|
|
|
$
|
4,330
|
|
|
$
|
5,340
|
|
|
$
|
5,648
|
|
|
$
|
3,994
|
|
Total nonperforming loans to total gross loans
|
|
|
0.63
|
%
|
|
|
0.64
|
%
|
|
|
0.81
|
%
|
|
|
0.88
|
%
|
|
|
0.63
|
%
|
Total nonperforming assets to total assets
|
|
|
0.38
|
%
|
|
|
0.38
|
%
|
|
|
0.46
|
%
|
|
|
0.48
|
%
|
|
|
0.33
|
%
|
Allowance for loan losses
|
|
$
|
3,750
|
|
|
$
|
3,625
|
|
|
$
|
3,525
|
|
|
$
|
3,475
|
|
|
$
|
3,375
|
|
Allowance for loan losses to total gross loans
|
|
|
0.53
|
%
|
|
|
0.53
|
%
|
|
|
0.54
|
%
|
|
|
0.54
|
%
|
|
|
0.54
|
%
|
Allowance for loan losses to nonperforming loans
|
|
|
85.48
|
%
|
|
|
83.72
|
%
|
|
|
66.01
|
%
|
|
|
61.53
|
%
|
|
|
84.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
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