Clifton Bancorp Inc. (CSBK) has reported 19.42 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $1.24 million, or $0.06 a share in the quarter, compared with $1.54 million, or $0.06 a share for the same period last year.
Revenue during the quarter went up marginally by 2.51 percent to $7.06 million from $6.89 million in the previous year period. Net interest income for the quarter rose 8.09 percent over the prior year period to $7.07 million. Non-interest income for the quarter rose 10.84 percent over the last year period to $0.50 million.
Clifton Bancorp Inc. has made provision of $0.50 million for loan losses during the quarter, up 405 percent from $0.10 million in the same period last year.
Net interest margin contracted 10 basis points to 2.33 percent in the quarter from 2.43 percent in the last year period. Efficiency ratio for the quarter deteriorated to 70.16 percent from 65.50 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Paul M. Aguggia, chairman, president, and chief executive officer, stated, "As we pass our fiscal half-year mark, we are pleased that our strategy and execution have resulted in both deposit and loan growth. This has been accomplished, in large part, due to our strong capital position, our innovative approach to products, services and channels, and our focus on communicating the essence of what CSBK is all about: a community bank that has always put the needs of our customers first."
Liabilities outpace assets growth
Total assets stood at $1,312.19 million as on Sep. 30, 2016, up 13.72 percent compared with $1,153.90 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $881.59 million as on Sep. 30, 2016, up 30.17 percent compared with $677.29 million on Sep. 30, 2015. Deposits stood at $772.31 million as on Sep. 30, 2016, up 13.80 percent compared with $678.62 million on Sep. 30, 2015.
Investments stood at $317.15 million as on Sep. 30, 2016, down 16.45 percent or $62.44 million from year-ago. Shareholders equity stood at $302.89 million as on Sep. 30, 2016, down 10.46 percent or $35.38 million from year-ago.
Return on average assets moved down 15 basis points to 0.38 percent in the quarter from 0.53 percent in the last year period. At the same time, return on average equity decreased 16 basis points to 1.63 percent in the quarter from 1.79 percent in the last year period.
Nonperforming assets moved down 13.49 percent or $0.58 million to $3.75 million on Sep. 30, 2016 from $4.33 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.29 percent in the quarter, down from 0.38 percent in the last year period.
Average equity to average assets ratio was 23.56 percent for the quarter, down from 29.75 percent for the previous year quarter.
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