Clifton Bancorp Inc. (CSBK) has reported a 41.91 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.25 million, or $0.06 a share in the quarter, compared with $0.88 million, or $0.04 a share for the same period last year. Revenue during the quarter grew 15.34 percent to $7.41 million from $6.43 million in the previous year period. Net interest income for the quarter rose 12.53 percent over the prior year period to $7.53 million. Non-interest income for the quarter fell 3.18 percent over the last year period to $0.43 million.
Clifton Bancorp Inc. has made provision of $0.54 million for loan losses during the quarter, down 23.04 percent from $0.70 million in the same period last year.
Net interest margin contracted 8 basis points to 2.30 percent in the quarter from 2.38 percent in the last year period. Efficiency ratio for the quarter improved to 69.88 percent from 72.55 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Paul M. Aguggia, Chairman, President, and Chief Executive Officer, stated, "Our fiscal year 2017 results are highlighted by a nearly 30% increase in our loan portfolio and over 20% growth in deposits. Commercial and multi-family loans drove our loan growth and now represent 29% of our total portfolio. Residential lending remains an important business for us and grew 14% this past year. Focused deposit gathering efforts resulted in a 28% increase in our checking and savings products, advancing our multi-year mission to transform our deposit mix."
Liabilities outpace assets growth
Total assets stood at $1,431.80 million as on Mar. 31, 2017, up 14.26 percent compared with $1,253.13 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $1,007.84 million as on Mar. 31, 2017, up 29.17 percent compared with $780.23 million on Mar. 31, 2016. Deposits stood at $844.82 million as on Mar. 31, 2017, up 21.62 percent compared with $694.66 million on Mar. 31, 2016. Investments stood at $315.35 million as on Mar. 31, 2017, down 11.78 percent or $42.11 million from year-ago. Shareholders equity stood at $296.62 million as on Mar. 31, 2017, down 5.92 percent or $18.66 million from year-ago.
Return on average assets moved up 7 basis points to 0.36 percent in the quarter from 0.29 percent in the last year period. At the same time, return on average equity increased 56 basis points to 1.65 percent in the quarter from 1.09 percent in the last year period.
Nonperforming assets moved up 31.14 percent or $1.16 million to $4.87 million on Mar. 31, 2017 from $3.72 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.34 percent in the quarter, up from 0.30 percent in the last year period.
Average equity to average assets ratio was 21.57 percent for the quarter, down from 26.71 percent for the previous year quarter.
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