Attached files
| file | filename |
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| 8-K - 8-K - Clifton Bancorp Inc. | d730834d8k.htm |
 (Nasdaq:
CSBK) Investor Presentation
May 2014
Exhibit 99.1 |
 FORWARD-LOOKING STATEMENTS
2
Clifton
Bancorp
makes
forward-looking
statements
in
this
presentation.
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
Company's
loan
or
investment
portfolios;
changes
in
competitive
pressures
among
financial
institutions
or
from
non-financial
institutions;
the
Company's
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
its
prospectus
included
in
its
Registration
on
Form
S-1,
which
was
declared
effective
by
the
SEC
on
February
6,
2014,
including
the
Risk
Factors
section
of
that
prospectus,
and
in
its
other
SEC
reports.
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. |
 CLIFTON BANCORP
INVESTMENT THESIS Strong Platform.
Soundly managed community financial
institution in desirable NJ/NY Metro market area.
Capital to Fuel Growth.
Second step offering provided solid
financial base to support strategic investments in growth.
Emerging Opportunities.
Committed to deploying capital by
prudently growing loans, core deposits and service offerings.
Shareholder-Focused Policies.
Track record of share
buybacks, attractive dividend.
Attractive Valuation.
Currently trades at a discount to
tangible book value.
3 |
 STRONG
PLATFORM 4
Clifton Savings Bank chartered in
1928.
12 branches in Northern NJ plus
mortgage loan division offices.
Historically a 1-4 family mortgage,
portfolio lender.
Disciplined credit and compliance
cultures.
Track record of cost efficiency.
Solid management team. |
 STRONG
PLATFORM 5
Lending is
increasingly
diversified,
with non-1-4
family loans
growing as a
% of Total
Gross Loans.
Data for all years as
of March 31. |
 STRONG
PLATFORM 6
Disciplined Credit Culture
Allowance / total gross loans
NPAs / total assets
NPLs / total gross loans
Net charge-offs / avg. loans
Allowance / nonperforming loans
CSBK*
0.52%
0.41%
0.88%
0.04%
59.84%
* As of March 31, 2014. |
 STRONG
PLATFORM 7
Credit Quality Track Record |
 STRONG
PLATFORM 8
Sharp Cost Control Focus |
 STRONG
PLATFORM Solid Director and Officer Team
Engaged Board of Directors: 6 of 7 members independent,
approximately 2% share ownership by Board members.
Experienced senior management: average of 27 years in
the industry.*
Complementary balance of executive level tenure:
•
COO, CLO and CFO have 15-26 years with Clifton.
•
CEO, EVP-Chief Revenue Officer are recent additions, as well as head
of Commercial Real Estate lending.
9
* Includes all officers with SVP and EVP rank, plus CEO’s experience advising financial
institutions. |
 CAPITAL TO
FUEL GROWTH 10
Total risk-based capital / risk-weighted assets
Tier 1 capital / risk-weighted assets
Tier 1 risk-based capital / adj. tangible assets
Clifton Savings*
35.67%
35.03%
13.41%
Required **
10.00%
6.00%
-----
* Clifton Savings Bank, as of March 31, 2014, Pro Forma prior to
conversion.
** For classification as Well-Capitalized. |
 SHAREHOLDER-FOCUSED POLICIES
Track record of 10 share repurchases totaling $53.8
million from 2004-2012.
Next buyback window opens in April 2015.
Paid dividends for 41 consecutive quarters* since MHC
IPO in 2004.
11
*As of March 31, 2014; December 2013 and March 2014 dividends were combined.
|
 EMERGING
OPPORTUNITIES Deploy Capital with a Prudent, Disciplined Focus
Expand existing 1-4 family residential portfolio lending.
Selectively pursue multi-family and commercial RE lending.
Increase lower-cost core deposit accounts.
Build on tradition of personalized service and expand product
portfolio to become a true community financial institution.
Consider acquisitions that meet asset quality and accretion
parameters, while enhancing geographic reach, talent base
and/or product range.
12 |
 FINANCIAL
HIGHLIGHTS 13
Total Assets
Net Loans
Deposits
Total Stockholders’
Equity
Net Income
Basic & Diluted EPS
Net Interest Income
Non-Interest Income
Non-Interest Expense
FYE 3/31/14
$1.27 billion
$584.5 million
$763.9 million
$194.1 million
$6.5 million
$0.25/share
$23.9 million
$1.9 million
$15.1 million
% Change vs
FYE 3/31/13
24.6%
28.0%
0.03%
3.6%
-2.2%
-3.8%
1.4%
61.8%
8.4% |
 CLIFTON
BANCORP INVESTMENT SUMMARY Strong Platform.
Capital to Fuel Growth.
Shareholder-Focused Policies.
Attractive Valuation.
Emerging Opportunities.
14 |
 CONTACT
INFORMATION Investor Relations Contact:
Bart D’Ambra
973-473-2200
Company website: CliftonSavings.com
15 |