Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Clifton Bancorp Inc. | d772349d8k.htm |
 (Nasdaq:
CSBK) Annual Meeting Presentation
August 7, 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 Annual Report on Form
10-K filed on June 6, 2014 in the Risk Factors section, 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 office.
Historically a 1-4 family mortgage,
portfolio lender.
Disciplined credit and compliance
cultures.
Track record of cost efficiency.
Solid management team. |
 STRONG
PLATFORM 5
10.08%
8.59%
9.47%
8.85%
Data in 000’s.
Fiscal Years ending 3/31.
Q1 2015 data as of 6/30/14.
Lending is
increasingly
diversified,
with non-1-4
family loans
growing as a
% of Total
Gross Loans.
0
100
200
300
400
500
600
700
FY 2011
FY 2012
FY 2013
FY 2014
Consum./Other
Construct.
Comm. RE
Multi-Fam.
1
-
4 Res.
11.68%
Q1’15 |
 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*
0.51%
0.45%
0.89%
0.01%
57.12%
* As of June 30, 2014. |
 STRONG
PLATFORM 7
Credit Quality Track Record
Fiscal Years ending 3/31.
Q1 2015 data as of 6/30/14.
0.00
0.25
0.50
0.75
1.00
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
Q1 2015
NPA/Assets
NCO/Loans |
 STRONG
PLATFORM 8
Sharp Cost Control Focus
Fiscal Years ending 3/31.
Q1 2015 data as of 6/30/14.
57.29
50.04
52.40
56.30
58.60
61.30
0
10
20
30
40
50
60
70
80
90
100
FY 2010
FY2011
FY 2012
FY 2013
FY 2014
Q1 '15
Effic. Ratio |
 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
SVP-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*
48.44%
47.83%
20.88%
Required **
10.00%
6.00%
-----
* As of June 30, 2014 for Clifton Savings Bank and subsidiary only.
** For classification as Well-Capitalized. |
 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.
11 |
 EMERGING
OPPORTUNITIES 12
Strategic Initiatives
Develop a brand strategy to drive growth.
Market study identifying future growth opportunities.
Optimize existing branch network.
Align both physical and virtual channels.
Continue to grow existing client relationships. |
 SHAREHOLDER-FOCUSED POLICIES
Track record of 10 share repurchases totaling $53.8
million from 2004-2012.
Next buyback window opens in April 2015.
Paid dividends for 42 consecutive quarters* since MHC
IPO in 2004.
13
*As of June 30, 2014; December 2013 and March 2014 dividends were combined.
|
 FINANCIAL
HIGHLIGHTS 14
($ In Millions Except Per Share Data)
6/30/2014
3/31/2014
6/30/2013
Linked Q
YOY
Total Assets
1,231.7
$
1,266.0
$
1,043.0
$
-2.71%
18.09%
Net Loans
611.0
$
584.5
$
492.2
$
4.53%
24.14%
Deposits
736.6
$
763.9
$
789.7
$
-3.57%
-6.72%
Total Stockholder's Equity
356.5
$
194.1
$
188.3
$
83.67%
89.33%
Net Income
1.62
$
1.56
$
1.75
$
4.17%
-7.21%
Basic & Diluted EPS
0.06
$
0.06
$
0.07
$
0.00%
-14.29%
Net Interest Income
6.40
$
6.31
$
5.67
$
1.36%
12.82%
Non-Interest Income
0.35
$
0.35
$
0.88
$
-1.14%
-60.59%
Non-Interest Expense
4.14
$
4.17
$
3.67
$
-0.82%
12.72%
Quarter Ended |
 CLIF
TON
BANCORP
INVESTMENT
SUMMARY
Strong Platform.
Capital to Fuel Growth.
Emerging Opportunities.
Shareholder-Focused Policies.
Attractive Valuation.
15 |
 CONTACT
INFORMATION Investor Relations Contact:
Bart D’Ambra
973-473-2200
Company website: CliftonSavings.com
16 |