Clifton Bancorp Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2018 10-Q, filed Feb 7, 2018. Its latest SEC filing is a SC 13G/A from Feb 13, 2019.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Takes deposits from consumers and businesses and makes home, apartment-building and commercial-property loans in New Jersey and New York.

How Did They Make Money?

FY2017 revenue

Who Were Their Customers?

Serves consumers and businesses in its market area; borrowers reach the bank through its loan staff, mortgage brokers and online mortgage marketers, as well as referrals.

Did Revenues Turn Into Profits?

Yes. It kept 17 cents of every revenue dollar as net income in FY2017 and turned 36 cents into free cash flow.

Net income, FY2017

17% of revenue

▼ −13% vs FY2016 ($5.4M, 20%)

Free cash flow, FY2017

36% of revenue

▲ +35% vs FY2016 ($7.7M, 28%)

How Were They Changing?

Since the FY2017 annual report

Latest quarter: Q3 FY2018, the three months to Dec 31, 2017

Revenue: ▲ +25%; vs $10.2M in Q3 FY2017
Net income: ▼ Turned to a loss; vs $1.2M in Q3 FY2017

Mar 5, 2018 Clifton shareholders approved the merger with Kearny The deal remained subject to regulatory approvals and customary closing conditions, with an early April 2018 closing expected.
Nov 2, 2017 Agreed to combine with Kearny in an all-stock merger Clifton Savings Bank would merge into Kearny Bank after the merger of the holding companies.

Held flat. Revenue was $28.6M in FY2017, about the same as the $29.7M of FY2015.

Broader commercial lending The older report describes multifamily and commercial real estate lending as a smaller part of a residential-loan-focused portfolio; the latest report describes a larger role for those loans and adds commercial lines of credit and term loans.

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