Clifton Savings Bancorp, Inc. Announces 2nd Quarter EPS of $.09

Clifton Savings Bancorp, Inc. CSBK today announced the results of its operations for the three and six months ended September 30, 2010. Net income was $2.18 million for the three months ended September 30, 2010, an increase of $862,000, or 65.2%, as compared to $1.32 million for the three months ended September 30, 2009. Net income was $4.35 million for the six months ended September 30, 2010, an increase of $2.18 million, or 101.1%, as compared to $2.17 million for the six months ended September 30, 2009. Net income significantly increased for both periods primarily as a result of an increase in net interest income and a net gain on the sale of premises and equipment, coupled with a decrease in provision for loan losses which was partially offset by an increase in income tax expense. Both basic and diluted earnings per common share were $0.09 for the three months ended September 30, 2010, an increase of $0.04, or 80.0%, as compared to $0.05 for the three months ended September 30, 2009. Both basic and diluted earnings per common share were $0.17 for the six months ended September 30, 2010, an increase of $0.09, or 112.5%, as compared to $0.08 for the six months ended September 30, 2009. Cash dividends paid per common share were $0.06 for the three months ended September 30, 2010, an increase of $0.01, or 20%, as compared to $0.05 for the three months ended September 30, 2009, and $0.12 per common share for the six months ended September 30, 2010, an increase of $0.02, or 20%, as compared to $0.10 for the six months ended September 30, 2009.