-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ALkwOsb245cHEgWvgMOb+R1Y/akQ3U4oz4D64RPZ0FYT5Z3XEt3CCe1cd+T2uibF VkPZhzfYAqswWiNbiiuDig== 0001026081-04-000014.txt : 20040819 0001026081-04-000014.hdr.sgml : 20040819 20040819170504 ACCESSION NUMBER: 0001026081-04-000014 CONFORMED SUBMISSION TYPE: DFAN14A PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20040819 EFFECTIVENESS DATE: 20040819 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CLIFTON SAVINGS BANCORP INC CENTRAL INDEX KEY: 0001240581 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 341983738 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: DFAN14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-50358 FILM NUMBER: 04986922 MAIL ADDRESS: STREET 1: C/O CLIFTON SAVINGS BANCORP INC STREET 2: 1433 VAN HOUTEN AVE CITY: CLIFTON STATE: NJ ZIP: 07015 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SEIDMAN LAWRENCE B CENTRAL INDEX KEY: 0001026081 STATE OF INCORPORATION: NJ FILING VALUES: FORM TYPE: DFAN14A BUSINESS ADDRESS: STREET 1: LANIDEX CENTER STREET 2: 100 MISTY LANE P O BOX 5430 CITY: PARSIPPANY STATE: NJ ZIP: 07054 BUSINESS PHONE: 2015601400 MAIL ADDRESS: STREET 1: LANIDEX CENTER STREET 2: 100 MISTY LANE P O BOX 5430 CITY: PARSIPPANY STATE: NJ ZIP: 07054 DFAN14A 1 maincl1.txt ADDITIONAL PROXY MATERIAL NONMANAG. Microsoft Word 10.0.2627;2 LAWRENCE B. SEIDMAN, ESQ. 100 Misty Lane P. O. BOX 5430 Parsippany, NJ 07054 (973) 560-1400, X108 August 18, 2004 Re: Clifton Savings Bancorp, Inc. Dear Mr. Kumar: Enclosed please find the following in response to our phone conversation of August 17, 2004 concerning Clifton Savings Bancorp, Inc. ("CSBK") Schedule 1 The following shows the percentage of the options and MRP shares issued by all the mutual holding companies that have gone public since October 17, 2001 to the present. As you will note, CSBK, Inc. is seeking shareholder approval for its incentive plan sooner than three other financial institutions that went public prior to CSBK. In addition, the chart clearly demonstrates that the percentage of options and MRPs being requested by CSBK is vastly greater than any mutual holding company has ever requested. As shown on the bottom of Page 2, CSBK is requesting approximately 71% in options (17.85% - 10.41%) and 58% (7.14% -4.51%) in MRP shares more than any other mutual holding company has ever requested. Schedule 2 Column A provides the total cost of the MRPs. Pursuant to Office of Thrift Supervision regulation, the MRPs vest over a 5-year period. Column B is just A divided by 5. I compared the total cost of the MRPs (Column A) to the Company's net worth (Column D) which gave me the 0/0 in Column E. In addition, I calculated the yearly costs of the MRPs against each Company's twelve month net income and created a % of the yearly cost to net income (Column C). The yearly cost of the MRPs for CSBK is approximately four and one half times greater than any of the other mutual holding companies (58.77 / 13.32, bottom of Page 2). The total cost of the CSBK's MRPs to the respective company's net August 18, 2004 Page 2 worth is two and one half times greater (5.81% / 2.28%, bottom of Page 2) than any other mutual holding company. Schedule 3 Clifton Savings Bancorp: Fully Converted Worksheet, Mutual Holding Companies, prepared by Ryan Beck & Co., April 2004 As the worksheet clearly shows, if CSBK did a second step and sold the shares owned by the mutual holding company, it would raise anywhere from $170,000,000 to $225,000,000. Until this occurs use of the MHC shares in calculating the propriety of any dilution is flawed because the capital that relates to this ownership has yet to be raised. The use of these MHC shares is akin to counting treasury stock in the total outstanding shares of a company. Schedule 4 Schedule 4 clearly shows that CSBK, based upon the last twelve months earnings per share and 2nd Quarter annualized earnings per share, is trading at the second worst P/E ratio of all publically traded mutual holding companies. Schedule 5 I have also enclosed a copy of the August 13, 2004, Savings and Loan Bank & Thrift Daily concerning Abington Community Bancorp Inc.'s reduction of its MRPs to 2%. If you have any questions, please contact Richard Grubaugh or me. Very truly yours, LAWRENCE B. SEIDMAN Enc. EX-99.1 2 maincl2.txt SCHEDULE 1
SCHEDULE 1 Company Date Public Shareholder Outstanding MHC Public Options MRP Meeting Date Shares for Plan Approval - ------------------------------------------------------------------------------------------------------------------------ 1 Charter 10/17/01 04/24/02 19,823,905 15,857,924 3,965,981 396,448 158,578 Financial Corp. (MHC) CHFN 80% 10.0% 4.0% - ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ 2 AJS Bancorp, 12/27/01 5/22/02 2,406,950 1,227,544 1,179,406 117,941 58,971 Inc. (MHC) AJSB 51.0% 6.5% 5.0% - ------------------------------------------------------------------------------------------------------------------------ 3 Westfield 12/28/01 06/28/02 10,580,000 5,607,400 4,972,600 497,260 198,904 Financial, Inc. (MHC) WFD 53% 10.0% 4.0% - ------------------------------------------------------------------------------------------------------------------------ 4 Partners 4/04/02 10/10/02 14,216,875 7,627,353 6,589,522 639,759 255,904 Trust Second Step Financial 7/07/04 Group, Inc. 53.6% 9.7% 3.88% 5 New England 06/04/02 01/16/03 2,049,875 1,127,431 922,444 142,857 57,143 Bancshares Inc. (MHC) NEBS 55% 15.4% 6.19% - ------------------------------------------------------------------------------------------------------------------------ 6 Minden 07/02/02 05/15/03 1,454,750 752,978 701,772 65,464 26,184 Bancorp Inc. MDNB 53.5% 10.0% 4.0% - ------------------------------------------------------------------------------------------------------------------------ 7 Synergy 9/18/02 04/22/03 3,344,252 1,889,502 1,454,750 165,746 66,298 Financial Second Step Group, Inc. 1/21/04 SYNF 56.5% 11.3% 4.55% ------------------------------------------------------------------------------------------------------------------ 8 ASB Holding 10/03/03 No Plans Yet Company (MHC) ASBH - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ 9 Flatbush 10/21/03 No Plans Yet Federal Bancorp, Inc. (MHC) - ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ 10 Cheviot 01/06/04 No Plans Yet Financial Corp. (MHC) - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ 11 Clifton 03/04/04 09/07/04 30,530,410 16,791,758 13,738,712 2,453,341 981,337 Savings Bancorp, Inc. 55.0% 17.85% 7.14% - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ 12 Citizens 03/30/04 No Plans Yet Community Bancorp (MHC) CZWI - ------------------------------------------------------------------------------------------------------------------------ - ------ 13 K-Fed Bancorp 03/31/04 No Plans Yet (MHC) KFED ------------------------------------------------------------------------------------------------------------------ 14 Wawel Savings 04/01/04 No Plans Yet Bank (MHC) WAWL ------------------------------------------------------------------------------------------------------------------ 15 Osage Federal 04/01/04 No Plans Yet Financial, Inc. (MHC) OFFO - ------------------------------------------------------------------------------------------------------------------------ 16 Monadnock 06/29/04 No Plans Yet Community Bancorp (MHC) MNCK - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ 17 First Federal 06/29/04 No Plans Yet Financial Services, Inc. (MHC) FFFS - ------------------------------------------------------------------------------------------------------------------------ AVG w/o CSBK 10.41% 4.51% AVG. w/ CSBK 11.34% 4.84% CSBK 17.85% 7.14%
EX-99.2 3 maincl3x.txt SCHEDULE 2
Schedule 2 ------------------------------------------------------------------------------------------------- A B C D E ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Company MRP Cost 20% Exp. Net Income Net Worth % of Net Worth - ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------- 1 Charter $2,775,132 $555,026 12/31/01 -Q $272,851,318 1.0% Financial Corp. (MHC) CHFN 12/31/01 $732,035 x 4 $2,928,140 = 18.9% - ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------- 2 AJS Bancorp, Price 5/21/03 $221,140 6/30/03 - Q $33,703,000 3.2% Inc. (MHC) 58, 971 x = .13 per AJSB $18.75 share Cost $313,000 x $1,105,706 4 Meeting May 21, $1,252,000 = 2003 17.6% - ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------- 3 Westfield 6/28/02 $628,530 6/30/02 - $128,531,000 2.4% Financial, 198,904 x Q Inc. (MHC) WFD $15.80 $1,028,000 x $3,142,683 4 = Meeting June $4,112,000 = 28, 2002 15.28% - ------------------------------------------------------------------------------------------------------- 4 Partners 10/6/02 $347,732 12/30/02 - 12 $165,431,000 1.05% Trust 255,904 x $6 Months Financial .7942 $8,412,000 = Group, Inc. $1,738,662 4.13% Meeting October 10, 2002 - ------------------------------------------------------------------------------------------------------- 5 New England 57,14343 x $165,714 3/31/03 - 12 $39,594,364 3.1% Bancshares 14.50 Months Inc. (MHC) $828,573 $708,000 = NEBS Meeting 23.40% January 16 2003 - ------------------------------------------------------------------------------------------------------- 6 Minden 5/28/03 $77,245 6/30/03 - Q $18,096,000 2.13% Bancorp Inc. 26,185 x $342,000 x 4 MDNB $14.75 = $1,368,000 $386,228 = 5.64% Meeting May 15, 2003 - ------------------------------------------------------------------------------------------------------- 7 Synergy 66,298 x $241, 984 6/30/03 - Q $39,594,364 3.1% Financial $18.25 $726,993 x 4 Group, Inc. $11,209,930 (as = $2,907,972 SYNF stated in = 8.32% proxy) Meeting April 22, 2003 ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- 8 Clifton 981,337 x $2,329,694 6/30/04 - Q $200,315,025 5.81% Savings $11.87 $990,914 x 4 Bancorp, Inc. $11,648,470 = $3,963,656 =58.77% - ------------------------------------------------------------------------------------------------------- AVG Yearly 13.32% AVG Total 2.28% Expense to Net Expense to Income w/o CSBK Net Worth w/o CSBK AVG Yearly 19.00% AVG Total 2.72% Expense to Net Expense to Income w/ CSBK Net Worth w/ CSBK CSBK Yearly 58.77% CSBK Cost to 5.81% Expense to Net Net Worth Income - --------------------------------------------------------------------------------------------------------
EX-99.3 4 manclxx.txt FULLY CONVERTED WORKSHEET RYAN BECK & CO. April 14, 2004 Schedule 3 MUTUAL HOLDING COMPANIES UPDATED ANALYSIS APRIL 2004
- ---------------------------------------------------------------------------------------------------------------------------------- Clifton Savings Bancorp: Fully Converted Worksheet - -------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ (Dollars in thousands, except share data) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Company Description - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Clifton Savings Bancorp, Inc (CSBK-$12.12-NASDAQ-Not Rated) is the holding company for Clifton Savings Bank, S.L.A, headquartered in Clifton, New Jersey. The company completed a minority stock offering in March 2004, selling 45.0% of its total shares outstanding. Proforma for the offering, CSBK has approxiamtely $749 million in assets and $188 million in equity. The Bank provides community banking services through 10 offices in the northeastern New Jersey counties of Passaic and Bergen. ----- - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Second Step Assumptions - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Stock Price on Apr 13, $12.12 Common Equity $188,350 Common Shares 30,545,406 2004 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Re-Investment Rate 2.25% Tang Common/Tang Assets 25.1% MHC Shares 16,806,694 (pretax) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Tax Rate (marginal) 35.0% ESOP % 4.0% Minority Shares 13,738,712 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ 2004 Est. Net Income 3,371 ESOP Amort period 20 Minority % 45.0% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Assets (pre 2nd step) 749,151 MRP % 4.0% Underwriting 1.0% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Intangible 0 MRP Amort period 5 Fixed Offering 775 Expenses - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------
Midpoint Maximum Super Max - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Appraisal Value $314,125 $361,244 $415,430 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Offering Price per Share $10.00 $10.00 $10.00 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Shares Offered 17,283,786 19,876,354 22,857,808 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Exchange Shares 14,128,714 16,248,021 18,685,224 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Shares Outstanding 31,412,500 36,124,375 41,543,031 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Shares Outstanding w/SOP 93-6 30,202,635 34,733,030 39,942,985 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Exchange Ratio 1.0284 1.1826 1.3600 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Adjusted Minority % 45.0% 45.0% 45.0% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Adjusted Majority % 55.0% 55.0% 55.0% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Gross Proceeds $172,838 $198,764 $228,578 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Estimated Expenses (2,503) (2,763) (3,061) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Estimated Net Proceeds 170,334 196,001 225,517 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Capital at the MHC 0 0 0 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Stock Acquired by ESOP (6,914) (7,951) (9,143) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Stock Acquired by MRP (6,914) (7,951) (9,143) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Estimated Net Proceeds for Reinvestment $156,507 $180,100 $207,231 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Consolidated Net Income: - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ 2004 Estimated Earnings $3,371 $3,371 $3,371 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Pro Forma Earnings on Net Proceeds 2,289 2,634 3,031 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Pro Forma ESOP Adjustment (225) (258) (297) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Pro Forma MRP Adjustment (899) (1,034) (1,189) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Pro Forma Operating Net Income $4,537 $4,713 $4,916 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Pro Forma Net Income per Share $0.15 $0.14 $0.12 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Stockholders' Equity: - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ $188,350 $188,350 $188,350 Historical - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Capital at the MHC 0 0 0 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Estimated Net Proceeds 170,334 196,001 225,517 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Stock Acquired by ESOP (6,914) (7,951) (9,143) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Stock Acquired by MRP (6,914) (7,951) (9,143) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Pro Forma Stockholders' Equity $344,857 $368,450 $395,581 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Pro Forma Stockholders' Tang Equity $344,857 $368,450 $395,581 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Book Value per Share (pro forma) $10.98 $10.20 $9.52 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Tangible Book Value per Share (pro forma) $10.98 $10.20 $9.52 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Return on Assets (pro forma) 0.49% 0.50% 0.50% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Return on Common Equity (pro forma) 1.0% 0.9% 0.9% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Common Equity/Assets (pro forma) 37.5% 39.0% 40.6% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Pro Forma Second Step Pricing: - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Offering Price to Pro Forma Earnings 66.6x 73.7x 81.2x - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Offering Price to Pro Forma Book Value 91% 98% 105% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Offering Price to Pro Forma Tang Book Value 91% 98% 105% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Fully Converted Value to Minority Shareholders: - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Current Minority Share Price to Pro Forma Earnings 78.5x 75.5x 72.4x - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Current Minority Share Price to Pro Forma Book Value 107% 100% 94% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Current Minority Share Price to Pro Forma Tang Book 107% 100% 94% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Value to Minority Shareholders Assuming Pro Forma 2nd Step Stock At: - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ 100% of Book Value $11.29 $12.06 $12.95 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ 110% of Book Value $12.42 $13.27 $14.25 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ 120% of Book Value $13.55 $14.47 $15.54 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ 130% of Book Value $14.68 $15.68 $16.84 - ------------------------------------------------------------------------------------------------------------------------------------
EX-99.4 5 maincl5x.txt SCHEDULE 4 Schedule 4 - ------------------------------------------------------------------------------------------------------------------------------------ Company ASBH BCSB CFFN CHFN CHEV CSBK GOV ALLB GCBC HCBK JXSB KFED NWSB ONFC - ------------------------------------------------------------------------------------------------------------------------------------ Current price $15.20 $13.89 $32.74 $32.75 $10.94 $11.60 $12.25 $30.77 $32.89 $34.24 $14.99 $13.18 $21.85 $11.18 Minority marketcap.($Mil.)$25 $30 $713 $122 $49 $159 $12 $21 $30 $2,211 $14 $75 $434 $36 Total equity ($Mil.) 37.9 40.3 964.0 261.0 76.6 200.3 17.9 35.0 29.8 1,287.3 19.2 88.3 500.0 48.4 Total shares (Mil.) 5.6 5.9 74.0 19.6 9.9 30.5 2.3 3.4 2.1 187.2 2.0 14.5 48.0 7.5 MHC ownership 70% 64% 71% 81% 55% 55% 57% 80% 56% 65% 53% 616% 59% 58% Minority ownership 30% 36% 29% 19% 45% 45% 43% 20% 44% 35% 47% 39% 41% 42% Net income Q2-04 537 233 9,485 1,872 590 991 239 676 738 58,418 238 909 12,575 896 Q2-04 Annualized EPS $0.40 $0.16 $0.52 $0.38 $0.25 $0.13 $0.43 $0.79 $1.42 $1.26 $0.48 $0.26 $1.04 $0.47 Net income LTM ($Mil.) 2.1 0.5 26.7 7.7 1.2 3.7 0.8 2.4 2.9 217.3 0.7 3.1 50.5 3.0 Effective tax rate 31% 31% 40% 20% 46% 40% 38% 7% 30% 37% 37% 40% 28% 25% LTM EPS $0.39 $0.08 $0.37 $0.39 $0.12 $0.13 $0.37 $0.70 $1.40 $1.17 $0.35 $0.22 $1.04 $0.39 Current P/LTM EPS 38.7x 179.1x 89.4x 83.0x 90.4x 92.6x 33.1x 44.0x 23.4x 29.2x 43.3x 60.2x 21.0x 28.5x Current P/Q2-04 EPS 38.4x 87.1x 62.8x 85.1x 44.3x 86.2x 28.8x 30.1x 23.1x 27.2x 31.3x 50.7.1x 21.1x 23.8x Annlzd.
- -------------------------------------------------------------------------------- PBHC PBCT ROME WCFB WFD Median - -------------------------------------------------------------------------------- ========================= Current price $16.50 $30.75 $29.00 $13.98 $20.25 Minority marketcap.($Mil $14 $1,200 $47 $21 $90 Total Equity ($Mil.) 22.2 1,156.6 35.6 22.6 116.6 Total shares (Mil.) 2.4 93.7 4.2 3.8 10.1 MHC ownership 65% 58% 61% 61% 56% 60% Minority ownership 35% 42% 39% 39% 44% Net Income Q2-04 323 25,000 680 275 1,633 Q2-04 Annualized EPS $0.52 $1.06 $0.65 $0.29 $0.65 Net income LTM ($Mil.) 1.5 176.5 1.5 1.1 5.8 Effective tax rate 27% 34% 35% 36% 29% LTM EPS $0.60 $1.88 $0.36 $0.30 $0.58 Current P/LTM EPS 27.6x 16.4x 80.2x 46.2x 35.2x 43.7x Current P/Q2-04 EPS 31.6x 28.9x 44.7x 48.0x 31.1x 35.4x Annlzd. Source: SNL DataSource and company data **Fundamental Data through 6/30/04
EX-99.5 6 maincl5aa.txt SNL BANK & THRIFT Schedule 5 SNL BANK & THRIFT DAILY Friday, Aug. 13, 2004 Page 4 & 5 NORTHEAST Abington Community Bancorp Inc. (MHC) (T) PA On Aug. 11, Jenkintown, PA-based Abington Community Bancorp Inc. (MHC) disclosed in an amended registration statement on Form S-1 that the thrift was decreasing the number of shares to be allocated to the management recognition and retention plan in the upcoming mutual holding company conversion of unit Abington Savings Bank. The MRP will be allotted 2% of the total shares, down from the original allocation of 2.86% of total shares. The new minority price to book ranges from 45.9% to 58.6%, while the pro forma fully converted price to book at March 31 is unchanged, ranging from 72.66% to 84.41 %. Elias Matz Tiernen & Herrick LLP is serving as conversion counsel. RP Financial LC performed the appraisal of the institution. Keefe Bruyette & Woods Inc. will act as deal manager for the offering EX-99.6 7 maincl6.txt ADDITIONAL INFO TO ISS LAWRENCE B. SEIDMAN, ESQ. 100 Misty Lane P. O. BOX 5430 Parsippany, NJ 07054 (973) 560-1400, X108 August 18, 2004 Mr. Rajeev Kumar Institutional Shareholder Services 2099 Gaither Road, Suite 501 Rockville, MD 20850-4045 Re: Clifton Savings Bancorp, Inc. Dear Mr. Kumar: An item which I forgot to put in my previous letter which I deem to be very important is the treatment of dividends for the shares owned by the mutual holding company. Pursuant to OTS regulations, a company is not required to pay dividends to the mutual holding company even though dividends are paid to the minority shareholders. This permissible waiver of dividends further equates the stock of the Mutual Holding Company to treasury stock. If you require any additional information on this point, please call me. Very truly yours, LAWRENCE B. SEIDMAN -----END PRIVACY-ENHANCED MESSAGE-----