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 ------------------------------------------------------------------------------------------------------------------------------------