10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2016

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No.  001-36390

CLIFTON BANCORP INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	46-4757900
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)
1433 Van Houten Avenue, Clifton, New Jersey	07015
(Address of Principal Executive Offices)	(Zip Code)

(973) 473-2200

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one)

Large Accelerated Filer	☐		Accelerated Filer	☒
Non-Accelerated Filer	☐	(Do not check if a smaller reporting company)	Smaller reporting company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No ☒

The number of shares outstanding of each of the issuer’s classes of common stock, as of October 31, 2016: 23,046,435 shares outstanding.

CLIFTON BANCORP INC. AND SUBSIDIARIES

INDEX

		Page
		Number
PART I - FINANCIAL INFORMATION
Item 1:	Financial Statements (Unaudited)
	Consolidated Statements of Financial Condition at September 30, 2016 and March 31, 2016	1
	Consolidated Statements of Income For the Three and Six Months Ended September 30, 2016 and 2015	2
	Consolidated Statements of Comprehensive Income For the Three and Six Months Ended September 30, 2016 and 2015	3
	Consolidated Statements of Changes in Stockholders’ Equity For the Six Months Ended September 30, 2016 and 2015	4 – 5
	Consolidated Statements of Cash Flows For the Six Months Ended September 30, 2016 and 2015	6 – 7
	Notes to Consolidated Financial Statements	8 – 29
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30 – 39
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	40 – 41
Item 4:	Controls and Procedures	42
PART II - OTHER INFORMATION
Item 1:	Legal Proceedings	43
Item 1A:	Risk Factors	43
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3:	Defaults Upon Senior Securities	43
Item 4:	Mine Safety Disclosures	43
Item 5:	Other Information	44
Item 6:	Exhibits	44
SIGNATURES		45

CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data)

	September 30, 2016			March 31, 2016
ASSETS	(Unaudited)
Cash and due from banks	$	6,460		$	13,042
Interest-bearing deposits in other banks		16,298			18,027
Cash and Cash Equivalents		22,758			31,069
Securities available for sale, at fair value		5,079			9,591
Securities held to maturity, at cost (fair value of $321,888 at September 30, 2016    and $356,320 at March 31, 2016):		312,068			347,871
Loans receivable		886,793			784,589
Allowance for loan losses		(5,200	)		(4,360	)
Net Loans		881,593			780,229
Bank owned life insurance		60,937			56,162
Premises and equipment		8,212			8,081
Federal Home Loan Bank of New York stock		11,425			11,665
Interest receivable		3,057			3,112
Other assets		7,061			5,347
Total Assets	$	1,312,190		$	1,253,127
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest bearing	$	23,235		$	17,937
Interest bearing		749,071			676,725
Total Deposits		772,306			694,662
Advances from Federal Home Loan Bank of New York		224,500			231,500
Advance payments by borrowers for taxes and insurance		7,599			7,336
Other liabilities and accrued expenses		4,895			4,352
Total Liabilities		1,009,300			937,850
Commitments and Contingencies
Stockholders' Equity
Preferred stock ($.01 par value), 10,000,000 shares authorized; none issued or    outstanding		—			—
Common stock ($.01 par value), 85,000,000 shares authorized; 23,086,235    issued and outstanding at September 30, 2016; 24,000,043 issued and    outstanding at March 31, 2016		231			240
Paid-in capital		210,424			222,752
Deferred compensation obligation under Rabbi Trust		490			412
Retained earnings		102,683			103,120
Common stock acquired by Employee Stock Ownership Plan ("ESOP")		(10,558	)		(11,184	)
Accumulated other comprehensive (loss) income		(14	)		172
Stock held by Rabbi Trust		(366	)		(235	)
Total Stockholders' Equity		302,890			315,277
Total Liabilities and Stockholders' Equity	$	1,312,190		$	1,253,127

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Share and Per Share Data, Unaudited)

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Interest Income
Loans	$	7,748	$	6,090	$	14,966	$	12,074
Mortgage-backed securities		1,734		1,899		3,577		3,841
Debt securities		283		678		691		1,387
Other interest-earning assets		151		72		273		149
Total Interest Income		9,916		8,739		19,507		17,451
Interest Expense
Deposits		1,923		1,587		3,684		3,160
Advances		924		612		1,812		1,174
Total Interest Expense		2,847		2,199		5,496		4,334
Net Interest Income		7,069		6,540		14,011		13,117
Provision for Loan Losses		505		100		1,031		173
Net Interest Income after Provision for Loan Losses		6,564		6,440		12,980		12,944
Non-Interest Income
Fees and service charges		95		50		169		105
Bank owned life insurance		406		401		775		787
Gain on sale of securities		—		—		84		72
Other		—		1		—		2
Total Non-Interest Income		501		452		1,028		966
Non-Interest Expenses
Salaries and employee benefits		3,372		2,719		6,785		5,424
Occupancy expense of premises		434		351		851		747
Equipment		438		370		818		727
Directors' compensation		252		247		506		458
Advertising and marketing		99		108		252		165
Professional services		204		214		373		468
Federal deposit insurance premium		152		122		290		246
Other		360		449		915		860
Total Non-Interest Expenses		5,311		4,580		10,790		9,095
Income before Income Taxes		1,754		2,312		3,218		4,815
Income Taxes		513		772		961		1,617
Net Income	$	1,241	$	1,540	$	2,257	$	3,198
Net Income per Common Share
Basic	$	0.06	$	0.06	$	0.10	$	0.13
Diluted	$	0.06	$	0.06	$	0.10	$	0.13
Dividends per common share	$	0.06	$	0.06	$	0.12	$	0.18
Weighted Average Number of Common Shares and Common Stock Equivalents    Outstanding:
Basic		22,215,759		24,632,898		22,495,168		25,000,008
Diluted		22,276,069		24,686,936		22,555,241		25,064,312

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands, Unaudited)

	Three Months Ended					Six Months Ended
	September 30,					September 30,
	2016			2015		2016			2015
Net income	$	1,241		$	1,540	$	2,257		$	3,198
Other comprehensive (loss) income:
Gross unrealized holding (loss) gain on securities available for sale, net     of income taxes of $6 and $(45),  $(4) and $11, respectively		(9	)		65		6			(14	)
Reclassification adjustment for net realized gains on securities available    for sale, net of income taxes of $0 and $0, $34 and $29, respectively (A)		—			—		(50	)		(43	)
Benefit plan (loss), net of income taxes of $0 and $0, $101 and $0,    respectively		—			—		(145	)		—
Benefit plan amortization, net of income taxes of $0 and $(9),    $(1) and $(18), respectively (B)		1			13		3			25
Total other comprehensive (loss) income		(8	)		78		(186	)		(32	)
Total comprehensive income	$	1,233		$	1,618	$	2,071		$	3,166

(A) Net realized gain and related income taxes are included in the consolidated statements of income within the gain on sale of securities and income taxes lines, respectively.

(B) Benefit plan amounts represent the amortization of past service cost and unrecognized net loss; such amounts are included in the consolidated statements of income within the directors' compensation line. The related income tax amounts are included in income taxes.

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In Thousands, Except Share and Per Share Data, Unaudited)

										Deferred								Accumulated
										Compensation					Common Stock			Other			Stock Held
	Common Stock						Paid-In			Obligation Under		Retained			Acquired			Comprehensive			by Rabbi
Six Months Ended September 30, 2016	Shares			Par Value			Capital			Rabbi Trust		Earnings			by ESOP			Income (Loss)			Trust			Total
Balance - March 31, 2016		24,000,043		$	240		$	222,752		$	412	$	103,120		$	(11,184	)	$	172		$	(235	)	$	315,277
Net income		—			—			—			—		2,257			—			—			—			2,257
Other comprehensive loss, net    of income tax		—			—			—			—		—			—			(186	)		—			(186	)
ESOP shares committed to be    released		—			—			301			—		—			626			—			—			927
Stock option expense		—			—			167			—		—			—			—			—			167
Restricted stock awards granted		17,000			—			—			—		—			—			—			—			—
Restricted stock awards earned		—			—			683			—		—			—			—			—			683
Forfeited restricted stock awards		(27,295	)		—			—			—		—			—			—			—			—
Repurchase restricted stock    awards		(14,613	)		—			(219	)		—		—			—			—			—			(219	)
Funding of Supplemental    Executive Retirement Plan		—			—			—			78		—			—			—			(131	)		(53	)
Repurchase common stock		(888,900	)		(9	)		(13,260	)		—		—			—			—			—			(13,269	)
Cash dividends declared ($0.12    per share)		—			—			—			—		(2,694	)		—			—			—			(2,694	)
Balance - September 30, 2016		23,086,235		$	231		$	210,424		$	490	$	102,683		$	(10,558	)	$	(14	)	$	(366	)	$	302,890

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In Thousands, Except Share and Per Share Data, Unaudited)

										Deferred								Accumulated
										Compensation					Common Stock			Other			Stock Held
	Common Stock						Paid-In			Obligation Under		Retained			Acquired			Comprehensive			by Rabbi
Six Months Ended September 30, 2015	Shares			Par Value			Capital			Rabbi Trust		Earnings			by ESOP			Income (Loss)			Trust			Total
Balance - March 31, 2015		27,325,847		$	273		$	275,341		$	273	$	105,032		$	(12,437	)	$	(481	)	$	—		$	368,001
Net income		—			—			—			—		3,198			—			—			—			3,198
Other comprehensive loss, net    of income tax		—			—			—			—		—			—			(32	)		—			(32	)
ESOP shares committed to be    released		—			—			235			—		—			626			—			—			861
Stock option expense		—			—			35			—		—			—			—			—			35
Restricted stock awards granted		511,784			5			(5	)		—		—			—			—			—			—
Restricted stock awards earned		—			—			129			—		—			—			—			—			129
Repurchase restricted stock    awards		(887	)		—			(12	)		—		—			—			—			—			(12	)
Funding of Supplemental    Executive Retirement Plan		—			—			—			99		—			—			—			(235	)		(136	)
Tax benefit from stock based    compensation		—			—			172			—		—			—			—			—			172
Exercise of stock options		183,731			2			1,919			—		—			—			—			—			1,921
Repurchase common stock		(2,275,679	)		(23	)		(31,397	)		—		—			—			—			—			(31,420	)
Cash dividends declared ($0.18    per share)		—			—			—			—		(4,450	)		—			—			—			(4,450	)
Balance - September 30, 2015		25,744,796		$	257		$	246,417		$	372	$	103,780		$	(11,811	)	$	(513	)	$	(235	)	$	338,267

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands, Unaudited)

	Six Months Ended
	September 30,
	2016			2015
Cash Flows From Operating Activities:
Net income	$	2,257		$	3,198
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment		337			285
Net amortization of deferred fees and costs, premiums and discounts		503			469
Provision for loan losses		1,031			173
Realized gain on sale of securities available for sale		(84	)		(72	)
Loss on disposal of real estate owned		28			—
Loss on write-down of real estate owned		69			—
(Gain) on acquisition of real estate owned		(28	)		—
Decrease in interest receivable		55			60
Deferred income tax (benefit)		(206	)		(369	)
(Increase) in other assets		(494	)		(61	)
(Decrease) increase in accrued interest payable		(29	)		44
Increase in other liabilities		398			584
Income from bank owned life insurance		(775	)		(787	)
ESOP shares committed to be released		927			861
Restricted stock expense		683			129
Stock option expense		167			35
Income tax benefit from stock based compensation		(68	)		—
(Decrease) in deferred compensation obligation under Rabbi Trust		(53	)		(136	)
Net Cash Provided by Operating Activities		4,718			4,413
Cash Flows From Investing Activities:
Proceeds from calls, maturities and repayments of:
Securities available for sale		794			5,974
Securities held to maturity		58,658			57,135
Proceeds from sale of securities available for sale		3,713			1,908
Proceeds from life insurance		—			576
Redemptions of Federal Home Loan Bank of New York stock		6,953			158
Purchases of:
Securities held to maturity		(23,114	)		(25,935	)
Loans receivable		(23,977	)		(26,984	)
Bank owed life insurance		(4,000	)		—
Premises and equipment		(468	)		(354	)
Federal Home Loan Bank of New York stock		(6,713	)		(944	)
Net (increase) in loans receivable		(79,600	)		(9,674	)
Net Cash (Used in) Provided by Investing Activities	$	(67,754	)	$	1,860

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D)

(In Thousands, Unaudited)

	Six Months Ended
	September 30,
	2016			2015
Cash Flows From Financing Activities:
Net increase (decrease) in deposits	$	77,644		$	(20,852	)
Net (decrease) increase in short-term advances from    Federal Home Loan Bank of New York		(42,000	)		15,500
Proceeds from long-term advances from Federal Home Loan Bank of New York		35,000			26,000
Principal payment on advances from Federal Home Loan Bank of New York		—			(25,000	)
Net increase in payments by borrowers for taxes and insurance		263			429
Repurchase restricted stock award		(219	)		(12	)
Exercise of stock options		—			1,921
Repurchase common stock		(13,269	)		(31,420	)
Dividends paid		(2,694	)		(4,450	)
Income tax benefit from stock based compensation		—			172
Net Cash Provided by (Used in) Financing Activities		54,725			(37,712	)
Net (Decrease) in Cash and Cash Equivalents		(8,311	)		(31,439	)
Cash and Cash Equivalents - Beginning		31,069			49,308
Cash and Cash Equivalents - Ending	$	22,758		$	17,869
Supplemental Information:
Cash paid during the period for:
Interest on deposits and borrowings	$	5,525		$	4,290
Income taxes paid	$	1,929		$	2,642
Non cash activities:
Transfer from loans receivable to real estate owned	$	953		$	—

See notes to consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

The consolidated financial statements include the accounts of Clifton Bancorp Inc. (the “Company”), the Company’s wholly-owned subsidiary, Clifton Savings Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, Botany Inc. (“Botany”). The Company’s principal business is the ownership and operation of the Bank.  Botany’s business consists solely of holding investment and mortgage-backed securities, and Botany is treated under New Jersey tax law as a New Jersey Investment Company. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements were prepared in accordance with the instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, or cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements have been included. The results of operations for the six month period ended September 30, 2016 are not necessarily indicative of the results which may be expected for the entire fiscal year or any other period. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes thereto for the year ended March 31, 2016, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on June 8, 2016.

The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2016 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

2. EARNINGS PER SHARE (EPS)

Basic EPS is based on the weighted average number of common shares actually outstanding, and is adjusted for employee stock ownership plan shares not yet committed to be released and deferred compensation obligations required to be settled in shares of Company stock. Unvested restricted stock awards, which contain rights to non-forfeitable dividends, are considered participating securities and the two-class method of computing basic and diluted EPS is applied. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable (such as stock options) or which could be converted into common stock, if dilutive, using the treasury stock method. Basic and diluted EPS have been determined based on the adjusted numbers of weighted average shares. The calculation of diluted EPS for the three and six months ended September 30, 2016 includes incremental shares related to outstanding stock options of 60,310 and 60,073, respectively.  The calculation of diluted EPS for the three and six months ended September 30, 2015 includes incremental shares related to outstanding stock options of 54,038 and 64,304, respectively. Shares issued or retired during any period are weighted for the portion of the period they were outstanding. During the three and six months ended September 30, 2016,  the average number of options which were antidilutive were 1,035,635 and 1,046,640, respectively.  During the three and six months ended September 30, 2015,  the average number of options which were antidilutive were 360,564 and 186,752, respectively.

3. STOCK REPURCHASE AND STOCK BASED COMPENSATION

On March 11, 2015, the Company announced that the Board of Directors authorized a stock repurchase plan, that became effective on April 2, 2015, to acquire up to 2,731,000 shares, or 10%, of the Company’s outstanding common stock. On October 28, 2015, the Company announced that the Board of Directors authorized an extension of the stock repurchase plan to acquire an additional 2,569,000 shares, or 10%, of the Company’s outstanding common stock. On September 8, 2016 the Company announced that the Board of Directors authorized an extension of the stock repurchase plan to acquire up to an additional 1,155,000 shares, or 5%, of the Company’s outstanding common stock.

During the six months ended September 30, 2016 and 2015, approximately 888,900 and 2,270,000 shares were repurchased, respectively, under the repurchase plan at an aggregate cost of approximately $13.3 million, or $14.93 per share, and $31.3 million, or $13.81 per share, respectively.  

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. STOCK REPURCHASE AND STOCK BASED COMPENSATION (CONT’D)

At the Company’s annual meeting of stockholders held on August 6, 2015, stockholders of the Company approved the Clifton Bancorp Inc. 2015 Equity Incentive Plan (“the Plan”). Under the Plan, the Company may grant options to purchase up to 1,705,944 shares of Company common stock and may grant up to 682,377 shares of Company common stock as restricted stock awards.

On September 2, 2015, 511,784 shares of restricted stock were awarded, with a grant date fair value of $13.84 per share. To fund the grants of restricted common stock, the Company issued 511,784 shares from authorized shares. All shares of restricted stock granted on this date vest in equal installments over a five-year period beginning one year from the date of grant.

On April 6, 2016, 8,000 shares of restricted stock were awarded, with a grant date fair value of $14.89 per share. To fund the grants of restricted common stock, the Company issued 8,000 shares from authorized shares. All shares of restricted stock granted on this date vest one year from the date of grant.

On August 31, 2016, effective on September 12, 2016, 9,000 shares of restricted stock were awarded, with a grant date fair value of $15.16 per share. To fund the grants of restricted common stock, the Company issued 9,000 shares from authorized shares. All shares of restricted stock granted on this date vest in equal installments over a three-year period beginning one year from the date of grant.

Management recognizes expense for the fair value of these awards on a straight line basis over the requisite service period. During the six months ended September 30, 2016 and 2015, $683,000 and $129,000, respectively, in expense was recognized in regard to these restricted stock awards. The Company recognized approximately $279,000 and $53,000 of income tax benefits resulting from this expense for six months ended September 30, 2016 and 2015, respectively. The expected future compensation expense relating to the 400,532 non-vested restricted shares outstanding at September 30, 2016 is $5.4 million over a weighted average period of 3.8 years.

The following is summary of the status of the Company’s non-vested restricted shares:

	Restricted Shares			Weighted Average Grant Date Fair Value
Non-vested at March 31, 2015		7,628		$	10.02
Granted		511,784			13.84
Vested		(6,226	)		9.27
Forfeited		(6,824	)		13.84
Non-vested at March 31, 2016		506,362			13.84
Granted		17,000			15.03
Vested		(95,535	)		13.84
Forfeited		(27,295	)		13.84
Non-vested at September 30, 2016		400,532			13.89

Under the 2015 Equity Incentive Plan, on September 2, 2015, stock options to purchase 1,108,868 shares of Company common stock were awarded, with a grant date fair value of $1.63 per share and an expiration date of September 2, 2025. All of these stock options granted vest in equal installments over a five-year period beginning one year from the date of grant. Stock options were granted at an exercise price of $13.84 equal to the fair value of the Company’s common stock on the grant date based on quoted market prices. The fair value of the stock options of $1.63 was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.5 years, risk-free rate of return of 1.92%, volatility of 12.50% and a dividend yield of 1.73%.

Under the 2015 Equity Incentive Plan, on April 6, 2016, stock options to purchase 10,000 shares of Company common stock were awarded, with a grant date fair value of $1.79 per share and an expiration date of April 6, 2026. All of these stock options granted vest one year from the date of grant. Stock options were granted at an exercise price of $14.89 equal to the fair value of the Company’s common stock on the grant date based on quoted market prices. The fair value of the stock options was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 5.5 years, risk-free rate of return of 1.28%, volatility of 14.92% and a dividend yield of 1.61%.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. STOCK REPURCHASE AND STOCK BASED COMPENSATION (CONT’D)

Under the 2015 Equity Incentive Plan, effective on September 12, 2016, stock options to purchase 10,000 shares of Company common stock were awarded, with a grant date fair value of $1.92 per share and an expiration date of September 12, 2026. All of these stock options granted vest one year from the date of grant. Stock options were granted at an exercise price of $15.16 equal to the fair value of the Company’s common stock on the grant date based on quoted market prices. The fair value of the stock options was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 5.5 years, risk-free rate of return of 1.28%, volatility of 15.63% and a dividend yield of 1.58%.

The expected option life was estimated as the mid-point between the vesting period and ten year life of the options. The risk-free rate of return was based on the rate on the grant date of a U.S. Treasury Note with a term equal to the expected option life. Expected volatility was based on the historical stock price activity of the Company over the year prior to the grant date. The dividend rate was based on the cash dividends paid by the Company over the year prior to the grant date on its common stock.

Management recognizes expense for the fair value of these awards on a straight line basis over the requisite service period. During the six months ended September 30, 2016 and 2015, $166,000 and $35,000, respectively, in stock option expense was recorded net of income tax benefits of $47,000 and $10,000 respectively. The expected future compensation expense relating to the 847,676 non-vested options outstanding at September 30, 2016 is $1.3 million over the weighted average period of 3.8 years.

A summary of stock option activity follows:

	Number of Stock Options			Range	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2015		345,174		$9.03 - $13.32	$	9.93	2.79 Years		1,444,950
Granted		1,108,868		13.84		13.84
Exercised		(183,731	)	9.03 - 10.46		10.45			632,424
Forfeited		(17,060	)	13.84		13.84
Outstanding at March 31, 2016		1,253,251		9.03 - 13.84		13.26	8.78 Years		2,333,383
Granted		20,000		14.89 - 15.16		15.03
Forfeited		(68,238	)	13.84		13.84
Outstanding at September 30, 2016		1,205,013		9.03 - 15.16		13.25	8.27 Years		2,452,791
Exercisable at September 30, 2016		357,337		9.03 - 13.84		11.81	6.70 Years		1,242,772

4. RETIREMENT PLAN-COMPONENTS OF NET PERIODIC PENSION COST

Periodic pension expense for the directors’ retirement plan and a former president’s post-retirement health care plan were as follows:

	Three Months Ended					Six Months Ended
	September 30,					September 30,
	2016			2015		2016			2015
	(In Thousands)					(In Thousands)
Service cost	$	23		$	44	$	46		$	88
Interest cost		20			30		40			61
Amortization of unrecognized (gain) loss		(1	)		13		(2	)		25
Amortization of past service cost		3			9		6			18
Settlement charge		—			—		37			—
Net periodic benefit cost	$	45		$	96	$	127		$	192

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities available for sale and held to maturity for the dates indicated are as follows:

	September 30, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	5,021	$	58	$	—	$	5,079
Total available for sale securities	$	5,021	$	58	$	—	$	5,079
	March 31, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	9,460	$	131	$	—	$	9,591
Total available for sale securities	$	9,460	$	131	$	—	$	9,591

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. SECURITIES (CONT’D)

	September 30, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	24,959	$	77	$	—	$	25,036
Corporate bonds		20,030		621		114		20,537
Municipal bonds		7,531		126		3		7,654
		52,520		824		117		53,227
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		53,351		1,885		—		55,236
Federal National Mortgage Association		189,078		6,591		80		195,589
Government National Mortgage Association		17,119		742		25		17,836
		259,548		9,218		105		268,661
Total held to maturity securities	$	312,068	$	10,042	$	222	$	321,888
	March 31, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	29,941	$	75	$	21	$	29,995
Corporate bonds		45,037		685		7		45,715
Municipal bonds		5,335		119		1		5,453
		80,313		879		29		81,163
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		53,004		1,494		45		54,453
Federal National Mortgage Association		200,672		5,661		235		206,098
Government National Mortgage Association		13,882		754		30		14,606
		267,558		7,909		310		275,157
Total held to maturity securities	$	347,871	$	8,788	$	339	$	356,320

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. SECURITIES (CONT’D)

Contractual maturity data for securities are as follows:

	September 30, 2016
	Amortized		Fair
	Cost		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Due after five through ten years	$	1,457	$	1,459
Due after ten years		3,564		3,620
Total available for sale securities	$	5,021	$	5,079
Held to maturity:
Debt securities:
Due less than one year	$	3,003	$	3,000
Due after one through five years		22,747		22,844
Due after five through ten years		26,525		27,124
Due after ten years		245		259
		52,520		53,227
Mortgage-backed securities:
Due after one through five years		14,860		14,925
Due after five through ten years		80,315		82,990
Due after ten years		164,373		170,746
		259,548		268,661
Total held to maturity securities	$	312,068	$	321,888

The amortized cost and carrying values shown above are by contractual final maturity.  Actual maturities will differ from contractual final maturities due to scheduled monthly payments related to mortgage-backed securities and due to the borrowers having the right to prepay obligations with or without prepayment penalties. The Company’s mortgage-backed securities are generally secured by residential mortgage loans with contractual maturities of 15 years or greater, and multi-family loans with maturities of five to 10 years. However, the effective lives of those securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the loans within those securities. Investors in pass-through securities generally share in the receipt of principal repayments on a pro-rata basis as paid by the borrowers.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. SECURITIES (CONT’D)

The age of gross unrealized losses and the fair value of related securities at September 30 and March 31, 2016 were as follows:

	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
September 30, 2016	FairValue		Losses		FairValue		Losses		FairValue		Losses
	(In Thousands)
Held to maturity:
Debt securities:
Corporate bonds	$	4,886	$	114	$	—	$	—	$	4,886	$	114
Municipal bonds		3,000		3		—		—		3,000		3
		7,886		117		—		—		7,886		117
Mortgage-backed securities:
Federal National Mortgage Association		6,509		11		4,702		69		11,211		80
Government National Mortgage Association		5,067		9		1,073		16		6,140		25
		11,576		20		5,775		85		17,351		105
Total held to maturity securities	$	19,462	$	137	$	5,775	$	85	$	25,237	$	222
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
March 31, 2016	FairValue		Losses		FairValue		Losses		FairValue		Losses
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	4,979	$	21	$	—	$	—	$	4,979	$	21
Corporate bonds		4,993		7		—		—		4,993		7
Municipal bonds		787		1		—		—		787		1
		10,759		29		—		—		10,759		29
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		—		—		3,925		45		3,925		45
Federal National Mortgage Association		2,116		9		15,913		226		18,029		235
Government National Mortgage Association		—		—		1,246		30		1,246		30
		2,116		9		21,084		301		23,200		310
Total held to maturity securities	$	12,875	$	38	$	21,084	$	301	$	33,959	$	339

Management does not believe that any of the unrealized losses at September 30, 2016 (one corporate bond and two municipal bonds included in debt securities, and five FNMA mortgage-backed securities and two GNMA mortgage-backed securities) represent an other-than-temporary impairment as they are primarily related to market interest rates and not related to the underlying credit quality of the issuers of the securities.  Additionally, the Company and its subsidiaries have the ability, and management has the intent, to hold such securities for the time necessary to recover amortized cost and does not have the intent to sell the securities, and it is more likely than not that it will not have to sell the securities before recovery of their amortized cost.

During the six months ended September 30, 2016 and 2015, the proceeds from sales of securities available for sale totaled $3.7 million and $1.9 million, respectively, resulting in gross realized gains of $84,000 and $72,000, respectively.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES

The following is a summary of loans by segment and the classes within those segments:

	September 30,		March 31,
	2016		2016
	(In Thousands)
Real estate:
One- to four-family	$	623,719	$	617,694
Multi-family		109,718		56,244
Commercial		138,022		97,379
		871,459		771,317
Commercial and industrial		2,157		201
Consumer:
Second mortgage		6,030		6,173
Passbook or certificate		574		600
Equity lines of credit		3,444		3,164
Other loans		75		70
		10,123		10,007
Total Loans		883,739		781,525
Net purchase premiums, discounts, and deferred loan costs		3,054		3,064
Total Loans, Net	$	886,793	$	784,589

The allowance for loan losses consists of general and unallocated components. For loans that are classified as impaired, a valuation allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component of the allowance covers pools of loans by loan class not considered impaired, as well as smaller balance homogeneous loans, such as one- to four-family real estate, construction real estate, second mortgage loans, home equity lines of credit and passbook loans.  These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors to reflect current conditions. The qualitative risk factors include:

1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices.

2. National, regional, and local economic and business conditions, including the value of underlying collateral for collateral dependent loans.

3. Nature and volume of the portfolio and terms of loans.

4. Experience, ability, and depth of lending management and staff.

5. The quality of the Bank’s loan review system.

6. Volume and severity of past due, classified and nonaccrual loans.

7. Existence and effect of any concentrations of credit and changes in the level of such concentrations.

8. Effect of external factors, such as competition and legal and regulatory requirements.

- 15 -

CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation.

An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating losses in the portfolio.

The evaluation of the adequacy of the allowance is based on an analysis which categorizes the entire loan portfolio by certain risk characteristics. The loan portfolio segments are further disaggregated into the following loan classes, where the risk level for each type is analyzed when determining the allowance for loan losses.

Real Estate:

1. One- to Four-Family Loans - consists of loans secured by first liens on either owner occupied or investment properties.  These loans can be affected by economic conditions and the value of the underlying properties. The risk is considered relatively low as the Bank has always had conservative underwriting standards and does not have sub-prime loans in its loan portfolio.

2. Multi-Family Loans - consists of loans secured by multi-family real estate which generally involve a greater degree of risk than one- to four-family residential mortgage loans. These loans can be affected by economic conditions and the value of the underlying properties.

3. Commercial Loans - consists of loans secured by commercial real estate which generally involve a greater degree of risk than one- to four-family residential mortgage loans. These loans can be affected by economic conditions and the value of the underlying properties. These loans are affected by economic conditions to a greater degree than one- to four-family and multi-family loans.

4. Construction Loans - consists primarily of the financing of construction of one- to four-family properties or construction/permanent loans for the construction of one- to four-family homes to be occupied by the borrower. Construction loans generally are considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate due to uncertainty of construction costs. Independent inspections are performed prior to disbursement of loan proceeds as construction progresses to mitigate these risks. These loans are also affected by economic conditions.

Commercial and Industrial Loans:

Consists of commercial lines of credit and term loans which can be either secured or unsecured. Commercial and industrial loans are generally considered to involve a higher degree of risk of loss due to the concentration of principal in a limited number of loans and/or borrowers and the effects of general economic conditions on the business and/or the value of the underlying properties, if applicable. Commercial and industrial loans generally have shorter terms and higher interest rates than other forms of lending.

Consumer:

1. Second Mortgage and Equity Lines of Credit - consists of one- to four-family loans secured by first, second or third liens (when the Bank has the two other lien positions). These loans are affected by the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. The credit risk is considered slightly higher than one- to four-family first lien loans as these loans are also dependent on the value of underlying properties, but in many instances, have the added risk of a subordinate collateral position.

2. Passbook or Certificate and Other Loans - consists of loans secured by passbook accounts and certificates of deposits and unsecured loans. The passbook or certificate loans have low credit risk as they are fully secured by their collateral. Unsecured loans, included in other loans, are two loans in a New Jersey loan fund and they also are considered a low credit risk.

- 16 -

CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss.  Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects.  Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Non-classified assets are rated as a pass or pass-watch. Pass-watch loans require current oversight or tracking by management generally due to incomplete documentation or monitoring due to previous delinquent status.

In addition, the Office of the Comptroller of the Currency (the “OCC”), as an integral part of its examination process, periodically reviews the Bank’s loan portfolio and the related allowance for loan losses. The OCC may require the allowance for loan losses to be increased based on its review of information available at the time of the examination.

The change in the allowance for loan losses for the three and six months ended September 30, 2016 and 2015 is as follows:

	One-to-Four Family Real Estate			Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At June 30, 2016:
Total allowance for    loan losses	$	2,902		$	774	$	1,036	$	11	$	35		$	—	$	17	$	4,775
Charge-offs		(81	)		—		—		—		—			—		—		(81	)
Recoveries		1			—		—		—		—			—		—		1
Provision charged to    operations		59			201		177		11		—			—		57		505
At September 30, 2016:
Total allowance for    loan losses	$	2,881		$	975	$	1,213	$	22	$	35		$	—	$	74	$	5,200
	One-to-Four Family Real Estate			Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At March 31, 2016:
Total allowance for    loan losses	$	2,922		$	505	$	865	$	2	$	44		$	—	$	22	$	4,360
Charge-offs		(193	)		—		—		—		—			—		—		(193	)
Recoveries		2			—		—		—		—			—		—		2
Provision charged to    operations		150			470		348		20		(9	)		—		52		1,031
At September 30, 2016:
Total allowance for    loan losses	$	2,881		$	975	$	1,213	$	22	$	35		$	—	$	74	$	5,200

- 17 -

CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

	One-to-Four Family Real Estate			Multi-Family RealEstate			Commercial Real Estate			Construction Real Estate		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At June 30, 2015:
Total allowance for    loan losses	$	2,824		$	300		$	328		$	1	$	45		$	—	$	27	$	3,525
Charge-offs		—			—			—			—		—			—		—		—
Recoveries		—			—			—			—		—			—		—		—
Provision charged to    operations		92			7			(14	)		3		(2	)		—		14		100
At September 30, 2015:
Total allowance for    loan losses	$	2,916		$	307		$	314		$	4	$	43		$	—	$	41	$	3,625
	One-to-Four Family Real Estate			Multi-Family RealEstate			Commercial Real Estate			Construction Real Estate		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At March 31, 2015:
Total allowance for    loan losses	$	2,704		$	350		$	353		$	1	$	42		$	—	$	25	$	3,475
Charge-offs		(26	)		—			—			—		—			—		—		(26	)
Recoveries		3			—			—			—		—			—		—		3
Provision charged to    operations		235			(43	)		(39	)		3		1			—		16		173
At September 30, 2015:
Total allowance for    loan losses	$	2,916		$	307		$	314		$	4	$	43		$	—	$	41	$	3,625

- 18 -

CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table presents the allocation of the allowance for loan losses and related loans by loan class at September 30 and March 31, 2016. 

September 30, 2016	One-to-Four Family Real Estate		Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
Allowance for loan    losses:
Individually    evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively    evaluated for    impairment		2,881		975		1,213		22		35		—		74		5,200
Total	$	2,881	$	975	$	1,213	$	22	$	35	$	—	$	74	$	5,200
Loans:
Individually    evaluated for    impairment	$	1,376	$	194	$	184	$	—	$	12	$	—	$	—	$	1,766
Collectively    evaluated for    impairment		622,343		109,524		137,838		2,157		9,462		649		—		881,973
Total	$	623,719	$	109,718	$	138,022	$	2,157	$	9,474	$	649	$	—	$	883,739
March 31, 2016	One-to-Four Family Real Estate		Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Individually evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for    impairment		2,922		505		865		2		44		—		22		4,360
Total	$	2,922	$	505	$	865	$	2	$	44	$	—	$	22	$	4,360
Loans:
Individually evaluated for    impairment	$	1,221	$	197	$	186	$	—	$	12	$	—	$	—	$	1,616
Collectively evaluated for    impairment		616,473		56,047		97,193		201		9,325		670		—		779,909
Total	$	617,694	$	56,244	$	97,379	$	201	$	9,337	$	670	$	—	$	781,525

- 19 -

CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The aggregate amount of classified loan balances are as follows at September 30 and March 31, 2016:

September 30, 2016	One-to Four -Family Real Estate		Multi-family Real Estate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Total Loans
	(In Thousands)
Non-classified:	$	620,410	$	109,718	$	137,838	$	2,157	$	9,474	$	649	$	880,246
Classified:
Special mention		117		—		—		—		—		—		117
Substandard		3,192		—		184		—		—		—		3,376
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	623,719	$	109,718	$	138,022	$	2,157	$	9,474	$	649	$	883,739
March 31, 2016	One-to Four -Family Real Estate		Multi-family Real Estate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Total Loans
	(In Thousands)
Non-classified:	$	613,559	$	56,244	$	97,193	$	201	$	9,277	$	670	$	777,144
Classified:
Special mention		639		—		—		—		—		—		639
Substandard		3,496		—		186		—		60		—		3,742
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	617,694	$	56,244	$	97,379	$	201	$	9,337	$	670	$	781,525

The following table provides information with respect to the Bank’s nonaccrual loans at September 30 and March 31, 2016. Loans are generally placed on nonaccrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. Nonaccrual loans differed from the amount of total loans past due greater than 90 days due to some previously delinquent loans that are currently not more than 90 days delinquent which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated the ability to satisfy the loan terms. A loan is returned to accrual status when there is sustained period of repayment performance (generally six consecutive months) by the borrower in accordance with the contractual terms of the loan, or in some circumstances, when the factors indicating doubtful collectability no longer exist and the Bank expects repayment of the remaining contractual amounts due.

	September 30, 2016		March 31, 2016
	(In Thousands)
Nonaccrual loans:
Real estate loans:
One- to four-family	$	2,619	$	3,412
Commercial		184		186
Consumer and other loans:
Second mortgage		—		60
Total nonaccrual loans	$	2,803	$	3,658

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table provides information about delinquencies in the Bank’s loan portfolio at September 30 and March 31, 2016.

	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
September 30, 2016	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	2,345	$	1,288	$	2,167	$	5,800	$	617,919	$	623,719
Multi-family		—		—		—		—		109,718		109,718
Commercial		—		—		184		184		137,838		138,022
Commercial and industrial		—		—		—		—		2,157		2,157
Consumer and other loans:
Second mortgage and equity lines of credit		54		—		—		54		9,420		9,474
Passbook or certificate and other loans		—		13		—		13		636		649
Total	$	2,399	$	1,301	$	2,351	$	6,051	$	877,688	$	883,739
	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
March 31, 2016	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	2,493	$	992	$	2,806	$	6,291	$	611,403	$	617,694
Multi-family		—		—		—		—		56,244		56,244
Commercial		—		—		186		186		97,193		97,379
Commercial and industrial		—		—		—		—		201		201
Consumer and other loans:
Second mortgage and equity lines of credit		100		—		60		160		9,177		9,337
Passbook or certificate and other loans		19		—		—		19		651		670
Total	$	2,612	$	992	$	3,052	$	6,656	$	774,869	$	781,525

There were no loans that are past due greater than 90 days that were accruing as of September 30 and March 31, 2016.

We may obtain physical possession of real estate collateralizing a residential mortgage loan via foreclosure on an in-substance repossession. As of September 30, 2016, we hold four foreclosed residential real estate properties with a carrying value of $943,000 as a result of obtaining physical possession. In addition, as of September 30, 2016, we have six residential mortgage loans with a carrying value of $705,000 collateralized by residential real estate property for which formal foreclosure proceedings are in process.

A loan is defined as impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due under the contractual terms of the loan agreement. The Company considers one- to four-family mortgage loans and consumer installment loans to be homogeneous and, therefore, does not generally evaluate them individually for impairment, unless they are considered troubled debt restructurings.  All other loans are evaluated for impairment on an individual basis.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

Impaired loans, none of which had a related allowance at or for the three and six months ending September 30, 2016 and 2015, and at or for the year ended March 31, 2016, were as follows:

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended September 30, 2016	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,376	$	1,696	$	1,378	$	18
Multi-family		194		218		195		3
Commercial		184		184		184		1
Consumer and other loans:
Second mortgage		12		12		12		—
Total impaired loans	$	1,766	$	2,110	$	1,769	$	22
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended September 30, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,095	$	1,266	$	1,092	$	14
Multi-family		768		793		772		12
Commercial		192		192		314		20
Consumer and other loans:
Second mortgage		12		12		12		1
Total impaired loans	$	2,067	$	2,263	$	2,190	$	47

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Six Months Ended September 30, 2016	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,376	$	1,696	$	1,330	$	28
Multi-family		194		218		196		6
Commercial		184		184		185		3
Consumer and other loans:
Second mortgage		12		12		12		—
Total impaired loans	$	1,766	$	2,110	$	1,723	$	37
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Six Months Ended September 30, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,095	$	1,266	$	1,043	$	21
Multi-family		768		793		775		27
Commercial		192		192		367		24
Consumer and other loans:
Second mortgage		12		12		12		1
Total impaired loans	$	2,067	$	2,263	$	2,197	$	73
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Year Ended March 31, 2016	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,221	$	1,412	$	1,091	$	41
Multi-family		197		222		683		46
Commercial		186		186		285		30
Consumer and other loans:
Second mortgage		12		12		12		1
Total impaired loans	$	1,616	$	1,832	$	2,071	$	118

The recorded investment in loans modified in a troubled debt restructuring totaled $1.4 million and $994,000, respectively, at September 30 and March 31, 2016, of which $194,000 and $0, respectively, were 90 days or more past due, $17,000 and $0, respectively, were 60 to 89 days past due, and $55,000 and $213,000, respectively, were 30 to 59 days past due. The remaining loans modified were current at the time of the restructuring and have complied with the terms of their restructure agreements at September 30 and March 31, 2016. Loans that were modified in a troubled debt restructuring represent concessions made to borrowers experiencing financial difficulties. The Bank works with these borrowers to modify existing loan terms usually by extending maturities or reducing interest rates. The Bank records an impairment loss, if any, based on the present value of expected future cash flows discounted at the original loan’s effective interest rate. Subsequently, these loans are individually evaluated for impairment.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table presents troubled debt restructurings by class during the period indicated.

		Pre-restructuring		Post-restructuring
		Outstanding		Outstanding		Charge-off
	Number of	Recorded		Recorded		RecordedUpon
	Loans	Investment		Investment		Restructuring
		(Dollars In Thousands)
Six Months Ended September 30, 2016
One- to Four-Family Real Estate	2	$	468	$	411	$	—
Six Months Ended September 30, 2015
One- to Four-Family Real Estate	1	$	86	$	99	$	—

There were no new troubled debt restructurings during the three month periods ended September 30, 2016 and 2015.

There were no defaults that occurred within twelve months of restructuring during the three and six months ended September 30, 2016 and 2015.      

7. FAIR VALUE

Accounting guidance on fair value measurement establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Observable inputs other than Level 1 prices, such as quoted for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

In addition, the guidance requires the Company to disclose the fair value for certain assets and liabilities on both a recurring and non-recurring basis.

An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7. FAIR VALUE (CONT’D)

For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30 and March 31, 2016 are as follows: 

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
			in Active		Other		Significant
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
September 30, 2016
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	5,079	$	—	$	5,079	$	—
Total securities available for sale	$	5,079	$	—	$	5,079	$	—
March 31, 2016
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	9,591	$	—	$	9,591	$	—
Total securities available for sale	$	9,591	$	—	$	9,591	$	—

For assets measured at fair value on a non-recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30 and March 31, 2016 are as follow:

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
September 30, 2016
Impaired loans	$	33	$	—	$	—	$	33
Real estate owned		42		—		—		42
March 31, 2016
Impaired loans	$	364	$	—	$	—	$	364

There were no liabilities measured at fair value on a recurring or non-recurring basis at September 30 and March 31, 2016.

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value.

	Fair Value		Valuation	Unobservable	Range (Weighted
	Estimate		Techniques	Input	Average)
	(Dollars in Thousand)
September 30, 2016
Impaired Loans	$	33	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)
Real estate owned		42	Market valuation of property (1)	Selling costs (2)	7% (7%)
March 31, 2016
Impaired Loans	$	364	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)

(1) Fair value is based on third party appraisals.

(2) Estimated costs.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7. FAIR VALUE (CONT’D)

The following information should not be interpreted as an estimate of the fair value of the Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of certain of the Company’s assets and liabilities at September 30 and March 31, 2016:

Cash and Cash Equivalents, Interest Receivable, and Interest Payable (Carried at Cost)

The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents, interest receivable, and interest payable approximate their fair values.

Securities

The fair value of all securities, whether classified as available for sale (carried at fair value) or held to maturity (carried at cost), is determined by reference to quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Securities are measured on a recurring basis. The fair values of these securities are obtained from quotes received from an independent broker. The Company’s broker provides it with prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available. As the Company is responsible for the determination of fair value, it performs monthly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. The Company’s internal price verification procedures and review of fair value methodology documentation provided by third-party pricing services has not historically resulted in adjustment in the prices obtained from the pricing service.

Loans Receivable (Carried at Cost)

Fair value is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, of such loans.

Impaired Loans (Carried based on Collateral Fair Value or Discounted Cash Flows)

Impaired loans are those accounted for under ASC Topic 310 “Accounting by Creditors for Impairment of a Loan” in which the Company has measured impairment generally based on either the fair value of the loan’s collateral or discounted cash flows. These assets are included as Level 3 assets.

Federal Home Loan Bank of New York Stock (Carried at Cost)

Fair value approximates cost basis as these instruments are redeemable only with the issuing agency at face value.

Deposits (Carried at Cost)

The fair value of non-interest-bearing demand, interest-bearing demand, and Savings and Club accounts is the amount payable on demand at the reporting date. For fixed-maturity certificates of deposit, fair value is estimated by discounting future cash flows using the rates currently offered for deposits of similar remaining maturities.

Advances from Federal Home Loan Bank of New York (Carried at Cost)

The fair value is estimated by discounting future cash flows using rates currently offered for liabilities of similar remaining maturities, or when available, quoted market prices.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7. FAIR VALUE (CONT’D)

Commitments to Extend Credit

The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates.

As of September 30 and March 31, 2016, the fair value of the commitments to extend credit were not considered to be material.

The carrying amounts and fair values of financial instruments are as follows: 

					(Level 1)
					QuotedPrices		(Level 2)
					in Active		Significant		(Level 3)
					Markets for		Other		Significant
	Carrying		Estimated		Identical		Observable		Unobservable
September 30, 2016	Value		Fair Value		Assets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	22,758	$	22,758	$	22,758	$	—	$	—
Securities available for sale		5,079		5,079		—		5,079		—
Securities held to maturity		312,068		321,888		—		321,888		—
Net loans receivable		881,593		886,773		—		—		886,773
Federal Home Loan Bank of New York stock		11,425		11,425		—		11,425		—
Interest receivable		3,057		3,057		—		3,057		—
Financial liabilities:
Deposits		772,306		778,222		—		778,222		—
FHLB advances		224,500		227,022		—		227,022		—
Interest payable		374		374		—		374		—

					(Level 1)
					QuotedPrices		(Level 2)
					in Active		Significant		(Level 3)
					Markets for		Other		Significant
	Carrying		Estimated		Identical		Observable		Unobservable
March 31, 2016	Value		Fair Value		Assets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	31,069	$	31,069	$	31,069	$	—	$	—
Securities available for sale		9,591		9,591		—		9,591		—
Securities held to maturity		347,871		356,320		—		356,320		—
Net loans receivable		780,229		781,820		—		—		781,820
Federal Home Loan Bank of New York stock		11,665		11,665		—		11,665		—
Interest receivable		3,112		3,112		—		3,112		—
Financial liabilities:
Deposits		694,662		700,372		—		700,372		—
FHLB advances		231,500		234,470		—		234,470		—
Interest payable		403		403		—		403		—

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CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. RECENT ACCOUNTING PRONOUNCEMENTS

On May 28, 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued their final standard on revenue from contracts with customers. The standard, issued as ASU 2014-09 by the FASB and as IFRS 152 by the IASB, and amended by ASU 2015-14, ASU 2016-08, ASU 2016-10 and ASU 2016-12, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The goals of the revenue recognition project are to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements while also providing “a more robust framework for addressing revenue issues.” The boards believe that the standard will improve the consistency of requirements, comparability of revenue recognition practices, and usefulness of disclosures. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of this standard effective April 1, 2018 is not expected to have a material impact on the Company’s consolidated financial statements.

On January 5, 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which is intended to improve the recognition and measurement of financial instruments. The ASU significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of this standard effective April 1, 2018 is not expected to have a material impact on the Company’s consolidated financial statements.

On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 includes a lessee accounting model that recognizes two types of leases - finance leases and operating leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities for leases with lease terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease.  New disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases are also required. These disclosures include qualitative and quantitative requirements, providing information about the amounts recorded in the financial statements. For a public entity, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is evaluating the standard’s impact, and the adoption of this standard, effective April 1, 2019, is not expected to have a material impact on the Company’s consolidated financial statements.

On March 30, 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation – Stock Compensation. The amendment simplifies several aspects of the accounting for employee share-based payment transactions including the following: Accounting for income taxes; Classification of excess tax benefits on the statement of cash flow; Forfeitures; Statutory tax withholding requirements; Classification of awards as either equity or liabilities; Classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. The ASU is aimed at reducing the cost and complexity of accounting for share-based payments, that will likely result in significant changes to net income and earnings per share, including the effect of the exclusion of windfall tax benefits from the hypothetical proceeds used to calculate the repurchase of shares under the treasury stock method. For a public entity, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption will be permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has adopted the standard effective April 1, 2016 on a prospective basis. Prior periods have not been retrospectively adjusted. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which introduces new guidance for the accounting for credit losses on instruments within its scope. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale (AFS) debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The ASU also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the ALLL. In addition, public business entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. For a public entity, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. While the standard’s ultimate impact on the Company’s financial statements remains unknown today, we are preparing to implement this standard on April 1, 2020.

- 28 -

CLIFTON BANCORP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. RECENT ACCOUNTING PRONOUNCEMENTS (CONT’D)

On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), a consensus of the FASB’s Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance addresses eight classification issues related to the statement of cash flows, which include proceeds from settlement of corporate-owned life insurance policies and bank-owned life insurance policies. For a public entity, ASU 2016-15 is effective annual and interim periods in fiscal years beginning after December 15, 2017. The adoption of this standard effective April 1, 2018 is not expected to have a material impact on the Company’s consolidated financial statements.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

ITEM 2:

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Form 10-Q may include, and from time to time the Company may disclose, certain forward-looking statements based on current management expectations. The Company’s actual results could differ materially from those management expectations.  Factors that could cause future results to vary from current management expectations include, but are not limited to, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities, changes in interest rates, deposit flows, the cost of funds, demand for loan products, and for financial services, competition, changes in the quality or composition of loan and investment portfolios, changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and prices. (See Part II - “Item 1A: Risk Factors.”) Additional factors are discussed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2016 under Part I - “Item 1A. Risk Factors”.  These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date of the forward-looking statements or to reflect the occurrence of unanticipated events. Accordingly, past results and trends should not be used by investors to anticipate future results or trends.

Overview of Financial Condition and Results of Operations

The Company’s results of operations depend primarily on its net interest income, which is a function of the interest rate environment.  Net interest income is the difference between the interest earned on interest-earning assets and the interest paid on interest-bearing liabilities. It is a function of the average balances of loans and securities versus deposits and borrowed funds outstanding in any one period and the yields earned on those loans and securities and the costs of those deposits and borrowed funds.

Interest-earning assets consist primarily of investment and mortgage-backed securities and net loans, which comprised 24.2% and 67.2%, respectively, of total assets at September 30, 2016, as compared to 28.5% and 62.3%, respectively, of total assets at March 31, 2016. Cash and cash equivalents decreased to 1.7% of total assets at September 30, 2016, as compared to 2.5% at March 31, 2016. The Company’s mortgage-backed securities portfolio at September 30, 2016 consists solely of U.S. government-sponsored or guaranteed enterprises and the investment portfolio consists of approximately 48% U.S. government-sponsored or guaranteed enterprises, 38% corporate bonds and 14% municipal bonds.

Interest-bearing liabilities consist of deposits, and borrowings from the Federal Home Loan Bank of New York (the “FHLB”).  Deposits increased $77.6 million, or 11.2%, between March 31, 2016 and September 30, 2016. Borrowed funds decreased $7.0 million, or 3.0% as new borrowings of $175.0 million were partially offset by repaid borrowings of $182.0 million. The balance at September 30, 2016 was $224.5 million, down from $231.5 million at March 31, 2016.

Net interest income increased $529,000, or 8.1%, during the three months ended September 30, 2016, when compared with the same 2015 period. The increase in net interest income was mostly due to a $1.2 million increase in total interest income, partially offset by a $648,000 increase in total interest expense. Average interest-earning assets increased $133.5 million, or 12.4%, compared with the same 2015 period, while average interest-bearing liabilities increased $171.5 million, or 21.9%, when compared with the same 2015 period. The $38.0 million decrease in average net interest-earning assets was mainly attributable to decreases of $5.8 million in the average balance of mortgage-backed securities, and $57.3 million in the average balance of investment securities, coupled with an increase of $109.6 million in the average balance of FHLB advances and $61.8 million in average interest bearing deposits, partially offset by an increase of $189.4 million in the average balance of loans, and $7.1 million in average other interest-earning assets.

The net interest rate spread decreased to 2.08% from 2.12% for the three months ended September 30, 2016 when compared with the same 2015 period. The increase of 3 basis points in the yield on interest-earning assets was more than offset by the increase of 7 basis points in the cost of interest-bearing liabilities. Results of operations also depend, to a lesser extent, on non-interest income generated, any provision for loan losses recorded, and non-interest expenses incurred. During the three months ended September 30, 2016, non-interest income increased $49,000, or 10.8%, as compared to the comparable period in 2015. Provision for loan losses increased $405,000, or 405.0%, and non-interest expenses increased $731,000, or 16.0%, for the three months ended September 30, 2016 as compared to the three months ended September 30, 2015.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Changes in Financial Condition

Assets at September 30, 2016 totaled $1.31 billion, which represents an increase of $59.1 million, or 4.7%, as compared with $1.25 billion at March 31, 2016. The increase in total assets was primarily due to an increase of $101.4 million in net loans.

Cash and cash equivalents decreased $8.3 million, or 26.8%, to $22.8 million at September 30, 2016 as compared to $31.1 million at March 31, 2016. Cash and cash equivalents were redeployed into higher yielding assets.

Securities available for sale at September 30, 2016 decreased $4.5 million, or 47.0%, to $5.1 million from $9.6 million at March 31, 2016, resulting primarily from principal repayments of $794,000, $3.7 million in proceeds from the sale of a security, and a decrease of $73,000 in the unrealized gain on the portfolio.

Securities held to maturity at September 30, 2016 decreased $35.8 million, or 10.3%, to $312.1 million from $347.9 million at March 31, 2016, resulting primarily from maturities, calls and repayments totaling $58.7 million, partially offset by purchases of securities totaling $23.1 million.

Net loans at September 30, 2016 increased $101.4 million, or 13.0%, to $881.6 million when compared with $780.2 million at March 31, 2016.  The increase in the loan portfolio was mainly in multi-family and commercial loans which increased $94.1 million, or 61.3%, due to the Bank’s continued emphasis on the growth of its loan portfolio. Repayment levels remained relatively stable during the three months ended September 30, 2016.

Total liabilities increased $71.5 million, or 7.6%, to $1.01 billion at September 30, 2016 from $937.9 million at March 31, 2016.  Deposits at September 30, 2016 increased $77.6 million, or 11.2%, to $772.3 million when compared with $694.7 million at March 31, 2016. From March 31, 2016 to September 30, 2016, borrowed funds decreased $7.0 million, to $224.5 million, with an outstanding weighted average interest rate of 1.63% at September 30, 2016, compared to 1.53% at March 31, 2016.

Total stockholders’ equity decreased $12.4 million, or 3.9%, to $302.9 million at September 30, 2016 from $315.3 million at March 31, 2016. The decrease resulted primarily from cash dividends paid of $2.7 million and repurchases of common stock of $13.3 million, partially offset by net income of $2.3 million.

Comparison of Operating Results for the Three Months Ended September 30, 2016 and 2015

Average Balances and Yields.  The following table presents information regarding average balances of assets and liabilities, as well as the total dollar amounts of interest income and dividends from average interest-earning assets and interest expense on average interest-bearing liabilities and the resulting average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. For purposes of this table, average balances have been calculated using the average of month-end balances, and nonaccrual loans are included in average balances; however, accrued interest income has been excluded from these loans. Loan fees (costs) are included in interest income on loans and are insignificant. Yields are not presented on a tax-equivalent basis. Any adjustments necessary to present yields on a tax equivalent basis are insignificant.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Comparison of Operating Results for the Three Months Ended September 30, 2016 and 2015 (Cont’d.)

	Three Months Ended  September 30,
	2016								2015
				Interest								Interest
	Average			and		Yield/			Average			and		Yield/
	Balance			Dividends		Cost			Balance			Dividends		Cost
	(Dollars in thousands)
Assets:
Interest-earning assets:
Loans receivable	$	855,838		$	7,748		3.62	%	$	666,434		$	6,090		3.66	%
Mortgage-backed securities		267,646			1,734		2.59	%		273,417			1,899		2.78	%
Investment securities		59,099			283		1.92	%		116,350			678		2.33	%
Other interest-earning assets		28,402			151		2.13	%		21,280			72		1.35	%
Total interest-earning assets		1,210,985			9,916		3.27	%		1,077,481			8,739		3.24	%
Non-interest-earning assets		85,425								77,426
Total assets	$	1,296,410							$	1,154,907
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Demand accounts	$	53,270			14		0.11	%	$	52,423			15		0.11	%
Savings and Club accounts		183,426			178		0.39	%		142,039			58		0.16	%
Certificates of deposit		492,921			1,731		1.40	%		473,311			1,514		1.28	%
Total interest-bearing deposits		729,617			1,923		1.05	%		667,773			1,587		0.95	%
FHLB Advances		226,250			924		1.63	%		116,625			612		2.10	%
Total interest-bearing liabilities		955,867			2,847		1.19	%		784,398			2,199		1.12	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		23,512								13,898
Other non-interest-bearing liabilities		11,652								12,971
Total non-interest-bearing liabilities		35,164								26,869
Total liabilities		991,031								811,267
Stockholders' equity		305,379								343,640
Total liabilities and stockholders' equity	$	1,296,410							$	1,154,907
Net interest income				$	7,069							$	6,540
Interest rate spread							2.08	%							2.12	%
Net interest margin							2.33	%							2.43	%
Average interest-earning assets to average    interest-bearing liabilities		1.27	x							1.37	x

Net income decreased $299,000, or 19.4%, to $1.24 million for the three months ended September 30, 2016 compared with $1.54 million for the same 2015 period. The decrease in net income resulted primarily from increases of $731,000, or 16.0%, in non-interest expenses and $405,000, or 405.0%, in provision for loan losses, partially offset by increases of $529,000, or 8.1%, in net interest income and $49,000, or 10.8%, in non-interest income, as well as a decrease of $259,000, or 33.6%, in income taxes.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Comparison of Operating Results for the Three Months Ended September 30, 2016 and 2015 (Cont’d.)

Interest income on loans increased by $1.7 million, or 27.2%, to $7.8 million during the three months ended September 30, 2016, when compared with $6.1 million for the same 2015 period. The increase mainly resulted from an increase of $189.4 million, or 28.4%, in the average balance when compared to the same period in 2015, partially offset by a decrease of 4 basis points in the yield earned on the loan portfolio, to 3.62% from 3.66%. Interest income on mortgage-backed securities decreased $165,000, or 8.7%, to $1.7 million during the three months ended September 30, 2016, when compared with $1.9 million for the same 2015 period. The decrease during the 2016 period resulted from a decrease of 19 basis points in the yield earned on mortgage-backed securities to 2.59% from 2.78%, coupled with a decrease of $5.8 million, or 2.1%, in the average balance of mortgage-backed securities outstanding. Interest earned on investment securities decreased by $395,000, or 58.3%, to $283,000 during the three months ended September 30, 2016, when compared to $678,000 for the same 2015 period, due to a decrease in the average balance of $57.3 million, or 49.2%, coupled with a decrease of 41 basis point in the yield earned on investment securities to 1.92% from 2.33%. Interest earned on other interest-earning assets increased by $79,000, or 109.7%, to $151,000 during the three months ended September 30, 2016, when compared to $72,000 during the same 2015 period. The increase was due to a 78 basis point increase in the yield to 2.13% from 1.35%, coupled with an increase of $7.1 million, or 33.5%, in the average balance of these assets.  The decrease in the yields on loans, mortgage-backed securities and investment securities was the result of continued overall lower market interest rates, and the maturities of higher yielding investment securities. The yield on other interest-earning assets increased as the balance was mainly comprised of relatively higher yielding FHLB stock.

Interest expense on deposits increased $336,000, or 21.2%, to $1.9 million during the three months ended September 30, 2016, when compared to $1.6 million during the same 2015 period. The increase was primarily attributable to an increase of $61.8 million, or 9.3%, in the average balance of interest-bearing deposits, coupled with a 10 basis points increase in the cost of interest-bearing deposits to 1.05% from 0.95%. The increase in balance was the result of the Bank’s continued efforts to emphasize deposit taking through business relationships. Interest expense on borrowed money increased approximately $312,000, or 51.0%, to $924,000 during the three months ended September 30, 2016 when compared with $612,000 during the same 2015 period. The increase was primarily attributable to an increase of $109.6 million, or 94.0%, in the average balance of borrowings, partially offset by a 47 basis point decrease in the cost of borrowings to 1.63% from 2.10%. The $171.4 million increase in average interest-bearing liabilities was due to an increase of $61.8 million in interest-bearing deposits coupled with an increase of $109.6 million in the average balance of borrowings. Borrowings were used in part to fund loan demand. Net interest income increased $529,000, or 8.1%, during the three months ended September 30, 2016, to $7.1 million when compared to $6.5 million for the same 2015 period. The net interest rate spread decreased to 2.08% from 2.12% for the three months ended September 30, 2016 when compared the same 2015 period, due to a 7 basis point increase in the cost of interest-bearing liabilities, partially offset by a 3 basis point increase in the yield earned on interest-earning assets.

The provision for loan losses increased $405,000, or 405.0%, to $505,000 for the three months ended September 30, 2016 as compared to $100,000 for the same period in 2015. The increase in the provision for the 2016 period was mainly due to the result of the significant increase in the balance of outstanding loans, partially offset by more favorable trends in qualitative factors related to delinquencies considered in the periodic review of the general valuation allowance. The allowance for loan losses is based on management’s qualitative analysis, which includes an evaluation of economic and other factors to determine the adequacy of the allowance for loan loss balance. The Bank continually evaluates the need for a provision for loan losses based on its periodic review of the loan portfolio and general market conditions. At September 30, 2016 and 2015, the Bank’s non-accrual loans totaled $2.8 million and $4.3 million, respectively, representing 0.32% and 0.64%, respectively, of total gross loans, and 0.29% and 0.38%, respectively, of total assets. At March 31, 2016, nonaccrual loans totaled $3.7 million, or 0.47% and 0.29% of total gross loans and total assets, respectively. During the three months ended September 30, 2016, $80,000 in net charge-offs were recorded on a one- to four-family residential real estate loan. During the three months ended September 30, 2015, no charge-offs were recorded. At September 30, 2016, non-accrual loans consisted of fourteen loans secured by one- to four-family residential real estate and one loan secured by commercial real estate, while at September 30, 2015 non-accrual loans consisted of nineteen loans secured by one- to four-family residential real estate, one loan secured by commercial real estate, one loan secured by multi-family real estate, one second mortgage loan secured by one- to four-family residential real estate and one second mortgage loan secured by commercial real estate and one construction loan secured by multi-family real estate. Included in non-accrual loans at September 30, 2016 are four loans totaling $568,000 that were current or less than ninety days delinquent. At September 30, 2015, there were seven loans totaling $1.2 million that were current or less than ninety days delinquent included in non-accrual loans. All non-accrual loans included above are secured by properties located in the state of New Jersey. Impaired loans totaled $1.8 million, $1.6 million and $2.1 million at September 30, 2016, March 31, 2016 and September 30, 2015, respectively. The allowance for loan losses amounted to $5.20 million, $4.36 million, and $3.63 million, respectively, at September 30, 2016, March 31, 2016, and September 30, 2015, representing 0.59%, 0.56%, and 0.53% of total gross loans, respectively.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Comparison of Operating Results for the Three Months Ended September 30, 2016 and 2015 (Cont’d.)

Non-interest income increased $49,000, or 10.8%, to $501,000 for the three months ended September 30, 2016 as compared to $452,000 for the three months ended September 30, 2015, mainly due to an increase of $45,000, or 90.0%, in fees and service charge on loans and deposits.

Non-interest expenses increased $731,000, or 16.0%, to $5.31 million for the three months ended September 30, 2016, as compared to $4.58 million for the three months ended September 30, 2015. The increase was driven by increases of $653,000, or 24.0%, in salaries and employee benefits, $83,000, or 23.7%, in occupancy expense of premises, and $68,000, or 18.4%, in equipment expense, partially offset by a decrease of $89,000, or 19.8%, in other expenses. The increase in salaries and employee benefits includes the addition of a chief operating officer, and business development, compliance, lending and Hoboken Banking Center personnel, as well as typical annual increases in compensation and benefits expenses, employee stock ownership plan expense due to an increase in the price of the Company’s common stock, and the expense related to the granting of equity awards under the Company’s 2015 Equity Incentive Plan. The increases in occupancy and equipment expenses were mainly related to the costs of the newly opened Hoboken Banking Center, along with the costs associated with new customer products and services. Other expenses decreased mainly due to decreases in consulting and personnel search costs.

Income taxes totaled $513,000 and $772,000 during the three months ended September 30, 2016 and 2015, respectively. The decrease of $259,000, or 33.6%, resulted from lower pre-tax income, coupled with a decrease in the effective income tax rate. The overall effective income tax rate was 29.3% for the 2016 period compared with 33.4% for the 2015 period. The reduced effective tax rate is attributable to the increased investment in bank owned life insurance and the tax benefit resulting from the adoption of ASU 2016-09, which amends the treatment for accounting for income taxes on certain employee share-based payment transactions.

Comparison of Operating Results for the Six Months Ended September 30, 2016 and 2015

Average Balances and Yields.  The following table presents information regarding average balances of assets and liabilities, as well as the total dollar amounts of interest income and dividends from average interest-earning assets and interest expense on average interest-bearing liabilities and the resulting average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. For purposes of this table, average balances have been calculated using the average of month-end balances, and nonaccrual loans are included in average balances; however, accrued interest income has been excluded from these loans. Loan fees (costs) are included in interest income on loans and are insignificant. Yields are not presented on a tax-equivalent basis. Any adjustments necessary to present yields on a tax equivalent basis are insignificant.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Comparison of Operating Results for the Six Months Ended September 30, 2016 and 2015 (Cont’d.)

	Six Months Ended  September 30,
	2016								2015
				Interest								Interest
	Average			and		Yield/			Average			and		Yield/
	Balance			Dividends		Cost			Balance			Dividends		Cost
	(Dollars in thousands)
Assets:
Interest-earning assets:
Loans receivable	$	828,462		$	14,966		3.61	%	$	656,681		$	12,074		3.68	%
Mortgage-backed securities		270,566			3,577		2.64	%		276,092			3,841		2.78	%
Investment securities		65,440			691		2.11	%		122,985			1,387		2.26	%
Other interest-earning assets		29,388			273		1.86	%		28,795			149		1.03	%
Total interest-earning assets		1,193,856			19,507		3.27	%		1,084,553			17,451		3.22	%
Non-interest-earning assets		85,722								78,857
Total assets	$	1,279,578							$	1,163,410
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Demand accounts	$	53,390			29		0.11	%	$	53,107			30		0.11	%
Savings and Club accounts		173,567			304		0.35	%		141,918			116		0.16	%
Certificates of deposit		484,690			3,351		1.38	%		478,253			3,014		1.26	%
Total interest-bearing deposits		711,647			3,684		1.04	%		673,278			3,160		0.94	%
FHLB Advances		226,357			1,812		1.60	%		112,714			1,174		2.08	%
Total interest-bearing liabilities		938,004			5,496		1.17	%		785,992			4,334		1.10	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		21,463								13,701
Other non-interest-bearing liabilities		10,834								12,184
Total non-interest-bearing liabilities		32,297								25,885
Total liabilities		970,301								811,877
Stockholders' equity		309,277								351,533
Total liabilities and stockholders' equity	$	1,279,578							$	1,163,410
Net interest income				$	14,011							$	13,117
Interest rate spread							2.10	%							2.12	%
Net interest margin							2.35	%							2.42	%
Average interest-earning assets to average    interest-bearing liabilities		1.27	x							1.38	x

Net income decreased $941,000, or 29.4%, to $2.3 million for the six months ended September 30, 2016 compared with $3.2 million for the same 2015 period. The decrease in net income during the 2016 period resulted primarily from an increase of $1.7 million, or 18.6%, in non-interest expense, an increase of $858,000, or 496.0%, in provision for loan losses, partially offset by an increase of $894,000, or 6.8%, in net-interest income and $62,000, or 6.4%, in non-interest income, coupled with a decrease of $656,000, or 40.6%, in income taxes.  

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Comparison of Operating Results for the Six Months Ended September 30, 2016 and 2015 (Cont’d.)

Interest income on loans increased by $2.9 million, or 24.0%, to $15.0 million during the six months ended September 30, 2016, when compared with $12.1 million for the same 2015 period.  The increase during the 2016 period mainly resulted from an increase of $171.8 million, or 26.2%, in the average balance of loans when compared to the same period in 2015, partially offset by a decrease of 7 basis points in the yield earned on the loan portfolio to 3.61% from 3.68%. Interest income on mortgage-backed securities decreased $264,000, or 6.9%, to $3.6 million during the six months ended September 30, 2016, when compared with $3.8 million for the same 2015 period. The decrease during the 2016 period resulted from a decrease of 14 basis points in the yield earned on mortgage-backed securities to 2.64% from 2.78%, coupled with a decrease of $5.5 million, or 2.0%, in the average balance of mortgage-backed securities outstanding. Interest earned on investment securities decreased by $696,000, or 50.2%, to $691,000 during the six months ended September 30, 2016, when compared to $1.4 million during the same 2015 period, due to a decrease of 15 basis point in yield to 2.11% from 2.26%, coupled with a decrease of $57.5 million, or 46.8%, in the average balance of investment securities.  Interest earned on other interest-earning assetsincreased by $124,000, or 83.2% to $273,000 during the six months ended September 30, 2016, when compared to $149,000 during the same 2015 period primarily due to an increase of $593,000, or 2.1%, in the average balance of loans, coupled with an increase of 83 basis points in yield to 1.86% from 1.03%.  The increase in the balance of loans resulted from the Bank’s continued emphasis on growth in its loan portfolio. The decrease in the yield on loans, mortgage-backed securities and investment securities was the result of overall lower market interest rates and maturities of higher yielding investment securities. The yield on other interest earning assets increased as the balance was mainly comprised of relatively higher yielding FHLB stock.

Interest expense on deposits increased $524,000, or 16.6%, to $3.7 million during the six months ended September 30, 2016, when compared to $3.2 million during the same 2015 period. The increase was primarily attributable to an increase of $38.4 million, or 5.7% in the average balance of interest-bearing deposits, while the cost of interest-bearing deposits increased 10 basis points to 1.04% from 0.94%. The increase in the balance was the result of the Bank’s continued efforts to emphasize deposit taking through business relationships. Interest expense on borrowed money increased approximately $638,000, or 54.3%, to $1.8 million during the six months ended September 30, 2016 when compared with $1.2 million during the same 2015 period. The increase was primarily attributable to an increase of $113.6 million, or 100.8%, in the average balance of borrowings, partially offset by a decrease of 48 basis points in the cost of borrowings to 1.60% from 2.08%. Borrowings were used in part of fund loan demand. Net interest income increased $894,000, or 6.8%, during the six months ended September 30, 2016, to $14.0 million when compared to $13.1 million for the same 2015 period. The $152.0 million increase in average interest-bearing liabilities was due to increases of $113.6 million in borrowings and of $38.4 million in interest-bearing deposits. The net interest rate spread decreased 2 basis points due to a 7 basis points increase in the average cost of interest-bearing liabilities, partially offset by a 5 basis point increase in the average yield earned on interest-bearing assets.

The provision for loan losses increased $858,000, or 496.0%, to $1.03 million during the six months ended September 30, 2016 as compared to $173,000 for the same period in 2015. The increase in the provision for the 2016 period was mainly due to the result of the significant increase in the balance of outstanding loans, partially offset by more favorable trends in qualitative factors related to delinquencies considered in the periodic review of the general valuation allowance. The allowance for loan losses is based on management’s qualitative analysis, which includes an evaluation of economic and other factors. The Bank continually evaluates the need for a provision for loan losses based on its periodic review of the loan portfolio and general market conditions. See “Comparison of Operating Results for the Three Months Ended September 30, 2016 and 2015” for a discussion of non-performing and impaired loans as of September 30, 2016, March 31, 2016 and September 30, 2015.

Non-interest income increased $62,000, or 6.4%, to $1.03 million for the six months ended September 30, 2016, as compared to $966,000 for the comparable period in 2015, mainly due to an increase of 64,000, or 61.0%, in fees and service charges on loans and deposits.

Non-interest expenses increased $1.7 million, or 18.6%, to $10.8 million for the six months ended September 30, 2016 as compared to $9.1 million for the six months ended September 30, 2015. The increase was primarily the result of increases of $1.4 million, or 25.1%, in salaries and employee benefits, $104,000, or 13.9%, in occupancy expense of premises, $91,000, or 12.5%, in equipment expense, and $87,000, or 52.7%, in advertising and marketing expense, partially offset by a decrease of $95,000, or 20.3%, in professional services. The increase in salaries and employee benefits includes typical annual increases in compensation and benefits expenses and costs related to the hiring of additional personnel, as well as a related increase in employee stock ownership plan expense and expenses related to the granting of equity awards under the 2015 Equity Incentive Plan. The increases in occupancy, equipment, and advertising and marketing expenses were mainly related to the costs of the newly opened Hoboken Banking Center, along with the costs associated with new customer products and services. Professional services decreased due to a decrease in legal fees.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Comparison of Operating Results for the Six Months Ended September 30, 2015 and 2015 (Cont’d.)

Income taxes totaled $961,000 and $1.62 million during the six months ended September 30, 2016 and 2015, respectively.  The decrease of $656,000, or 40.6%, during the 2016 period resulted from lower pre-tax income, coupled with an overall decrease in the effective income tax rate which was 29.9% in the 2016 period compared with 33.6% for 2015. The reduced effective tax rate is attributable to the increased investment in bank owned life insurance and the tax benefit resulting from the adoption of ASU 2016-09, which amends the treatment for accounting for income taxes on certain employee share-based payment transactions

Liquidity and Capital Resources

The Company maintains levels of liquid assets sufficient to ensure the Bank’s safe and sound operation. The Company adjusts its liquidity levels in order to meet funding needs for deposit outflows, payment of real estate taxes from escrow accounts on mortgage loans, repayment of borrowings, and loan funding commitments. The Company also adjusts its liquidity level as appropriate to meet its asset/liability objectives. Liquid assets, which include cash and cash equivalents and securities available for sale, totaled $27.8 million, or 2.1% of total assets at September 30, 2016, as compared to $40.7 million, or 3.2% of total assets at March 31, 2016. The Company’s liquidity is a product of its operating and financing activities.

The Company is a separate legal entity from the Bank and must provide for its own liquidity.  In addition to its operating expenses, the Company alone is responsible for paying any dividends declared to its shareholders. The Company also has consistently repurchased shares of its common stock. Its primary source of income is dividends received from the Bank. The amount of dividends that the Bank may declare and pay to the Company in any calendar year, without the receipt of prior approval from the OCC but with prior notice to the OCC, cannot exceed net income for that year to date plus retained net income for the preceding two calendar years. On a stand-alone basis, at September 30, 2016, the Company had liquid assets of $44.1 million, which included $39.0 million in cash and cash equivalents and $5.1 million in securities available for sale.

Cash was generated by operating and financing activities and used by investing activities during the six months ended September 30, 2016. The primary sources of cash were net income, an increase in deposits, and proceeds from principal repayments, maturities and calls of securities and principal repayments on loans. The primary uses of funds were purchases of securities and loans, net loan originations, and the repurchase of common stock. Dividends declared and paid totaled $2.7 million during the six months ended September 30, 2016.

The Company’s primary investing activities are the origination, participation, and purchase of loans, and the purchase of securities. Net loans amounted to $881.6 million and $780.2 million at September 30, 2016 and March 31, 2016, respectively. Securities, including available for sale and held to maturity issues, totaled $317.1 million and $357.5 million at September 30, 2016 and March 31, 2016, respectively. In addition to funding new loan production through operating and financing activities, such activities were funded by principal repayments, maturities, and calls on existing loans and securities.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources (Cont’d)

Liquidity management is both a daily and long-term function of business management. Excess liquidity is generally invested in short to intermediate-term investments. If the Bank requires funds beyond its ability to generate them internally, it can borrow funds from the FHLB under an overnight advance program up to the Bank’s maximum borrowing capacity based on its ability to collateralize such borrowings. Members in good standing can borrow up to 50% of their assets as long as they have qualifying collateral to support the advance and purchase of FHLB capital stock. At September 30, 2016, advances from the FHLB amounted to $224.5 million at a weighted average rate of 1.63%. Additionally, the Bank has the ability to borrow funds of up to an aggregate of $58.0 million at two large financial institutions under established, unsecured, overnight lines of credit at a daily adjustable interest rate.

The Bank anticipates that it will have sufficient funds available to meet its current commitments. At September 30, 2016, the Bank had outstanding commitments to originate one- to four-family mortgage loans totaling approximately $15.4 million which included $11.4 million for fixed rate loans and $4.0 million for adjustable rate loans.

At September 30, 2016, the Bank also had outstanding commitments to purchase one- to four-family fixed rate mortgage loans totaling approximately $5.3 million.

In addition, at September 30, 2016, the Bank had outstanding commitments to originate adjustable rate multi-family real estate loans of $15.0 million and commitments to originate adjustable rate commercial real estate loans of $26.4 million.

At September 30, 2016, undisbursed funds from customer approved unused lines of credit under a homeowners’ equity lending program amounted to approximately $5.8 million. In addition, there were unused funds from commercial lines of credit of $2.7 million at rates that adjust to the Wall Street Journal Prime Rate. Unless they are specifically cancelled by notice from the Bank, these funds represent firm commitments available to the respective borrowers on demand. At September 30, 2016, the Bank also had a commitment to originate a $2.0 million adjustable rate commercial line of credit, and a commitment of $85,000 to originate an adjustable rate equity line of credit.  

Certificates of deposit due within one year at September 30, 2016 totaled $199.1 million, or 39.3% of total certificates of deposit. Management believes that, based on past experience and the Bank’s deposit history, a significant portion of such deposits will remain with the Bank.  FHLB advances due within one year at September 30, 2016 totaled $93.0 million.

The Company and the Bank are subject to regulatory capital requirements promulgated by the federal banking agencies. The Federal Reserve establishes capital requirements, including well capitalized standards, for the consolidated financial holding company, and the OCC has similar requirements for the Bank.

Effective January 1, 2015, the Company adopted the Basel III final rule. Based on the Company’s capital levels and statement of condition composition, the implementation of the new rule had no material impact on the Bank’s regulatory capital level or ratios. The new rule establishes limits at the Company level and increased the minimum Tier 1 capital to risk based assets requirement from 4% to 6% of risk-weighted assets; established a new common equity Tier 1 capital; and assigned a higher risk weight (150%) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The new rule has a capital conservation buffer requirement that phased in beginning January 1, 2016 at 0.625% percent of risk-weighted assets and increases each subsequent year by an additional 0.625 percent until reaching its final level of 2.5 percent of risk-weighted assets on January 1, 2019, when the full capital conservation buffer requirement will be effective. Management believes, as of September 30, 2016 that the Company and the Bank met all capital adequacy requirements to which it was subject.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources (Cont’d)

The following table sets forth the Company’s and the Bank’s capital position at September 30 and March 31, 2016, as compared to the minimum regulatory capital requirements:

						Regulatory Capital Requirements
	Actual					Minimum Capital Adequacy Plus Capital Conservation Buffer					For Classification as Well-Capitalized
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(Dollar In Thousands)
September 30, 2016:
Total risk-based capital (to risk-weighted assets)
Bank	$	251,015		35.15	%	$	61,588		8.625	%	$	71,406		10.00	%
Company		308,104		43.07			61,700		8.625		N/A		N/A
Tier 1 capital (to risk-weighted assets)
Bank		245,815		34.42			47,307		6.625			57,125		8.00
Company		302,904		42.34			47,393		6.625		N/A		N/A
Common equity (tier 1) capital (to risk-weighted assets)
Bank		245,815		34.42			36,596		5.125			46,414		6.50
Company		302,904		42.34			36,662		5.125		N/A		N/A
Core (tier 1) capital (to average total assets)
Bank		245,815		18.86			52,125		4.000			65,157		5.00
Company		302,904		23.15			52,343		4.000		N/A		N/A
March 31, 2016:
Total risk-based capital (to risk-weighted assets)
Bank	$	246,063		37.23	%	$	57,006		8.625	%	$	66,093		10.00	%
Company		319,465		48.18			57,184		8.625		N/A		N/A
Tier 1 capital (to risk-weighted assets)
Bank		241,703		36.57			43,787		6.625			52,875		8.00
Company		315,105		47.53			43,924		6.625		N/A		N/A
Common equity (tier 1) capital (to risk-weighted assets)
Bank		241,703		36.57			33,873		5.125			42,961		6.50
Company		315,105		47.53			33,979		5.125		N/A		N/A
Core (tier 1) capital (to average total assets)
Bank		241,703		20.18			47,916		4.000			59,895		5.00
Company		315,105		26.08			48,329		4.000		N/A		N/A

In December 2015, the most recent notification from the OCC categorized the Bank as well capitalized as of September 30, 2015, under the regulatory framework for prompt corrective action. There are no conditions existing or events which have occurred since notification that management believes have changed the Bank’s category.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

ITEM 3:

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Qualitative Analysis

The majority of the Bank’s assets and liabilities are monetary in nature. Consequently, one of our most significant forms of market risk is interest rate risk. The Bank’s assets consist primarily of residential and commercial real estate loans, and investment and mortgage-backed securities that have longer maturities than the Bank’s liabilities, which consist primarily of deposits. As a result, a principal part of the Bank’s business strategy is to manage interest rate risk and reduce the exposure of net interest income to change in market interest rates. Accordingly, our Board of Directors, through its Enterprise Risk Management Committee, has established an Asset/Liability Management Committee that is responsible for evaluating the interest rate risk inherent in assets and liabilities, for determining the level of risk that is appropriate given the Bank’s business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the Board of Directors. Senior management monitors the level of interest rate risk on a regular basis and the Asset/Liability Management Committee, which consists of senior management and one outside director, operates under a policy adopted by the Board of Directors, and meets as needed to review the Bank’s asset/liability policies and interest rate risk position.

The Bank retains an independent, nationally recognized consulting firm that specializes in asset and liability management to complete the quarterly interest rate risk reports. This firm uses a combination of analyses to monitor the Bank’s exposure to changes in interest rates. The economic value of equity analysis is a model that estimates the change in net portfolio value (“NPV”) over a range of instantaneously shocked interest rate scenarios. NPV is the discounted present value of expected cash flows from assets, liabilities, and off-balance sheet contracts. In calculating changes in NPV, assumptions estimating loan prepayment rates, reinvestment rates and deposit decay rates that seem most likely based on historical experience during prior interest rate changes are used.

The net interest income analysis uses data derived from asset and liability analyses and applies several additional elements, including actual interest rate indices and margins, contractual limitations and the U.S. Treasury yield curve as of the balance sheet date. In addition, the model uses consistent parallel yield curve ramps (in both directions) to determine possible changes in net interest income if the theoretical yield curve ramps occurred gradually. Net interest income analysis also adjusts the asset and liability repricing analyses based on changes in prepayment rates resulting from the parallel yield curve shifts.

The asset and liability analyses determine the relative balance between the repricing of assets and liabilities over multiple periods of time (ranging from overnight to five years). These asset and liability analyses include expected cash flows from loans and mortgage-backed securities, applying prepayment rates based on the differential between the current interest rate and the market interest rate for each loan and security type. These analyses identify mismatches in the timing of asset and liability repricing but do not necessarily provide an accurate indicator of interest rate risk because the assumptions used may not reflect the actual response to market changes.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Quantitative Analysis (Cont’d)

The table below sets forth, as of June 30, 2016, the most recent date the Bank’s interest rate risk was measured, the estimated changes in the Bank’s NPV and net interest income that would result from the designated changes in interest rates. Given the current economic environment, the Bank expects that these changes as of September 30, 2016 will not materially differ from the results presented. This data is for the Bank and its subsidiary only and does not include any assets of Company. Such changes to interest rates are calculated as an immediate and permanent change for the purposes of computing NPV and a gradual change over a one-year period for the purposes of computing net interest income. Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, loan prepayments and deposit decay, and should not be relied upon as indicative of actual results. We estimate changes in NPV or net interest income for an interest rate decrease of 100 basis points or an increase of 200 basis points.

		Net Portfolio Value (2)									Net Interest Income
													(Decrease) in
				Estimated Increase							Estimated		Estimated Net
Change in Interest Rates		Estimated		(Decrease)							Net Interest		Interest Income
Basis Point (bp) (1)		NPV		Amount			Percent				Income (3)		Amount			Percent
	(Dollars in Thousands)
+200 bp		$	200,203	$	(52,913	)		(20.90	)	%	$	27,283	$	(1,311	)		(4.58	)	%
0			253,116		—			—				28,594		—			—
(100)			256,900		3,784			1.49				28,357		(237	)		(0.83	)

(1) Assumes an instantaneous and parallel shift in interest rates at all maturities.

(2) NPV is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

(3) Assumes a gradual change in interest rates over a one-year period at all maturities.

The table set forth above indicates that at June 30, 2016, in the event of a 200 basis point increase in interest rates, we would be expected to experience a 20.9% decrease in NPV and a $1.3 million, or 4.6%, decrease in net interest income. In the event of a 100 basis point decrease in interest rates, we would be expected to experience a 1.5% increase in NPV and a $237,000, or 0.8%, decrease in net interest income. NPV is a theoretical liquidation calculation that assumes the Bank is no longer a going concern and that the net interest income simulation is built upon a static (no growth or attrition) balance sheet. Accordingly, this data does not reflect any future actions management may take in response to changes in interest rates.

Certain shortcomings are inherent in any methodology used in the above interest rate risk measurements. Modeling changes in NPV and net interest income require certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the NPV and net interest income table presented above assumes the composition of the Bank’s interest-rate sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and, accordingly, the data does not reflect any actions we may take in response to changes in interest rates such as changing the mix of assets and liabilities, which could change the results of the NPV and net interest income calculations. The table also assumes a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration to maturity or the repricing characteristics of specific assets and liabilities. Accordingly, although the NPV and net interest income table provides an indication of the Bank’s sensitivity to interest rate changes at a particular point in time, such measurement is not intended to and does not provide a precise forecast of the effects of changes in market interest rates on the Bank’s NPV and net interest income and will differ from actual results.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

ITEM 4:

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures. The Company’s management, including the Company’s principal executive officer and principal financial officer, have evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”).  Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission (the “SEC”) (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s  rules and forms, and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely  decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting. There were no changes in the Company’s internal control over financial reporting that occurred during the three months ended September 30, 2016 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

PART II

ITEM 1. Legal Proceedings

Periodically, there have been various claims and lawsuits against the Company and Bank, such as claims to enforce liens, condemnation proceedings on properties in which we hold security interests, claims involving the making and servicing of real property loans and other issues incident to our business. We are not a party to any pending legal proceedings that we believe would have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

ITEM 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed under the section “Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, 2016, as filed with the SEC on June 8, 2016, which could materially affect our business, financial condition and/or operating results.  As of September 30, 2016, the risk factors of the Company have not changed materially from those reported in the Form 10-K. The risks described in the Form 10-K are not the only risks that we face.  Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) Unregistered Sale of Equity Securities. There were no sales of unregistered securities during the quarter ended September 30, 2016.

(b) Use of Proceeds.  Not applicable.

(c) The following table sets forth information regarding the Company’s repurchases of its common stock during the quarter ended September 30, 2016.

						TotalNumber		Maximum
						ofShares		NumberofShares
	Total					Purchasedas		ThatMayYetBe
	Numberof			Average		PartofPublicly		PurchasedUnder
	Shares			PricePaid		AnnouncedPlan		thePlansor
Period	Purchased			PerShare		orPrograms (1)		Programs (1)
July 1 - July 31, 2016		170,500		$	15.01		170,500		717,247
August 1 - August 31, 2016		265,900			14.90		265,900		451,347
September 1 - September 30, 2016		62,613	(2)		14.97		48,000		1,558,347
Total		499,013		$	14.95		484,400

__________________________________________

(1) On March 11, 2015, the Company announced that its Board of Directors authorized a stock repurchase plan, that became effective on April 2, 2015, to acquire up to 2,731,000 shares of the Company's outstanding common stock. On October 28, 2015, the Company announced that its Board of Directors authorized an extension of the Company’s previously announced stock repurchase plan to acquire an additional 2,569,000 shares of the Company’s outstanding common stock. On September 8, 2016, the Company announced that its Board of Directors authorized an extension of the Company’s previously announced stock repurchase plan to acquire up to an additional 1,155,000 shares of the Company’s outstanding common stock.

(2) Includes 14,613 shares repurchased for payment of taxes due upon the vesting of restricted stock awards under the Clifton Bancorp Inc. 2015 Equity Incentive Plan.

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Mine Safety Disclosures

Not applicable.

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CLIFTON BANCORP INC. AND SUBSIDIARIES

PART II

ITEM 5. Other Information

None.

ITEM 6. Exhibits

The following Exhibits are filed as part of this report.

3.1 Articles of Incorporation of Clifton Bancorp Inc. ⁽¹⁾

3.2 Bylaws of Clifton Bancorp Inc. ⁽²⁾

4.0 Specimen Stock Certificate of Clifton Bancorp Inc. ⁽³⁾

10.1 Change in Control Employment Agreement, as amended, by and between Clifton Savings Bank and Michael Lesler*

10.2 Change in Control Employment Agreement by and between Clifton Savings Bank and Diane Scriveri*

31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

32.0 Section 1350 Certification of Chief Executive Officer and Chief Financial Officer

101.0 The following materials from Clifton Bancorp’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to the Consolidated Financial Statements.

* Management contract or compensation plan arrangement.

(1) Incorporated by reference to Exhibit 3.1 to Clifton Bancorp Inc.’s Registration Statement on Form S-1
(File No. 333-192598) filed on November 27, 2013.

(2) Incorporated by reference to Exhibit 3.2 to Clifton Bancorp Inc.’s Quarterly Report on Form 10-Q
(File No. 001-36390) filed on November 6, 2014.

(3) Incorporated by reference to Exhibit 4.0 to Clifton Bancorp Inc.’s Registration Statement on Form S-1
(File No. 333-192598) filed on November 27, 2013.

- 44 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		CLIFTON BANCORP INC.
Date:	November 7, 2016	By:	/s/ Paul M. Aguggia
			Paul M. Aguggia
			Chairman, President and Chief Executive Officer (principal executive officer)
Date:	November 7, 2016	By:	/s/ Christine R. Piano
			Christine R. Piano
			Executive Vice President, Chief Financial Officer and Treasurer (principal financial and accounting officer)

- 45 -

EX-10.1

Exhibit 10.1

AMENDMENT TO

CLIFTON SAVINGS BANK

CHANGEINCONTROL AGREEMENT

(MichaelLesler)

WHEREAS, CliftonSavingsBankmaintainsachange incontrolagreementwith ExecutiveVicePresidentandChiefOperatingOfficerMichaelLeslereffectiveApril1,2016 (the"Agreement");

WHEREAS,thepartieshavedeterminedthatcertainmodificationstotheAgreementare necessaryandappropriate;  

NOWTHEREFORE,inconsiderationoftheforegoingpremisesandothergoodand valuableconsideration,thereceiptandsufficiencyofwhichisherebyacknowledged,theparties herebyagreetoamendSection3(a)oftheAgreementasfollows:

• Thereferenceto"one (1)times"inSection3(a)(i)isamendedtoread"two(2) times."

• The referenceto"twelve(12)months"inSection3(a)(ii)isamendedtoread"twenty four (24)months."

Inallotherrespects,thepartiesherebyratifyandaffirmthetermsandconditionsofthe Agreement.

INWITNESSWHEREOF,thepartieshaveexecutedthisamendmenttotheAgreement asofSeptember12, 2016.

	CLIFTON SAVINGS BANK
By.	/s/ Paul M. Aguggia
	Paul M. Aguggia
	On behalf of the Board of Directors of the Bank
	/s/ Michael Lesler

CHANGE IN CONTROL AGREEMENT

THIS AGREEMENT is entered into as of April 1, 2016, by and between Clifton Savings Bank (the “Bank”) and Michael Lesler (“Executive”).

WHEREAS, the Bank will employ Executive in a position of importance to the Bank’s operations and wishes to protect his position with the Bank in the event of a Change in Control (as defined in this Agreement”);

NOW THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows.

1.TermofAgreement.

(a)ThetermofthisAgreementshallcommenceasofApril l, 2016(the"EffectiveDate")andexpire on the first anniversary of such date, unless otherwise extended as noted under Section l(b) of this Agreement.

(b)Onor before the firstanniversary ofthe EffectiveDate,and each anniversary ofsuch date thereafter,the Compensation Committee ofthe BoardofDirectorsofthe Bankmayextend thetermofthe Agreement foranadditional year,sothat the remaining term oftheAgreement again  becomes twelve (12) monthsfromtheapplicableanniversarydate,unlessExecutiveelectsnottoextendthetermofthisAgreement bygivingwritten noticeatleastthirty(30)dayspriortotheapplicableanniversarydate.TheBoardofDirectors willnotifyExecutiveatleastthirty(30)dayspriortotheapplicableanniversarydatewhether ithasdetermined toextendtheAgreement.

(c)Notwithstanding anything inthisSection 1to the contrary, this Agreement shall terminate immediately if Executiveor the BankterminatesExecutive'semployment priorto aChangeinControl(as definedinthisAgreement).

2.ChangeinControl.

(a)Upontheoccurrence ofaChangeinControl(asdefined inthisAgreement)followedatanytime duringthetermofthisAgreementbytheterminationofExecutive'semployment inaccordancewiththeterms ofthisAgreement, other than forJustCause,asdefined inSection2(c)ofthisAgreement, the provisionsof Section3ofthisAgreementshallapply.Upontheoccurrence ofaChangeinControl,Executiveshallhavethe righttoelecttovoluntarilyterminatehisemploymentatanytimeduringthetermofthisAgreementfollowing aneventconstituting "GoodReason."GoodReason"means,unlessExecutivehasconsentedinwritingthereto, theoccurrencefollowingaChangeinControl,ofanyofthefollowing:

(i) the assignment  to Executive of any duties  materially inconsistent  with Executive's position,including  any  material   change   in  status,   title,   authority,   duties   or responsibilitiesoranyother action that results inamaterial diminution insuchstatus, title, authority,  duties  or  responsibilities,  excluding for  this  purpose  an isolated, insubstantial andinadvertentaction nottaken inbadfaithandthat isremedied bythe BankorExecutive'semployer reasonably promptlyafter receiptofnoticethereof given bytheExecutive;

(ii) areduction bytheBankofthe Executive'sbasesalaryineffect immediately priortothe ChangeinControl;

(iii) therelocationoftheExecutive'sofficetoalocationmorethanthirty-five(35)milesfrom itslocationasofthedateofthisAgreement;

(iv) thetakingof anyactionbytheBankorsuccessorsthatwouldmateriallyadverselyaffect theExecutive'soverallcompensationandbenefitspackage,unlesssuchchangestothe compensationandbenefitspackagearemadeonanon-discriminatorybasis toall employees;or

(v) thefailureoftheBanktoobtaintheassumptioninwritingoftheBank'sobligationto performthisAgreementbyanysuccessortoallorsubstantiallyalloftheassetsofthe Bankwithinthirty(30)daysafterareorganization,merger,consolidation,saleorother dispositionofassetsoftheBank.

(b)ForpurposesofthisAgreement,a"ChangeinControl"shallbedeemedtooccurontheearliest ofanyofthefollowingevents:

(i) Merger: The Company or the Bank merges into or consolidates with another corporation,ormergesanother corporation intotheCompanyorthe Bank,andasa resultlessthanamajorityofthecombinedvotingpowerofthe resultingcorporation immediatelyafterthemergerorconsolidationisheldbypersonswhowerestockholders oftheCompanyortheBankimmediatelybeforethemergerorconsolidation;

(ii) Acquisition of Significant Share Ownership:  Thereisfiledorrequiredtobefiled areport onSchedule13Doranotherformorschedule(otherthanSchedule13G)requiredunder Sections13(d)or14(d)oftheSecuritiesExchangeActof1934,iftheschedulediscloses thatthefilingpersonorpersonsactinginconcerthasorhavebecomethe beneficial ownerof25%ormoreofaclass oftheCompany'svotingsecurities,butthisclause(b) shallnotapplyto beneficialownershipofCompanyvotingshares heldin afiduciary capacitybyanentityofwhichtheCompanydirectlyorindirectlybeneficiallyowns50% ormoreofitsoutstandingvotingsecurities;or

(iii) SaleofAssets:The Companysellstoathirdpartyallorsubstantially allof itsassets.

NotwithstandinganythinginthisAgreementtothecontrary,a"ChangeinControl"shallnot result from the consummation of any transaction or series of transactions constituting a "second-step conversion"ofthe Company and the BankresultingintheownershipoftheBankbyanentitycontrolledbypublic shareholders.

(c)Executive shall nothavetherighttoreceiveterminationbenefitspursuanttoSection3hereof upon termination forJustCause.Theterm"Just Cause"shallmean termination because ofExecutive's personaldishonesty,incompetence, willfulmisconduct,anybreachoffiduciarydutyinvolvingpersonalprofit, intentionalfailureto performstated duties, willfulviolationofanylaw,rule,regulation(otherthan traffic violationsorsimilaroffenses),finalceaseanddesistorder, oranymaterialbreachofanyprovisionofthis Agreement. Notwithstandingtheforegoing,Executive shallnotbedeemedtohavebeenterminatedforJust Causeunlessand untilthere shallhavebeendeliveredto himacopyofaresolutiondulyadopted by the affirmativevoteofamajorityoftheentiremembershipoftheBoardofDirectorsatameetingoftheBoardof Directorscalledandheldforthat purpose(afterreasonablenoticetoExecutiveandanopportunityforhim, togetherwithcounsel,tobeheardbeforethe Board of Directors),findingthatinthegoodfaith opinionofthe BoardofDirectors,Executivewasguiltyofconduct justifying terminationforJustCauseandspecifyingthe particularsthereof in detail.Executiveshallnothavethe righttoreceivecompensationorother benefitsfor anyperiodafterterminationforJust Cause.

3.TerminationBenefits.

(a)lf Executive'semploymentisvoluntarily(inaccordancewithSection2(a)ofthisAgreement)or involuntarilyterminatedwithinone(1)yearofa ChangeinControl,Executiveshallreceive:

(i) a lumpsum cash paymentequal to one (1)times hisannual basesalaryasof his termination date.Suchpaymentshallbemade notlaterthan five(5)daysfollowing Executive'sterminationofemploymentunderthisSection3.

(ii) ContinuedbenefitcoverageunderallBankhealthandwelfareplanswhichExecutive participated inasofthe date ofthe Changein Control(collectively,the "Employee BenefitPlans") foraperiodoftwelve (12)monthsfollowingExecutive'sterminationof employment.Saidcoverageshallbeprovidedunderthesametermsandconditionsin effectonthe date ofExecutive's termination ofemployment.Solelyforpurposesof benefitscontinuationundertheEmployeeBenefitPlans,Executiveshallbedeemed to beanactiveemployee.Tothe extent that benefitsrequired underthisSection3(a) cannotbeprovidedunderthetermsofanyEmployeeBenefitPlan,theBankshallenter intoalternativearrangementsthatwillprovideExecutivewithcomparablebenefits.

(b)Notwithstandingthe precedingprovisionsofthisSection3, innoevent shallthe aggregate paymentsorbenefitstobemadeoraffordedtoExecutiveundersaidparagraphs(the"TerminationBenefits") orotherwise bytheCompanyorthe Bankconstitutean"excessparachutepayment''underSection280Gof theInternalRevenueCodeof1986, asamended(the"Code"),oranysuccessorthereto, andtoavoidsucha result,TerminationBenefitswillbereduced,if necessary,toanamount(the"Non-TriggeringAmount"),the valueofwhichisonedollar($1.00) lessthananamountequaltothree(3)timesExecutive's"baseamount,"as determined inaccordance withsaidSection280G.Thereduction

requiredherebyamongtheTermination Benefits provided bythisSection 3shallbe made to the payments and benefits provided under this Agreement.

4.NoticeofTermination.

(a)Anypurported termination bythe BankorbyExecutiveshallbecommunicated byNoticeof Terminationtotheotherpartyhereto.ForpurposesofthisAgreement,a"NoticeofTermination"shallmeana writtennoticewhichshallindicatethespecifictermination provisionin thisAgreementrelieduponandshall setforthindetailthefactsandcircumstancesclaimedtoprovideabasis fortermination ofExecutive's employmentundertheprovisionsoindicated.

(b)"DateofTermination"shallmeanthedatespecifiedintheNoticeofTermination(which,inthe caseofatermination forJustCause,shallnot belessthanthirty(30) daysfromthedate suchNoticeof Terminationisgiven).

5.SourceofPayments.

All paymentsprovidedinthisAgreementshallbetimelypaidincashorcheckfromthegeneralfunds oftheBank.

6.EffectonPriorAgreementsandExistingBenefitPlans.

This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement or understanding between the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. Nothing in this Agreement shall confer upon Executive the right to continue in the employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its employ for any period.

7.NoAttachment;BindingEffect.

(a)Exceptasrequiredbylaw,norighttoreceivepaymentsunderthisAgreementshallbesubjectto anticipation,commutation,alienation,sale,assignment,encumbrance,charge,pledge,orhypothecationorto execution,attachment,levyorsimilarprocessorassignmentbyoperationofJaw,andanyattempt, voluntary orinvoluntary,toaffectanysuchactionshall benull, voidandofnoeffect.

(b)ThisAgreementshallbebindingupon,andinuretothebenefitof,Executive,theBankandtheir respectivesuccessorsand assigns.

8.ModificationandWaiver.

(a)ThisAgreementmaynotbemodifiedoramendedexceptbyaninstrumentinwritingsignedby thepartieshereto.

(b)NotermorconditionofthisAgreementshallbedeemedtohavebeenwaived,norshalltherebe anyestoppelagainsttheenforcementof anyprovisionofthisAgreement,exceptbywritteninstrumentofthe partycharged withsuchwaiverorestoppel. Nosuchwritten waivershallbedeemedacontinuingwaiver unlessspecificallystatedtherein,andeachsuchwaivershalloperate onlyastothespecifictermorcondition waivedandshallnotconstituteawaiverofsuchtermorconditionforthefutureorastoanyactotherthan thatspecificallywaived.

9.Severability.

If,foranyreason,anyprovisionofthisAgreement,oranypartofanyprovision,isheldinvalid,such invalidityshallnotaffectanyother provisionofthisAgreementoranypartofsuchprovisionnot heldso invalid,andeachsuchother provisionandpartthereofshalltothefullextentconsistentwithlawcontinuein fullforceandeffect.

10.HeadingsforReferenceOnly.

The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation   of any of the provisions of this Agreement. In addition, references herein to the masculine shall apply to both the masculine and the feminine.

11.Governinglaw.

Except to the extent preempted by federal law, the validity, interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of New Jersey, without regard to principles of conflicts of law of that State.

12.Arbitration.

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Bank, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.

13.Paymentof LegalFees.

All reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, only if   Executive is successful pursuant to a legal judgment, arbitration or settlement.

14.Indemnification.

The Bank shall provide Executive (including his heirs, executors  and administrators) with coverage under a standard  directors' and officers' liability insurance policy at its expense and shall indemnify Executive (and his heirs, executors and administrators)  to the fullest extent  permitted under applicable law against all expenses  and liabilities reasonably incurred  by him in connection  with or arising out of any action, suit or proceeding in which he may be involved by reason of him having been an officer of the Bank (whether or not he continues to be an officer at the time of incurring such expenses or liabilities), such expenses and liabilities to  include,  but  not  be  limited to,  judgments,  court  costs,  attorneys'  fees  and  the  cost  of  reasonable settlements.

15.SuccessorstotheBank.

The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank's obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place.

16.RequiredProvisions.

In the event any of the provisions of this Section 16 are in conflict with the terms of this Agreement, this Section 16 shall prevail.

(a)The Board of Directors may terminate Executive's employment at any time, but any termination bythe Bank,other than termination forJustCause,shallnot prejudiceExecutive'srightto compensation or other benefits under this Agreement. Executiveshall not have the right to receive compensationorotherbenefitsforanyperiodafterterminationforCause.

(b)If Executiveissuspended fromofficeand/or temporarilyprohibitedfromparticipatingin the conduct ofthe Bank'saffairsbya noticeserved underSection8(e)(3)or8(g)(1)ofthe FederalDeposit InsuranceAct,12U.S.C.§1818(e)(3)or(g)(l),theBank'sobligationsunderthiscontractshallbesuspendedas ofthedateofservice,unlessstayedbyappropriate proceedings.Ifthechargesinthenoticearedismissed,the Bankmayinitsdiscretion:(i) payExecutiveallor partofthe compensationwithheldwhileitscontract obligationswere suspended; and (ii)reinstate (inwholeor in part) anyofthe obligations which were suspended.

(c)IfExecutive isremovedand/or permanentlyprohibitedfromparticipatingintheconductofthe Bank'saffairs byanorderissuedunderSection8(e)(4)or8(g)(1)oftheFederalDepositInsuranceAct,12U.S.C. §1818(e)(4)or(g)(l),allobligationsoftheBankunderthiscontractshallterminateasoftheeffectivedateof theorder,butvestedrightsofthecontractingpartiesshaltnotbeaffected.

(d)If the BankisindefaultasdefinedinSection3(x)(l)ofthe FederalDepositInsuranceAct,12 U.S.C.§1813(x)(l)allobligationsoftheBankunderthiscontractshallterminateasofthedateofdefault,butthis paragraphshallnotaffectanyvestedrightsofthecontractingparties.

(e)AllobligationsunderthisAgreementshaltbeterminated,excepttotheextenta determinationis madethatcontinuationofthecontractisnecessaryforthecontinuedoperationoftheBank (i)bythedirector oftheOfficeoftheComptrolleroftheCurrency(the"OCC")orhis orherdesignee(the"Director"),atthetime the OCCenters intoanagreement to provideassistancetooron behalfofthe Bankunderthe authority containedinSection13(c)oftheFederalDepositInsuranceAct;or(ii)bytheDirector,atthetimetheDirector approvesasupervisorymergertoresolveproblemsrelatedtotheoperationsoftheBankorwhentheBankis determined bytheDirectortobeinanunsafeorunsoundcondition.AnyrightsofExecutivethathavealready vested,however,shaltnotbeaffectedbysuchaction.

(f)AnypaymentsmadetoemployeespursuanttothisAgreement,orotherwise,aresubjecttoand conditioned upontheircompliancewith12U.S.C.§1828(k)and FDIC regulation12C.F.R. Part359,Golden ParachuteandIndemnificationPayments.

17.Section409A of the Code.

(a)ThisAgreementisintendedtocomplywiththerequirementsofSection409AoftheCode,and specifically,withthe"short-termdeferralexception"underTreasuryRegulationSection1.409A-l(b)(4)andthe "separation payexception"underTreasuryRegulationSection1.409A-1(b)(9)(iii),andshallin allrespectsbe administered inaccordancewithSection409AoftheCode.Ifanypaymentorbenefithereunder cannotbe providedormadeatthetimespecifiedhereinwithoutincurring sanctionsonExecutiveunderSection409Aof theCode,then suchpaymentorbenefitshallbeprovidedinfullattheearliesttimethereafterwhensuch sanctionswillnotbeimposed.ForpurposesofSection409AoftheCode,allpaymentstobemadeupona terminationof employmentunderthisAgreementmayonlybemadeupona"separationfromservice"(within themeaningofsuchtermunderSection409AoftheCode),eachpaymentmadeunderthisAgreementshallbe treated asaseparate  payment,therighttoaseriesof installmentpaymentsunderthisAgreement(ifany)isto betreated asarightto o series ofseparate payments,and if a paymentisnotmade bythe designated paymentdate underthisAgreement,the paymentshallbemade byDecember31ofthecalendaryearin whichthedesignateddateoccurs.Totheextentthatanypaymentprovidedforhereunderwouldbesubjectto additionaltaxunderSection409AoftheCode,orwouldcausetheadministrationofthisAgreementtofailto satisfythe requirements ofSection409AoftheCode,suchprovisionshallbedeemed nullandvoidtothe extent permitted byapplicablelaw,andanysuchamountshallbepayableinaccordancewithsubparagraph (b) ofthisAgreementbelow.InnoeventshallExecutive,directlyorindirectly,designatethecalendaryearof

payment.

(b)If,whenseparationfromserviceoccurs,Executiveisa"specifiedemployee"withinthemeaning ofSection409AoftheCode, andifthecashseverancepaymentunderSection3(a)(i)ofthisAgreementwould beconsidereddeferredcompensation underSection409AoftheCode,and,finally,if anexemptionfromthe six-monthdelayrequirement ofSection409A(a)(2)(B)(i) ofthe Codeisnotavailable(i.e.,the "short-term deferral exception" underTreasury  RegulationsSection1.409A-l(b)(4)or  the "separation payexception" under TreasurySection1.409A-1(b)(9)(iii)), the Bankor  the Companywillmakethe maximumseverance payment possiblein order to complywithanexception from the six-monthrequirement and makeany remainingseverance payment underSection3(a)(i)ofthisAgreementto Executiveinasinglelumpsum without interest onthefirstpayrolldatethatoccursafterthe datethat issix(6)monthsafterthedateon whichExecutiveseparatesfromservice.

(c)If(x)underthetermsoftheapplicable policy orpolicies fortheinsuranceorother benefits specified inSection3(a)(ii)ofthisAgreementitisnot possibletocontinue coverageforExecutiveandhis dependents,or (y)whenaseparationfrom serviceoccursExecutiveisa"specifiedemployee"withinthe meaningof Section409Aof theCode,andifanyofthe continued insurancecoverageor other benefitsspecifiedinSection3(a)(ii)ofthisAgreementwouldbeconsidereddeferredcompensationunderSection409AoftheCode,and,finally,ifanexemptionfromthesix-monthdelayrequirement ofSection409A(a)(2)(B)(i)oftheCode isnotavailableforthatparticularinsuranceorotherbenefit,theBankshallpaytoExecutiveina singlelumpsumanamountincashequaltothepresentvalueoftheBank'sprojectedcosttomaintain thatparticular insurance benefit hadExecutive'semployment not terminated.Thelump-sumpayment shallbemadethirty(30)daysafteremploymentterminationor,ifSection17(b)ofthisAgreementapplies,onthefirstpayrolldatethatoccursafterthedatethatissix(6)monthsafterthedateonwhichExecutiveseparatesfromservice.

(d)Referencesin this Agreement toSection409Aof the Codeinclude rules,regulations and guidanceofgeneralapplicationissuedbytheDepartmentoftheTreasuryunderSection409AoftheCode.

SIGNATURES

IN WITNESS WHEREOF, Clifton Savings Bank has caused this Agreement to be executed and its seal to be affixed hereunto by a duly authorized officer, and Executive has signed this Agreement on the date first written above.

ATTEST:	CLIFTON SAVINGS BANK
/s/ Bart D’Ambra	/s/ Paul M. Aguggia
Corporate Secretary	For the Entire Board of Directors
WITNESS:	EXECUTIVE
/s/ Christine Piano	/s/ Michael Lesler

EX-10.2

Exhibit 10.2

CHANGE IN CONTROL AGREEMENT

THIS AGREEMENT is entered into as of September 12, 2016, by and between Clifton Savings Bank (the “Bank”) and Diane Scriveri (“Executive”).

WHEREAS, the Bank will employ Executive in a position of importance to the Bank’s operations and wishes to protect his position with the Bank in the event of a Change in Control (as defined in this Agreement”);

NOW THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows.

1.Term of Agreement.

(a)The term of this Agreement shall commence as of September 12, 2016 (the "Effective Date") and expire on the first anniversary of such date, unless otherwise extended as noted under Section 1(b) of this Agreement.

(b)On or  before  the first  anniversary of the Effective Date, and each anniversary of such date thereafter, the Compensation Committee of the Board of Directors of the Bank may extend the term of the Agreement for an additional year, so that the remaining term of the Agreement again becomes twelve (12) months from the applicable anniversary date, unless Executive elects not to extend the term of this Agreement by giving written notice at least thirty (30) days prior to the applicable anniversary date. The Board of Directors will notify Executive at least thirty (30) days prior to the applicable anniversary date whether it has determined to extend the Agreement.

(c)Notwithstanding anything in this Section 1 to the contrary, this Agreement shall terminate immediately if Executive or the Bank terminates Executive's employment prior to a Change in Control (as defined in this Agreement).

2.Change in Control.

(a)Upon the occurrence of a Change in Control (as defined in this Agreement) followed at any time during the term of this Agreement by the termination of Executive's employment in accordance with the terms of this Agreement, other than for Just Cause, as defined in Section 2(c) of this Agreement, the provisions of Section 3 of this Agreement shall apply. Upon the occurrence of a Change in Control, Executive shall have the right to elect to voluntarily terminate his employment at any time during the term of this Agreement following an event constituting "Good Reason." Good Reason" means, unless Executive has consented in writing thereto, the occurrence following a Change in Control, of any of the following:

(i) the  assignment  to  Executive of  any duties  materially  inconsistent  with  Executive's position,    including   any   material   change   in   status,  title,    authority,  duties   or responsibilities or any other action that results in a material diminution  in such status, title,  authority,   duties  or  responsibilities,  excluding  for  this  purpose  an  isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Bank or Executive's employer reasonably promptly after receipt of notice thereof given by the Executive;

(ii) a reduction by the Bank of the Executive's base salary in effect immediately prior to the Change in Control;

(iii) the relocation of the Executive's office to a location more than thirty-five (35) miles from its location as of the date of this Agreement;

(iv) the taking of any action by the Bank or successors that would materially adversely affect the Executive's overall compensation and benefits package, unless such changes to the compensation and benefits package are made on a non-discriminatory basis to all employees; or

(v) the failure of the Bank to obtain the assumption in writing of the Bank's obligation to perform this Agreement by any successor to all or substantially all of the assets of the Bank within thirty (30) days after a reorganization, merger, consolidation, sale or other disposition of assets of the Bank.

(b)For purposes of this Agreement, a "Change in Control" shall be deemed to occur on the earliest of any of the following events:

(i) Merger:   The Company or the Bank merges into or consolidates with another corporation, or merges another corporation into the Company or the Bank, and as a result less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

(ii) Acquisition of Significant Share Ownership: There is filed or required to be filed a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that  the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company's voting securities, but this clause (b) shall not apply to  beneficial ownership  of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns SO% or more of its outstanding voting securities; or

(iii) Sale of Assets: The Company sells to a third party all or substantially all of its assets.

Notwithstanding anything in this Agreement to the contrary, a "Change in Control" shall not result from the consummation of any transaction or series of transactions constituting a "second-step conversion" of the Company and Bank resulting in the ownership of the Bank by an entity controlled by public shareholders.

(c)Executive shall not have the right to receive termination benefits pursuant to Section 3 hereof upon termination for Just Cause. The term "Just Cause" shall mean termination because of Executive's personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, regulation (other than traffic violations or similar offenses), final cease and desist order, or any material breach of any provision of this Agreement.  Notwithstanding the foregoing, Executive shall not be deemed to have been terminated  for Just Cause unless and until  there  shall have been delivered  to  him a copy of a resolution  duly adopted by the affirmative vote of a majority of the entire membership of the Board of Directors at a meeting of the Board of Directors called and held for that  purpose (after reasonable notice to Executive and an opportunity  for him, together with counsel, to be heard before the Board of Directors), finding that in the good faith opinion of the Board of Directors, Executive was guilty of conduct justifying termination  for Just Cause and specifying theparticulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period after termination for Just Cause.

3.Termination Benefits.

(a)If Executive's employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within one (1) year of a Change in Control, Executive shall receive:

(i) a lump sum cash payment equal to two (2) times his annual base salary as of his termination date. Such payment shall be made not later than five (5) days following Executive's termination of employment under this Section 3.

(ii) Continued benefit coverage under all Bank health and welfare plans which Executive participated in as of the date of the Change in Control (collectively, the "Employee Benefit Plans") for a period of twenty-four (24) months following   Executive's termination of employment. Said coverage shall be provided under the same terms and conditions in effect on the date of Executive's termination of employment. Solely for purposes of benefits continuation under the Employee Benefit Plans, Executive shall be deemed to be an active employee. To the extent that benefits required under this Section 3(a) cannot be provided under the terms of any Employee Benefit Plan, the Bank shall enter into alternative arrangements that will provide Executive with comparable benefits.

(b)Notwithstanding the preceding provisions of this Section 3, in no event shall the  aggregate payments or benefits to be made or afforded to Executive under said paragraphs (the "Termination Benefits") or otherwise by the Company or the Bank constitute an "excess parachute payment" under Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), or any successor thereto, and to avoid such a result, Termination Benefits will  be reduced, if necessary, to an amount (the "Non-Triggering Amount"), the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive's "base amount," as determined  in accordance with  said Section 280G. The reduction required hereby among the Termination Benefits provided by this Section 3 shall be made to the payments and benefits provided under this Agreement.

4.Notice of Termination.

(a)Any purported termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a "Notice of Termination" shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so indicated.

(b)"Date of Termination" shall mean the date specified in the Notice of Termination (which, in the case of a termination for Just Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given).

5.Source of Payments.

All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank.

6.Effect on Prior Agreements and Existing Benefit Plans.

This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement or understanding between the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. Nothing in this Agreement shall confer upon Executive the right to continue in the employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its employ for any period.

7.No Attachment; Binding Effect.

(a)Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void and of no effect.

(b)This Agreement shall be binding upon, and inure to the benefit of, Executive, the Bank and their respective successors and assigns.

8.Modification and Waiver.

(a)This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

(b)No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

9.Severability.

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.

10.Headings for Reference Only.

The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. In addition, references herein to the masculine shall apply to both the masculine and the feminine.

11.Governing law.

Except to the extent preempted by federal law, the validity, interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of New Jersey, without regard to principles of conflicts of law of that State.

12.Arbitration.

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by Executive within fifty (SO) miles from the location of the Bank, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.

13.Payment of Legal Fees.

All reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, only if Executive is successful pursuant to a legal judgment, arbitration or settlement.

14.Indemnification.

The Bank shall provide  Executive (including his heirs, executors and administrators)  with  coverage under a standard directors' and officers' liability insurance policy at its expense and shall indemnify Executive (and his heirs, executors and administrators) to the fullest extent permitted under applicable law against all expenses and liabilities  reasonably incurred  by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of him having been an officer of the Bank (whether or not he continues to be an officer at the time of incurring such expenses or liabilities), such expenses and liabilities to  include, but  not  be  limited  to, judgments, court  costs, attorneys'  fees and  the  cost  of  reasonable settlements.

15.Successors to the Bank.

The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank's obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place.

16.Required Provisions.

In the event any of the provisions of this Section 16 are in conflict with the terms of this Agreement, this Section 16 shall prevail.

(a)The Board of Directors may terminate Executive's employment at any time, but any termination by the Bank, other than termination for Just Cause, shall not prejudice Executive's right to compensation or other benefits under this Agreement.  Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause.

(b)If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank's affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(l), the Bank's obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion: (i) pay Executive all or part of the compensation withheld while its contractobligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended.

(c)If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

(d)If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties.

(e)All obligations under this Agreement shall be terminated, except to the extent a determination is made that continuation of the contract is necessary for the continued operation of the Bank (i) by the director of the Office of the Comptroller of the Currency (the "OCC") or his or her designee (the "Director"), at the time the  OCC enters  into  an agreement  to  provide  assistance to or  on behalf of the  Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or (ii) by the Director, at the time the Director approves a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined  by the Director to be in an unsafe or unsound condition. Any rights of Executive that have already vested, however, shall not be affected by such action.

(f)Any payments made to employees pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

17.Section 409A of the Code.

(a)This Agreement is intended to comply with the requirements of Section 409A of the Code, and specifically, with the "short-term deferral exception" under Treasury Regulation Section 1.409A-1(b)(4) and the "separation pay exception" under Treasury Regulation Section 1.409A-1(b)(9)(iii), and shall in all respects be administered in accordance with Section 409A of the Code. If any payment or benefit hereunder cannot be provided or made at the time specified herein without incurring sanctions on Executive under Section 409A of the Code, then such payment or benefit shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. For purposes of Section 409A of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon a "separation from service" (within the meaning of such term under Section 409A of the Code), each payment made under this Agreement shall be treated as a separate payment, the right to a series of installment payments under this Agreement (if any) is to be treated  as a  right  to  a  series of  separate payments, and if a  payment is not made by the  designated payment  date under this Agreement, the payment  shall be made by December 31 of the calendar year in which the designated date occurs. To the extent that any payment provided for hereunder would be subject to additional tax under Section 409A of the Code, or would cause the administration of this Agreement to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed null and void to the extent permitted by applicable law, and any such amount shall be payable in accordance with subparagraph (b) of this Agreement below. In no event shall Executive, directly or indirectly, designate the calendar year of payment.

(b)If, when separation from service occurs, Executive is a "specified employee" within the meaning of Section 409A of the Code, and if the cash severance payment under Section 3(a)(i) of this Agreement would be considered deferred compensation under Section 409A of the Code, and, finally, if an exemption from the six-month delay  requirement of  Section  409A(a)(2)(B)(i)  of  the  Code is not  available  (i.e., the  "short-term deferral exception" under  Treasury  Regulations  Section  1.409A-l(b)(4) or  the  "separation pay exception" under  Treasury  Section  1.409A-l(b)(9)(iii)), the  Bank or  the  Company  will  make  the  maximum severance payment possible  in  order  to comply  with  an exception from  the  six-month  requirement and  make any remaining severance  payment under  Section  3(a)(i)  of  this  Agreement  to  Executive  in a single lump  sum without interest on  the  first  payroll date that  occurs after  the  date  that is six (6) months  after  the  date on which Executive separates from service.

(c)If (x) under  the  terms  of the  applicable  policy  or  policies for  the  insurance  or other  benefits specified  in Section 3(a)(ii)  of  this  Agreement  it  is not  possible to  continue  coverage for  Executive and his dependents, or  (y) when  a separation from  service  occurs  Executive is a  "specified  employee" within  the meaning  of  Section  409A  of  the  Code, and  if any  of  the  continued insurance  coverage  or other  benefits specified in Section 3(a)(ii) of this Agreement  would  be considered deferred compensation under Section 409A of the Code, and, finally, if an exemption from the  six-month  delay requirement of Section 409A(a)(2)(B)(i) of the Code is not  available  for  that  particular insurance  or other  benefit, the Bank shall pay to Executive in a single lump  sum an amount in cash equal to the present  value of  the Bank's projected cost to maintain that particular insurance  benefit had  Executive's  employment not  terminated. The Jump-sum payment shall be made thirty (30) days after employment termination or, if Section 17(b) of this Agreement applies, on the first payroll date that occurs after the date that is six (6) months after the date on which Executive separates from service.

(d)References in this Agreement to Section 409A of the Code include rules, regulations and guidance of general application issued by the Department of the Treasury under Section 409A of the Code.

SIGNATURES

IN WITNESS WHEREOF, Clifton Savings Bank has caused this Agreement to be executed and its seal to be affixed hereunto by a duly authorized officer, and Executive has signed this Agreement on the date first written above.

ATTEST:	CLIFTON SAVINGS BANK
/s/ Bart D’Ambra	/s/ Paul M. Aguggia
Corporate Secretary	For the Entire Board of Directors
WITNESS:	EXECUTIVE
/s/ Janemarie Kovarcik	/s/ Diane Scriveri

EX-31.1

Exhibit 31.1

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

CERTIFICATION

I, Paul M. Aguggia certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Clifton Bancorp Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15)(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2016	/s/ Paul M. Aguggia
	Paul M. Aguggia
	Chairman, President and Chief Executive Officer
	(principal executive officer)

EX-31.2

Exhibit 31.2

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

CERTIFICATION

I, Christine R. Piano, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Clifton Bancorp Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15)(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2016	/s/ Christine R. Piano
	Christine R. Piano
	Executive Vice President, Chief Financial Officer and Treasurer
	(principal financial and accounting officer)

EX-32.0

Exhibit 32.0

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADDED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Clifton Bancorp Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2016 as filed with the Securities and Exchange Commission (the “Report”), the undersigned hereby certify, pursuant to 18 U.S.C. §1350, as added by § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

/s/ Paul M. Aguggia

Paul M. Aguggia

Chairman, President and Chief Executive Officer

/s/ Christine R. Piano

Christine R. Piano

Executive Vice President,

Chief Financial Officer and Treasurer

Date: November 7, 2016

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Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Trading Symbol	CSBK
Entity Registrant Name	Clifton Bancorp Inc.
Entity Central Index Key	0001592329
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		23,046,435

XML

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
ASSETS
Cash and due from banks	$ 6,460	$ 13,042
Interest-bearing deposits in other banks	16,298	18,027
Cash and Cash Equivalents	22,758	31,069
Securities available for sale, at fair value	5,079	9,591
Securities held to maturity, at cost (fair value of $321,888 at September 30, 2016 and $356,320 at March 31, 2016):	312,068	347,871
Loans receivable	886,793	784,589
Allowance for loan losses	(5,200)	(4,360)
Net Loans	881,593	780,229
Bank owned life insurance	60,937	56,162
Premises and equipment	8,212	8,081
Federal Home Loan Bank of New York stock	11,425	11,665
Interest receivable	3,057	3,112
Other assets	7,061	5,347
Total Assets	1,312,190	1,253,127
Deposits:
Non-interest bearing	23,235	17,937
Interest bearing	749,071	676,725
Total Deposits	772,306	694,662
Advances from Federal Home Loan Bank of New York	224,500	231,500
Advance payments by borrowers for taxes and insurance	7,599	7,336
Other liabilities and accrued expenses	4,895	4,352
Total Liabilities	1,009,300	937,850
Commitments and Contingencies
Stockholders' Equity
Preferred stock ($.01 par value), 10,000,000 shares authorized; none issued or outstanding	0	0
Common stock ($.01 par value), 85,000,000 shares authorized; 23,086,235 issued and outstanding at September 30, 2016; 24,000,043 issued and outstanding at March 31, 2016	231	240
Paid-in capital	210,424	222,752
Deferred compensation obligation under Rabbi Trust	490	412
Retained earnings	102,683	103,120
Common stock acquired by Employee Stock Ownership Plan ("ESOP")	(10,558)	(11,184)
Accumulated other comprehensive (loss) income	(14)	172
Stock held by Rabbi Trust	(366)	(235)
Total Stockholders' Equity	302,890	315,277
Total Liabilities and Stockholders' Equity	$ 1,312,190	$ 1,253,127

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Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Statement Of Financial Position [Abstract]
Securities held to maturity, fair value	$ 321,888	$ 356,320
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	85,000,000	85,000,000
Common stock, shares issued	23,086,235	24,000,043
Common stock, shares outstanding	23,086,235	24,000,043

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Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest Income
Loans	$ 7,748	$ 6,090	$ 14,966	$ 12,074
Mortgage-backed securities	1,734	1,899	3,577	3,841
Debt securities	283	678	691	1,387
Other interest-earning assets	151	72	273	149
Total Interest Income	9,916	8,739	19,507	17,451
Interest Expense
Deposits	1,923	1,587	3,684	3,160
Advances	924	612	1,812	1,174
Total Interest Expense	2,847	2,199	5,496	4,334
Net Interest Income	7,069	6,540	14,011	13,117
Provision for Loan Losses	505	100	1,031	173
Net Interest Income after Provision for Loan Losses	6,564	6,440	12,980	12,944
Non-Interest Income
Fees and service charges	95	50	169	105
Bank owned life insurance	406	401	775	787
Gain on sale of securities			84	72
Other		1		2
Total Non-Interest Income	501	452	1,028	966
Non-Interest Expenses
Salaries and employee benefits	3,372	2,719	6,785	5,424
Occupancy expense of premises	434	351	851	747
Equipment	438	370	818	727
Directors' compensation	252	247	506	458
Advertising and marketing	99	108	252	165
Professional services	204	214	373	468
Federal deposit insurance premium	152	122	290	246
Other	360	449	915	860
Total Non-Interest Expenses	5,311	4,580	10,790	9,095
Income before Income Taxes	1,754	2,312	3,218	4,815
Income Taxes	513	772	961	1,617
Net Income	$ 1,241	$ 1,540	$ 2,257	$ 3,198
Net Income per Common Share
Basic	$ 0.06	$ 0.06	$ 0.10	$ 0.13
Diluted	0.06	0.06	0.10	0.13
Dividends per common share	$ 0.06	$ 0.06	$ 0.12	$ 0.18
Weighted Average Number of Common Shares and Common Stock Equivalents Outstanding:
Basic	22,215,759	24,632,898	22,495,168	25,000,008
Diluted	22,276,069	24,686,936	22,555,241	25,064,312

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Comprehensive Income Net Of Tax [Abstract]
Net income		$ 1,241	$ 1,540	$ 2,257	$ 3,198
Other comprehensive (loss) income:
Gross unrealized holding (loss) gain on securities available for sale, net of income taxes of $6 and $(45), $(4) and $11, respectively		(9)	65	6	(14)
Reclassification adjustment for net realized gains on securities available for sale, net of income taxes of $0 and $0, $34 and $29, respectively	[1]			(50)	(43)
Benefit plan (loss), net of income taxes of $0 and $0, $101 and $0, respectively				(145)
Benefit plan amortization, net of income taxes of $0 and $(9), $(1) and $(18), respectively	[2]	1	13	3	25
Total other comprehensive (loss) income		(8)	78	(186)	(32)
Total comprehensive income		$ 1,233	$ 1,618	$ 2,071	$ 3,166

[1] Net realized gain and related income taxes are included in the consolidated statements of income within the gain on sale of securities and income taxes lines, respectively.

[2] Benefit plan amounts represent the amortization of past service cost and unrecognized net loss; such amounts are included in the consolidated statements of income within the directors' compensation line. The related income tax amounts are included in income taxes.

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Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Comprehensive Income Net Of Tax [Abstract]
Gross unrealized holding (loss) gain on securities available for sale, income taxes	$ 6	$ (45)	$ (4)	$ 11
Reclassification adjustment for net realized gains on securities available for sale, income taxes	0	0	34	29
Benefit plan (loss), income taxes	0	0	101	0
Benefit plan amortization, income taxes	$ 0	$ (9)	$ (1)	$ (18)

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Paid-In Capital [Member]	Deferred Compensation Obligation Under Rabbi Trust [Member]	Retained Earnings [Member]	Common Stock Acquired by ESOP [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Stock Held by Rabbi Trust [Member]
Beginning Balance at Mar. 31, 2015	$ 368,001	$ 273	$ 275,341	$ 273	$ 105,032	$ (12,437)	$ (481)
Beginning Balance, Shares at Mar. 31, 2015		27,325,847
Net income	3,198				3,198
Other comprehensive loss, net of income tax	(32)						(32)
ESOP shares committed to be released	861		235			626
Stock option expense	35		35
Restricted stock awards granted		$ 5	(5)
Restricted stock awards granted, Shares		511,784
Restricted stock awards earned	129		129
Repurchase restricted stock awards	(12)		(12)
Repurchase restricted stock awards, Shares		(887)
Funding of Supplemental Executive Retirement Plan	(136)			99				$ (235)
Tax benefit from stock based compensation	172		172
Exercise of stock options	1,921	$ 2	1,919
Exercise of stock options, Shares		183,731
Repurchase common stock	$ (31,420)	$ (23)	(31,397)
Repurchase common stock, Shares	(2,270,000)	(2,275,679)
Cash dividends declared ($0.18 and 0.12 per share for six months ended September 30, 2015 and 2016 respectively)	$ (4,450)				(4,450)
Ending Balance at Sep. 30, 2015	338,267	$ 257	246,417	372	103,780	(11,811)	(513)	(235)
Ending Balance, Shares at Sep. 30, 2015		25,744,796
Beginning Balance at Mar. 31, 2015	$ 368,001	$ 273	275,341	273	105,032	(12,437)	(481)
Beginning Balance, Shares at Mar. 31, 2015		27,325,847
Restricted stock awards granted, Shares	511,784
Ending Balance at Mar. 31, 2016	$ 315,277	$ 240	222,752	412	103,120	(11,184)	172	(235)
Ending Balance, Shares at Mar. 31, 2016	24,000,043	24,000,043
Net income	$ 2,257				2,257
Other comprehensive loss, net of income tax	(186)						(186)
ESOP shares committed to be released	927		301			626
Stock option expense	$ 167		167
Restricted stock awards granted, Shares	17,000	17,000
Restricted stock awards earned	$ 683		683
Forfeited restricted stock awards, Shares		(27,295)
Repurchase restricted stock awards	(219)		(219)
Repurchase restricted stock awards, Shares		(14,613)
Funding of Supplemental Executive Retirement Plan	(53)			78				(131)
Repurchase common stock	$ (13,269)	$ (9)	(13,260)
Repurchase common stock, Shares	(888,900)	(888,900)
Cash dividends declared ($0.18 and 0.12 per share for six months ended September 30, 2015 and 2016 respectively)	$ (2,694)				(2,694)
Ending Balance at Sep. 30, 2016	$ 302,890	$ 231	$ 210,424	$ 490	$ 102,683	$ (10,558)	$ (14)	$ (366)
Ending Balance, Shares at Sep. 30, 2016	23,086,235	23,086,235

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement Of Stockholders Equity [Abstract]
Dividends per common share	$ 0.06	$ 0.06	$ 0.12	$ 0.18

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows From Operating Activities:
Net income	$ 2,257	$ 3,198
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment	337	285
Net amortization of deferred fees and costs, premiums and discounts	503	469
Provision for loan losses	1,031	173
Realized gain on sale of securities available for sale	(84)	(72)
Loss on disposal of real estate owned	28
Loss on write-down of real estate owned	69
(Gain) on acquisition of real estate owned	(28)
Decrease in interest receivable	55	60
Deferred income tax (benefit)	(206)	(369)
(Increase) in other assets	(494)	(61)
(Decrease) increase in accrued interest payable	(29)	44
Increase in other liabilities	398	584
Income from bank owned life insurance	(775)	(787)
ESOP shares committed to be released	927	861
Restricted stock expense	683	129
Stock option expense	167	35
Income tax benefit from stock based compensation	(68)
(Decrease) in deferred compensation obligation under Rabbi Trust	(53)	(136)
Net Cash Provided by Operating Activities	4,718	4,413
Proceeds from calls, maturities and repayments of:
Securities available for sale	794	5,974
Securities held to maturity	58,658	57,135
Proceeds from sale of securities available for sale	3,713	1,908
Proceeds from life insurance		576
Redemptions of Federal Home Loan Bank of New York stock	6,953	158
Purchases of:
Securities held to maturity	(23,114)	(25,935)
Loans receivable	(23,977)	(26,984)
Bank owed life insurance	(4,000)
Premises and equipment	(468)	(354)
Federal Home Loan Bank of New York stock	(6,713)	(944)
Net (increase) in loans receivable	(79,600)	(9,674)
Net Cash (Used in) Provided by Investing Activities	(67,754)	1,860
Cash Flows From Financing Activities:
Net increase (decrease) in deposits	77,644	(20,852)
Net (decrease) increase in short-term advances from Federal Home Loan Bank of New York	(42,000)	15,500
Proceeds from long-term advances from Federal Home Loan Bank of New York	35,000	26,000
Principal payment on advances from Federal Home Loan Bank of New York		(25,000)
Net increase in payments by borrowers for taxes and insurance	263	429
Repurchase restricted stock award	(219)	(12)
Exercise of stock options		1,921
Repurchase common stock	(13,269)	(31,420)
Dividends paid	(2,694)	(4,450)
Income tax benefit from stock based compensation		172
Net Cash Provided by (Used in) Financing Activities	54,725	(37,712)
Net (Decrease) in Cash and Cash Equivalents	(8,311)	(31,439)
Cash and Cash Equivalents - Beginning	31,069	49,308
Cash and Cash Equivalents - Ending	22,758	17,869
Cash paid during the period for:
Interest on deposits and borrowings	5,525	4,290
Income taxes paid	1,929	$ 2,642
Non cash activities:
Transfer from loans receivable to real estate owned	$ 953

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Basis of Presentation

6 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

1. BASIS OF PRESENTATION

The consolidated financial statements include the accounts of Clifton Bancorp Inc. (the “Company”), the Company’s wholly-owned subsidiary, Clifton Savings Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, Botany Inc. (“Botany”). The Company’s principal business is the ownership and operation of the Bank.  Botany’s business consists solely of holding investment and mortgage-backed securities, and Botany is treated under New Jersey tax law as a New Jersey Investment Company. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements were prepared in accordance with the instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, or cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements have been included. The results of operations for the six month period ended September 30, 2016 are not necessarily indicative of the results which may be expected for the entire fiscal year or any other period. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes thereto for the year ended March 31, 2016, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on June 8, 2016.

The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2016 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

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Earnings Per Share (EPS)

6 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share (EPS)

2. EARNINGS PER SHARE (EPS)

Basic EPS is based on the weighted average number of common shares actually outstanding, and is adjusted for employee stock ownership plan shares not yet committed to be released and deferred compensation obligations required to be settled in shares of Company stock. Unvested restricted stock awards, which contain rights to non-forfeitable dividends, are considered participating securities and the two-class method of computing basic and diluted EPS is applied. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable (such as stock options) or which could be converted into common stock, if dilutive, using the treasury stock method. Basic and diluted EPS have been determined based on the adjusted numbers of weighted average shares. The calculation of diluted EPS for the three and six months ended September 30, 2016 includes incremental shares related to outstanding stock options of 60,310 and 60,073, respectively.  The calculation of diluted EPS for the three and six months ended September 30, 2015 includes incremental shares related to outstanding stock options of 54,038 and 64,304, respectively. Shares issued or retired during any period are weighted for the portion of the period they were outstanding. During the three and six months ended September 30, 2016,  the average number of options which were antidilutive were 1,035,635 and 1,046,640, respectively.  During the three and six months ended September 30, 2015,  the average number of options which were antidilutive were 360,564 and 186,752, respectively.

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Stock Repurchase and Stock Based Compensation

6 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stock Repurchase and Stock Based Compensation

3. STOCK REPURCHASE AND STOCK BASED COMPENSATION

On March 11, 2015, the Company announced that the Board of Directors authorized a stock repurchase plan, that became effective on April 2, 2015, to acquire up to 2,731,000 shares, or 10%, of the Company’s outstanding common stock. On October 28, 2015, the Company announced that the Board of Directors authorized an extension of the stock repurchase plan to acquire an additional 2,569,000 shares, or 10%, of the Company’s outstanding common stock. On September 8, 2016 the Company announced that the Board of Directors authorized an extension of the stock repurchase plan to acquire up to an additional 1,155,000 shares, or 5%, of the Company’s outstanding common stock.

During the six months ended September 30, 2016 and 2015, approximately 888,900 and 2,270,000 shares were repurchased, respectively, under the repurchase plan at an aggregate cost of approximately $13.3 million, or $14.93 per share, and $31.3 million, or $13.81 per share, respectively.  

3. STOCK REPURCHASE AND STOCK BASED COMPENSATION (CONT’D)

At the Company’s annual meeting of stockholders held on August 6, 2015, stockholders of the Company approved the Clifton Bancorp Inc. 2015 Equity Incentive Plan (“the Plan”). Under the Plan, the Company may grant options to purchase up to 1,705,944 shares of Company common stock and may grant up to 682,377 shares of Company common stock as restricted stock awards.

On September 2, 2015, 511,784 shares of restricted stock were awarded, with a grant date fair value of $13.84 per share. To fund the grants of restricted common stock, the Company issued 511,784 shares from authorized shares. All shares of restricted stock granted on this date vest in equal installments over a five-year period beginning one year from the date of grant.

On April 6, 2016, 8,000 shares of restricted stock were awarded, with a grant date fair value of $14.89 per share. To fund the grants of restricted common stock, the Company issued 8,000 shares from authorized shares. All shares of restricted stock granted on this date vest one year from the date of grant.

On August 31, 2016, effective on September 12, 2016, 9,000 shares of restricted stock were awarded, with a grant date fair value of $15.16 per share. To fund the grants of restricted common stock, the Company issued 9,000 shares from authorized shares. All shares of restricted stock granted on this date vest in equal installments over a three-year period beginning one year from the date of grant.

Management recognizes expense for the fair value of these awards on a straight line basis over the requisite service period. During the six months ended September 30, 2016 and 2015, $683,000 and $129,000, respectively, in expense was recognized in regard to these restricted stock awards. The Company recognized approximately $279,000 and $53,000 of income tax benefits resulting from this expense for six months ended September 30, 2016 and 2015, respectively. The expected future compensation expense relating to the 400,532 non-vested restricted shares outstanding at September 30, 2016 is $5.4 million over a weighted average period of 3.8 years.

The following is summary of the status of the Company’s non-vested restricted shares:

	Restricted Shares			Weighted Average Grant Date Fair Value
Non-vested at March 31, 2015		7,628		$	10.02
Granted		511,784			13.84
Vested		(6,226	)		9.27
Forfeited		(6,824	)		13.84
Non-vested at March 31, 2016		506,362			13.84
Granted		17,000			15.03
Vested		(95,535	)		13.84
Forfeited		(27,295	)		13.84
Non-vested at September 30, 2016		400,532			13.89

Under the 2015 Equity Incentive Plan, on September 2, 2015, stock options to purchase 1,108,868 shares of Company common stock were awarded, with a grant date fair value of $1.63 per share and an expiration date of September 2, 2025. All of these stock options granted vest in equal installments over a five-year period beginning one year from the date of grant. Stock options were granted at an exercise price of $13.84 equal to the fair value of the Company’s common stock on the grant date based on quoted market prices. The fair value of the stock options of $1.63 was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.5 years, risk-free rate of return of 1.92%, volatility of 12.50% and a dividend yield of 1.73%.

Under the 2015 Equity Incentive Plan, on April 6, 2016, stock options to purchase 10,000 shares of Company common stock were awarded, with a grant date fair value of $1.79 per share and an expiration date of April 6, 2026. All of these stock options granted vest one year from the date of grant. Stock options were granted at an exercise price of $14.89 equal to the fair value of the Company’s common stock on the grant date based on quoted market prices. The fair value of the stock options was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 5.5 years, risk-free rate of return of 1.28%, volatility of 14.92% and a dividend yield of 1.61%.

3. STOCK REPURCHASE AND STOCK BASED COMPENSATION (CONT’D)

Under the 2015 Equity Incentive Plan, effective on September 12, 2016, stock options to purchase 10,000 shares of Company common stock were awarded, with a grant date fair value of $1.92 per share and an expiration date of September 12, 2026. All of these stock options granted vest one year from the date of grant. Stock options were granted at an exercise price of $15.16 equal to the fair value of the Company’s common stock on the grant date based on quoted market prices. The fair value of the stock options was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 5.5 years, risk-free rate of return of 1.28%, volatility of 15.63% and a dividend yield of 1.58%.

The expected option life was estimated as the mid-point between the vesting period and ten year life of the options. The risk-free rate of return was based on the rate on the grant date of a U.S. Treasury Note with a term equal to the expected option life. Expected volatility was based on the historical stock price activity of the Company over the year prior to the grant date. The dividend rate was based on the cash dividends paid by the Company over the year prior to the grant date on its common stock.

Management recognizes expense for the fair value of these awards on a straight line basis over the requisite service period. During the six months ended September 30, 2016 and 2015, $166,000 and $35,000, respectively, in stock option expense was recorded net of income tax benefits of $47,000 and $10,000 respectively. The expected future compensation expense relating to the 847,676 non-vested options outstanding at September 30, 2016 is $1.3 million over the weighted average period of 3.8 years.

A summary of stock option activity follows:

	Number of Stock Options			Range	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2015		345,174		$9.03 - $13.32	$	9.93	2.79 Years		1,444,950
Granted		1,108,868		13.84		13.84
Exercised		(183,731	)	9.03 - 10.46		10.45			632,424
Forfeited		(17,060	)	13.84		13.84
Outstanding at March 31, 2016		1,253,251		9.03 - 13.84		13.26	8.78 Years		2,333,383
Granted		20,000		14.89 - 15.16		15.03
Forfeited		(68,238	)	13.84		13.84
Outstanding at September 30, 2016		1,205,013		9.03 - 15.16		13.25	8.27 Years		2,452,791
Exercisable at September 30, 2016		357,337		9.03 - 13.84		11.81	6.70 Years		1,242,772

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Retirement Plan-Components of Net Periodic Pension Cost

6 Months Ended

Sep. 30, 2016

Compensation And Retirement Disclosure [Abstract]

Retirement Plan-Components of Net Periodic Pension Cost

4. RETIREMENT PLAN-COMPONENTS OF NET PERIODIC PENSION COST

Periodic pension expense for the directors’ retirement plan and a former president’s post-retirement health care plan were as follows:

	Three Months Ended					Six Months Ended
	September 30,					September 30,
	2016			2015		2016			2015
	(In Thousands)					(In Thousands)
Service cost	$	23		$	44	$	46		$	88
Interest cost		20			30		40			61
Amortization of unrecognized (gain) loss		(1	)		13		(2	)		25
Amortization of past service cost		3			9		6			18
Settlement charge		—			—		37			—
Net periodic benefit cost	$	45		$	96	$	127		$	192

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Securities

6 Months Ended

Sep. 30, 2016

Investments Debt And Equity Securities [Abstract]

Securities

5. SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities available for sale and held to maturity for the dates indicated are as follows:

	September 30, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	5,021	$	58	$	—	$	5,079
Total available for sale securities	$	5,021	$	58	$	—	$	5,079
	March 31, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	9,460	$	131	$	—	$	9,591
Total available for sale securities	$	9,460	$	131	$	—	$	9,591

5. SECURITIES (CONT’D)

	September 30, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	24,959	$	77	$	—	$	25,036
Corporate bonds		20,030		621		114		20,537
Municipal bonds		7,531		126		3		7,654
		52,520		824		117		53,227
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		53,351		1,885		—		55,236
Federal National Mortgage Association		189,078		6,591		80		195,589
Government National Mortgage Association		17,119		742		25		17,836
		259,548		9,218		105		268,661
Total held to maturity securities	$	312,068	$	10,042	$	222	$	321,888
	March 31, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	29,941	$	75	$	21	$	29,995
Corporate bonds		45,037		685		7		45,715
Municipal bonds		5,335		119		1		5,453
		80,313		879		29		81,163
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		53,004		1,494		45		54,453
Federal National Mortgage Association		200,672		5,661		235		206,098
Government National Mortgage Association		13,882		754		30		14,606
		267,558		7,909		310		275,157
Total held to maturity securities	$	347,871	$	8,788	$	339	$	356,320

5. SECURITIES (CONT’D)

Contractual maturity data for securities are as follows:

	September 30, 2016
	Amortized		Fair
	Cost		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Due after five through ten years	$	1,457	$	1,459
Due after ten years		3,564		3,620
Total available for sale securities	$	5,021	$	5,079
Held to maturity:
Debt securities:
Due less than one year	$	3,003	$	3,000
Due after one through five years		22,747		22,844
Due after five through ten years		26,525		27,124
Due after ten years		245		259
		52,520		53,227
Mortgage-backed securities:
Due after one through five years		14,860		14,925
Due after five through ten years		80,315		82,990
Due after ten years		164,373		170,746
		259,548		268,661
Total held to maturity securities	$	312,068	$	321,888

The amortized cost and carrying values shown above are by contractual final maturity.  Actual maturities will differ from contractual final maturities due to scheduled monthly payments related to mortgage-backed securities and due to the borrowers having the right to prepay obligations with or without prepayment penalties. The Company’s mortgage-backed securities are generally secured by residential mortgage loans with contractual maturities of 15 years or greater, and multi-family loans with maturities of five to 10 years. However, the effective lives of those securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the loans within those securities. Investors in pass-through securities generally share in the receipt of principal repayments on a pro-rata basis as paid by the borrowers.

5. SECURITIES (CONT’D)

The age of gross unrealized losses and the fair value of related securities at September 30 and March 31, 2016 were as follows:

	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
September 30, 2016	FairValue		Losses		FairValue		Losses		FairValue		Losses
	(In Thousands)
Held to maturity:
Debt securities:
Corporate bonds	$	4,886	$	114	$	—	$	—	$	4,886	$	114
Municipal bonds		3,000		3		—		—		3,000		3
		7,886		117		—		—		7,886		117
Mortgage-backed securities:
Federal National Mortgage Association		6,509		11		4,702		69		11,211		80
Government National Mortgage Association		5,067		9		1,073		16		6,140		25
		11,576		20		5,775		85		17,351		105
Total held to maturity securities	$	19,462	$	137	$	5,775	$	85	$	25,237	$	222
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
March 31, 2016	FairValue		Losses		FairValue		Losses		FairValue		Losses
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	4,979	$	21	$	—	$	—	$	4,979	$	21
Corporate bonds		4,993		7		—		—		4,993		7
Municipal bonds		787		1		—		—		787		1
		10,759		29		—		—		10,759		29
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		—		—		3,925		45		3,925		45
Federal National Mortgage Association		2,116		9		15,913		226		18,029		235
Government National Mortgage Association		—		—		1,246		30		1,246		30
		2,116		9		21,084		301		23,200		310
Total held to maturity securities	$	12,875	$	38	$	21,084	$	301	$	33,959	$	339

Management does not believe that any of the unrealized losses at September 30, 2016 (one corporate bond and two municipal bonds included in debt securities, and five FNMA mortgage-backed securities and two GNMA mortgage-backed securities) represent an other-than-temporary impairment as they are primarily related to market interest rates and not related to the underlying credit quality of the issuers of the securities.  Additionally, the Company and its subsidiaries have the ability, and management has the intent, to hold such securities for the time necessary to recover amortized cost and does not have the intent to sell the securities, and it is more likely than not that it will not have to sell the securities before recovery of their amortized cost.

During the six months ended September 30, 2016 and 2015, the proceeds from sales of securities available for sale totaled $3.7 million and $1.9 million, respectively, resulting in gross realized gains of $84,000 and $72,000, respectively.

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Loans Receivable and Allowance for Loan Losses

6 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Loans Receivable and Allowance for Loan Losses

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES

The following is a summary of loans by segment and the classes within those segments:

	September 30,		March 31,
	2016		2016
	(In Thousands)
Real estate:
One- to four-family	$	623,719	$	617,694
Multi-family		109,718		56,244
Commercial		138,022		97,379
		871,459		771,317
Commercial and industrial		2,157		201
Consumer:
Second mortgage		6,030		6,173
Passbook or certificate		574		600
Equity lines of credit		3,444		3,164
Other loans		75		70
		10,123		10,007
Total Loans		883,739		781,525
Net purchase premiums, discounts, and deferred loan costs		3,054		3,064
Total Loans, Net	$	886,793	$	784,589

The allowance for loan losses consists of general and unallocated components. For loans that are classified as impaired, a valuation allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component of the allowance covers pools of loans by loan class not considered impaired, as well as smaller balance homogeneous loans, such as one- to four-family real estate, construction real estate, second mortgage loans, home equity lines of credit and passbook loans.  These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors to reflect current conditions. The qualitative risk factors include:

1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices.

2. National, regional, and local economic and business conditions, including the value of underlying collateral for collateral dependent loans.

3. Nature and volume of the portfolio and terms of loans.

4. Experience, ability, and depth of lending management and staff.

5. The quality of the Bank’s loan review system.

6. Volume and severity of past due, classified and nonaccrual loans.

7. Existence and effect of any concentrations of credit and changes in the level of such concentrations.

8. Effect of external factors, such as competition and legal and regulatory requirements.

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation.

An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating losses in the portfolio.

The evaluation of the adequacy of the allowance is based on an analysis which categorizes the entire loan portfolio by certain risk characteristics. The loan portfolio segments are further disaggregated into the following loan classes, where the risk level for each type is analyzed when determining the allowance for loan losses.

Real Estate:

1. One- to Four-Family Loans - consists of loans secured by first liens on either owner occupied or investment properties.  These loans can be affected by economic conditions and the value of the underlying properties. The risk is considered relatively low as the Bank has always had conservative underwriting standards and does not have sub-prime loans in its loan portfolio.

2. Multi-Family Loans - consists of loans secured by multi-family real estate which generally involve a greater degree of risk than one- to four-family residential mortgage loans. These loans can be affected by economic conditions and the value of the underlying properties.

3. Commercial Loans - consists of loans secured by commercial real estate which generally involve a greater degree of risk than one- to four-family residential mortgage loans. These loans can be affected by economic conditions and the value of the underlying properties. These loans are affected by economic conditions to a greater degree than one- to four-family and multi-family loans.

4. Construction Loans - consists primarily of the financing of construction of one- to four-family properties or construction/permanent loans for the construction of one- to four-family homes to be occupied by the borrower. Construction loans generally are considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate due to uncertainty of construction costs. Independent inspections are performed prior to disbursement of loan proceeds as construction progresses to mitigate these risks. These loans are also affected by economic conditions.

Commercial and Industrial Loans:

Consists of commercial lines of credit and term loans which can be either secured or unsecured. Commercial and industrial loans are generally considered to involve a higher degree of risk of loss due to the concentration of principal in a limited number of loans and/or borrowers and the effects of general economic conditions on the business and/or the value of the underlying properties, if applicable. Commercial and industrial loans generally have shorter terms and higher interest rates than other forms of lending.

Consumer:

1. Second Mortgage and Equity Lines of Credit - consists of one- to four-family loans secured by first, second or third liens (when the Bank has the two other lien positions). These loans are affected by the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. The credit risk is considered slightly higher than one- to four-family first lien loans as these loans are also dependent on the value of underlying properties, but in many instances, have the added risk of a subordinate collateral position.

2. Passbook or Certificate and Other Loans - consists of loans secured by passbook accounts and certificates of deposits and unsecured loans. The passbook or certificate loans have low credit risk as they are fully secured by their collateral. Unsecured loans, included in other loans, are two loans in a New Jersey loan fund and they also are considered a low credit risk.

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss.  Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects.  Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Non-classified assets are rated as a pass or pass-watch. Pass-watch loans require current oversight or tracking by management generally due to incomplete documentation or monitoring due to previous delinquent status.

In addition, the Office of the Comptroller of the Currency (the “OCC”), as an integral part of its examination process, periodically reviews the Bank’s loan portfolio and the related allowance for loan losses. The OCC may require the allowance for loan losses to be increased based on its review of information available at the time of the examination.

The change in the allowance for loan losses for the three and six months ended September 30, 2016 and 2015 is as follows:

	One-to-Four Family Real Estate			Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At June 30, 2016:
Total allowance for    loan losses	$	2,902		$	774	$	1,036	$	11	$	35		$	—	$	17	$	4,775
Charge-offs		(81	)		—		—		—		—			—		—		(81	)
Recoveries		1			—		—		—		—			—		—		1
Provision charged to    operations		59			201		177		11		—			—		57		505
At September 30, 2016:
Total allowance for    loan losses	$	2,881		$	975	$	1,213	$	22	$	35		$	—	$	74	$	5,200
	One-to-Four Family Real Estate			Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At March 31, 2016:
Total allowance for    loan losses	$	2,922		$	505	$	865	$	2	$	44		$	—	$	22	$	4,360
Charge-offs		(193	)		—		—		—		—			—		—		(193	)
Recoveries		2			—		—		—		—			—		—		2
Provision charged to    operations		150			470		348		20		(9	)		—		52		1,031
At September 30, 2016:
Total allowance for    loan losses	$	2,881		$	975	$	1,213	$	22	$	35		$	—	$	74	$	5,200

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

	One-to-Four Family Real Estate			Multi-Family RealEstate			Commercial Real Estate			Construction Real Estate		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At June 30, 2015:
Total allowance for    loan losses	$	2,824		$	300		$	328		$	1	$	45		$	—	$	27	$	3,525
Charge-offs		—			—			—			—		—			—		—		—
Recoveries		—			—			—			—		—			—		—		—
Provision charged to    operations		92			7			(14	)		3		(2	)		—		14		100
At September 30, 2015:
Total allowance for    loan losses	$	2,916		$	307		$	314		$	4	$	43		$	—	$	41	$	3,625
	One-to-Four Family Real Estate			Multi-Family RealEstate			Commercial Real Estate			Construction Real Estate		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At March 31, 2015:
Total allowance for    loan losses	$	2,704		$	350		$	353		$	1	$	42		$	—	$	25	$	3,475
Charge-offs		(26	)		—			—			—		—			—		—		(26	)
Recoveries		3			—			—			—		—			—		—		3
Provision charged to    operations		235			(43	)		(39	)		3		1			—		16		173
At September 30, 2015:
Total allowance for    loan losses	$	2,916		$	307		$	314		$	4	$	43		$	—	$	41	$	3,625

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table presents the allocation of the allowance for loan losses and related loans by loan class at September 30 and March 31, 2016. 

September 30, 2016	One-to-Four Family Real Estate		Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
Allowance for loan    losses:
Individually    evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively    evaluated for    impairment		2,881		975		1,213		22		35		—		74		5,200
Total	$	2,881	$	975	$	1,213	$	22	$	35	$	—	$	74	$	5,200
Loans:
Individually    evaluated for    impairment	$	1,376	$	194	$	184	$	—	$	12	$	—	$	—	$	1,766
Collectively    evaluated for    impairment		622,343		109,524		137,838		2,157		9,462		649		—		881,973
Total	$	623,719	$	109,718	$	138,022	$	2,157	$	9,474	$	649	$	—	$	883,739
March 31, 2016	One-to-Four Family Real Estate		Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Individually evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for    impairment		2,922		505		865		2		44		—		22		4,360
Total	$	2,922	$	505	$	865	$	2	$	44	$	—	$	22	$	4,360
Loans:
Individually evaluated for    impairment	$	1,221	$	197	$	186	$	—	$	12	$	—	$	—	$	1,616
Collectively evaluated for    impairment		616,473		56,047		97,193		201		9,325		670		—		779,909
Total	$	617,694	$	56,244	$	97,379	$	201	$	9,337	$	670	$	—	$	781,525

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The aggregate amount of classified loan balances are as follows at September 30 and March 31, 2016:

September 30, 2016	One-to Four -Family Real Estate		Multi-family Real Estate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Total Loans
	(In Thousands)
Non-classified:	$	620,410	$	109,718	$	137,838	$	2,157	$	9,474	$	649	$	880,246
Classified:
Special mention		117		—		—		—		—		—		117
Substandard		3,192		—		184		—		—		—		3,376
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	623,719	$	109,718	$	138,022	$	2,157	$	9,474	$	649	$	883,739
March 31, 2016	One-to Four -Family Real Estate		Multi-family Real Estate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Total Loans
	(In Thousands)
Non-classified:	$	613,559	$	56,244	$	97,193	$	201	$	9,277	$	670	$	777,144
Classified:
Special mention		639		—		—		—		—		—		639
Substandard		3,496		—		186		—		60		—		3,742
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	617,694	$	56,244	$	97,379	$	201	$	9,337	$	670	$	781,525

The following table provides information with respect to the Bank’s nonaccrual loans at September 30 and March 31, 2016. Loans are generally placed on nonaccrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. Nonaccrual loans differed from the amount of total loans past due greater than 90 days due to some previously delinquent loans that are currently not more than 90 days delinquent which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated the ability to satisfy the loan terms. A loan is returned to accrual status when there is sustained period of repayment performance (generally six consecutive months) by the borrower in accordance with the contractual terms of the loan, or in some circumstances, when the factors indicating doubtful collectability no longer exist and the Bank expects repayment of the remaining contractual amounts due.

	September 30, 2016		March 31, 2016
	(In Thousands)
Nonaccrual loans:
Real estate loans:
One- to four-family	$	2,619	$	3,412
Commercial		184		186
Consumer and other loans:
Second mortgage		—		60
Total nonaccrual loans	$	2,803	$	3,658

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table provides information about delinquencies in the Bank’s loan portfolio at September 30 and March 31, 2016.

	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
September 30, 2016	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	2,345	$	1,288	$	2,167	$	5,800	$	617,919	$	623,719
Multi-family		—		—		—		—		109,718		109,718
Commercial		—		—		184		184		137,838		138,022
Commercial and industrial		—		—		—		—		2,157		2,157
Consumer and other loans:
Second mortgage and equity lines of credit		54		—		—		54		9,420		9,474
Passbook or certificate and other loans		—		13		—		13		636		649
Total	$	2,399	$	1,301	$	2,351	$	6,051	$	877,688	$	883,739
	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
March 31, 2016	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	2,493	$	992	$	2,806	$	6,291	$	611,403	$	617,694
Multi-family		—		—		—		—		56,244		56,244
Commercial		—		—		186		186		97,193		97,379
Commercial and industrial		—		—		—		—		201		201
Consumer and other loans:
Second mortgage and equity lines of credit		100		—		60		160		9,177		9,337
Passbook or certificate and other loans		19		—		—		19		651		670
Total	$	2,612	$	992	$	3,052	$	6,656	$	774,869	$	781,525

There were no loans that are past due greater than 90 days that were accruing as of September 30 and March 31, 2016.

We may obtain physical possession of real estate collateralizing a residential mortgage loan via foreclosure on an in-substance repossession. As of September 30, 2016, we hold four foreclosed residential real estate properties with a carrying value of $943,000 as a result of obtaining physical possession. In addition, as of September 30, 2016, we have six residential mortgage loans with a carrying value of $705,000 collateralized by residential real estate property for which formal foreclosure proceedings are in process.

A loan is defined as impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due under the contractual terms of the loan agreement. The Company considers one- to four-family mortgage loans and consumer installment loans to be homogeneous and, therefore, does not generally evaluate them individually for impairment, unless they are considered troubled debt restructurings.  All other loans are evaluated for impairment on an individual basis.

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

Impaired loans, none of which had a related allowance at or for the three and six months ending September 30, 2016 and 2015, and at or for the year ended March 31, 2016, were as follows:

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended September 30, 2016	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,376	$	1,696	$	1,378	$	18
Multi-family		194		218		195		3
Commercial		184		184		184		1
Consumer and other loans:
Second mortgage		12		12		12		—
Total impaired loans	$	1,766	$	2,110	$	1,769	$	22
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended September 30, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,095	$	1,266	$	1,092	$	14
Multi-family		768		793		772		12
Commercial		192		192		314		20
Consumer and other loans:
Second mortgage		12		12		12		1
Total impaired loans	$	2,067	$	2,263	$	2,190	$	47

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Six Months Ended September 30, 2016	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,376	$	1,696	$	1,330	$	28
Multi-family		194		218		196		6
Commercial		184		184		185		3
Consumer and other loans:
Second mortgage		12		12		12		—
Total impaired loans	$	1,766	$	2,110	$	1,723	$	37
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Six Months Ended September 30, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,095	$	1,266	$	1,043	$	21
Multi-family		768		793		775		27
Commercial		192		192		367		24
Consumer and other loans:
Second mortgage		12		12		12		1
Total impaired loans	$	2,067	$	2,263	$	2,197	$	73
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Year Ended March 31, 2016	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,221	$	1,412	$	1,091	$	41
Multi-family		197		222		683		46
Commercial		186		186		285		30
Consumer and other loans:
Second mortgage		12		12		12		1
Total impaired loans	$	1,616	$	1,832	$	2,071	$	118

The recorded investment in loans modified in a troubled debt restructuring totaled $1.4 million and $994,000, respectively, at September 30 and March 31, 2016, of which $194,000 and $0, respectively, were 90 days or more past due, $17,000 and $0, respectively, were 60 to 89 days past due, and $55,000 and $213,000, respectively, were 30 to 59 days past due. The remaining loans modified were current at the time of the restructuring and have complied with the terms of their restructure agreements at September 30 and March 31, 2016. Loans that were modified in a troubled debt restructuring represent concessions made to borrowers experiencing financial difficulties. The Bank works with these borrowers to modify existing loan terms usually by extending maturities or reducing interest rates. The Bank records an impairment loss, if any, based on the present value of expected future cash flows discounted at the original loan’s effective interest rate. Subsequently, these loans are individually evaluated for impairment.

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table presents troubled debt restructurings by class during the period indicated.

		Pre-restructuring		Post-restructuring
		Outstanding		Outstanding		Charge-off
	Number of	Recorded		Recorded		RecordedUpon
	Loans	Investment		Investment		Restructuring
		(Dollars In Thousands)
Six Months Ended September 30, 2016
One- to Four-Family Real Estate	2	$	468	$	411	$	—
Six Months Ended September 30, 2015
One- to Four-Family Real Estate	1	$	86	$	99	$	—

There were no new troubled debt restructurings during the three month periods ended September 30, 2016 and 2015.

There were no defaults that occurred within twelve months of restructuring during the three and six months ended September 30, 2016 and 2015.      

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Fair Value

6 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value

7. FAIR VALUE

Accounting guidance on fair value measurement establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Observable inputs other than Level 1 prices, such as quoted for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

In addition, the guidance requires the Company to disclose the fair value for certain assets and liabilities on both a recurring and non-recurring basis.

An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

7. FAIR VALUE (CONT’D)

For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30 and March 31, 2016 are as follows: 

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
			in Active		Other		Significant
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
September 30, 2016
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	5,079	$	—	$	5,079	$	—
Total securities available for sale	$	5,079	$	—	$	5,079	$	—
March 31, 2016
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	9,591	$	—	$	9,591	$	—
Total securities available for sale	$	9,591	$	—	$	9,591	$	—

For assets measured at fair value on a non-recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30 and March 31, 2016 are as follow:

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
September 30, 2016
Impaired loans	$	33	$	—	$	—	$	33
Real estate owned		42		—		—		42
March 31, 2016
Impaired loans	$	364	$	—	$	—	$	364

There were no liabilities measured at fair value on a recurring or non-recurring basis at September 30 and March 31, 2016.

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value.

	Fair Value		Valuation	Unobservable	Range (Weighted
	Estimate		Techniques	Input	Average)
	(Dollars in Thousand)
September 30, 2016
Impaired Loans	$	33	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)
Real estate owned		42	Market valuation of property (1)	Selling costs (2)	7% (7%)
March 31, 2016
Impaired Loans	$	364	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)

(1) Fair value is based on third party appraisals.

(2) Estimated costs.

7. FAIR VALUE (CONT’D)

The following information should not be interpreted as an estimate of the fair value of the Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of certain of the Company’s assets and liabilities at September 30 and March 31, 2016:

Cash and Cash Equivalents, Interest Receivable, and Interest Payable (Carried at Cost)

The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents, interest receivable, and interest payable approximate their fair values.

Securities

The fair value of all securities, whether classified as available for sale (carried at fair value) or held to maturity (carried at cost), is determined by reference to quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Securities are measured on a recurring basis. The fair values of these securities are obtained from quotes received from an independent broker. The Company’s broker provides it with prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available. As the Company is responsible for the determination of fair value, it performs monthly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. The Company’s internal price verification procedures and review of fair value methodology documentation provided by third-party pricing services has not historically resulted in adjustment in the prices obtained from the pricing service.

Loans Receivable (Carried at Cost)

Fair value is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, of such loans.

Impaired Loans (Carried based on Collateral Fair Value or Discounted Cash Flows)

Impaired loans are those accounted for under ASC Topic 310 “Accounting by Creditors for Impairment of a Loan” in which the Company has measured impairment generally based on either the fair value of the loan’s collateral or discounted cash flows. These assets are included as Level 3 assets.

Federal Home Loan Bank of New York Stock (Carried at Cost)

Fair value approximates cost basis as these instruments are redeemable only with the issuing agency at face value.

Deposits (Carried at Cost)

The fair value of non-interest-bearing demand, interest-bearing demand, and Savings and Club accounts is the amount payable on demand at the reporting date. For fixed-maturity certificates of deposit, fair value is estimated by discounting future cash flows using the rates currently offered for deposits of similar remaining maturities.

Advances from Federal Home Loan Bank of New York (Carried at Cost)

The fair value is estimated by discounting future cash flows using rates currently offered for liabilities of similar remaining maturities, or when available, quoted market prices.

7. FAIR VALUE (CONT’D)

Commitments to Extend Credit

The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates.

As of September 30 and March 31, 2016, the fair value of the commitments to extend credit were not considered to be material.

The carrying amounts and fair values of financial instruments are as follows: 

					(Level 1)
					QuotedPrices		(Level 2)
					in Active		Significant		(Level 3)
					Markets for		Other		Significant
	Carrying		Estimated		Identical		Observable		Unobservable
September 30, 2016	Value		Fair Value		Assets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	22,758	$	22,758	$	22,758	$	—	$	—
Securities available for sale		5,079		5,079		—		5,079		—
Securities held to maturity		312,068		321,888		—		321,888		—
Net loans receivable		881,593		886,773		—		—		886,773
Federal Home Loan Bank of New York stock		11,425		11,425		—		11,425		—
Interest receivable		3,057		3,057		—		3,057		—
Financial liabilities:
Deposits		772,306		778,222		—		778,222		—
FHLB advances		224,500		227,022		—		227,022		—
Interest payable		374		374		—		374		—

					(Level 1)
					QuotedPrices		(Level 2)
					in Active		Significant		(Level 3)
					Markets for		Other		Significant
	Carrying		Estimated		Identical		Observable		Unobservable
March 31, 2016	Value		Fair Value		Assets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	31,069	$	31,069	$	31,069	$	—	$	—
Securities available for sale		9,591		9,591		—		9,591		—
Securities held to maturity		347,871		356,320		—		356,320		—
Net loans receivable		780,229		781,820		—		—		781,820
Federal Home Loan Bank of New York stock		11,665		11,665		—		11,665		—
Interest receivable		3,112		3,112		—		3,112		—
Financial liabilities:
Deposits		694,662		700,372		—		700,372		—
FHLB advances		231,500		234,470		—		234,470		—
Interest payable		403		403		—		403		—

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Recent Accounting Pronouncements

6 Months Ended

Sep. 30, 2016

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Pronouncements

8. RECENT ACCOUNTING PRONOUNCEMENTS

On May 28, 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued their final standard on revenue from contracts with customers. The standard, issued as ASU 2014-09 by the FASB and as IFRS 152 by the IASB, and amended by ASU 2015-14, ASU 2016-08, ASU 2016-10 and ASU 2016-12, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The goals of the revenue recognition project are to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements while also providing “a more robust framework for addressing revenue issues.” The boards believe that the standard will improve the consistency of requirements, comparability of revenue recognition practices, and usefulness of disclosures. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of this standard effective April 1, 2018 is not expected to have a material impact on the Company’s consolidated financial statements.

On January 5, 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which is intended to improve the recognition and measurement of financial instruments. The ASU significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of this standard effective April 1, 2018 is not expected to have a material impact on the Company’s consolidated financial statements.

On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 includes a lessee accounting model that recognizes two types of leases - finance leases and operating leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities for leases with lease terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease.  New disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases are also required. These disclosures include qualitative and quantitative requirements, providing information about the amounts recorded in the financial statements. For a public entity, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is evaluating the standard’s impact, and the adoption of this standard, effective April 1, 2019, is not expected to have a material impact on the Company’s consolidated financial statements.

On March 30, 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation – Stock Compensation. The amendment simplifies several aspects of the accounting for employee share-based payment transactions including the following: Accounting for income taxes; Classification of excess tax benefits on the statement of cash flow; Forfeitures; Statutory tax withholding requirements; Classification of awards as either equity or liabilities; Classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. The ASU is aimed at reducing the cost and complexity of accounting for share-based payments, that will likely result in significant changes to net income and earnings per share, including the effect of the exclusion of windfall tax benefits from the hypothetical proceeds used to calculate the repurchase of shares under the treasury stock method. For a public entity, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption will be permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has adopted the standard effective April 1, 2016 on a prospective basis. Prior periods have not been retrospectively adjusted. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which introduces new guidance for the accounting for credit losses on instruments within its scope. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale (AFS) debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The ASU also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the ALLL. In addition, public business entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. For a public entity, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. While the standard’s ultimate impact on the Company’s financial statements remains unknown today, we are preparing to implement this standard on April 1, 2020.

8. RECENT ACCOUNTING PRONOUNCEMENTS (CONT’D)

On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), a consensus of the FASB’s Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance addresses eight classification issues related to the statement of cash flows, which include proceeds from settlement of corporate-owned life insurance policies and bank-owned life insurance policies. For a public entity, ASU 2016-15 is effective annual and interim periods in fiscal years beginning after December 15, 2017. The adoption of this standard effective April 1, 2018 is not expected to have a material impact on the Company’s consolidated financial statements.

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Stock Repurchase and Stock Based Compensation (Tables)

6 Months Ended

Sep. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Company's Non Vested Restricted Shares

The following is summary of the status of the Company’s non-vested restricted shares:

	Restricted Shares			Weighted Average Grant Date Fair Value
Non-vested at March 31, 2015		7,628		$	10.02
Granted		511,784			13.84
Vested		(6,226	)		9.27
Forfeited		(6,824	)		13.84
Non-vested at March 31, 2016		506,362			13.84
Granted		17,000			15.03
Vested		(95,535	)		13.84
Forfeited		(27,295	)		13.84
Non-vested at September 30, 2016		400,532			13.89

Summary of Stock Option Activity

A summary of stock option activity follows:

	Number of Stock Options			Range	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2015		345,174		$9.03 - $13.32	$	9.93	2.79 Years		1,444,950
Granted		1,108,868		13.84		13.84
Exercised		(183,731	)	9.03 - 10.46		10.45			632,424
Forfeited		(17,060	)	13.84		13.84
Outstanding at March 31, 2016		1,253,251		9.03 - 13.84		13.26	8.78 Years		2,333,383
Granted		20,000		14.89 - 15.16		15.03
Forfeited		(68,238	)	13.84		13.84
Outstanding at September 30, 2016		1,205,013		9.03 - 15.16		13.25	8.27 Years		2,452,791
Exercisable at September 30, 2016		357,337		9.03 - 13.84		11.81	6.70 Years		1,242,772

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Retirement Plan-Components of Net Periodic Pension Cost (Tables)

6 Months Ended

Sep. 30, 2016

Compensation And Retirement Disclosure [Abstract]

Periodic Pension Expense

Periodic pension expense for the directors’ retirement plan and a former president’s post-retirement health care plan were as follows:

	Three Months Ended					Six Months Ended
	September 30,					September 30,
	2016			2015		2016			2015
	(In Thousands)					(In Thousands)
Service cost	$	23		$	44	$	46		$	88
Interest cost		20			30		40			61
Amortization of unrecognized (gain) loss		(1	)		13		(2	)		25
Amortization of past service cost		3			9		6			18
Settlement charge		—			—		37			—
Net periodic benefit cost	$	45		$	96	$	127		$	192

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Securities (Tables)

6 Months Ended

Sep. 30, 2016

Investments Debt And Equity Securities [Abstract]

Available for Sale Securities and Held to Maturity Securities

The amortized cost, gross unrealized gains and losses and estimated fair value of securities available for sale and held to maturity for the dates indicated are as follows:

	September 30, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	5,021	$	58	$	—	$	5,079
Total available for sale securities	$	5,021	$	58	$	—	$	5,079
	March 31, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	9,460	$	131	$	—	$	9,591
Total available for sale securities	$	9,460	$	131	$	—	$	9,591

	September 30, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	24,959	$	77	$	—	$	25,036
Corporate bonds		20,030		621		114		20,537
Municipal bonds		7,531		126		3		7,654
		52,520		824		117		53,227
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		53,351		1,885		—		55,236
Federal National Mortgage Association		189,078		6,591		80		195,589
Government National Mortgage Association		17,119		742		25		17,836
		259,548		9,218		105		268,661
Total held to maturity securities	$	312,068	$	10,042	$	222	$	321,888
	March 31, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	29,941	$	75	$	21	$	29,995
Corporate bonds		45,037		685		7		45,715
Municipal bonds		5,335		119		1		5,453
		80,313		879		29		81,163
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		53,004		1,494		45		54,453
Federal National Mortgage Association		200,672		5,661		235		206,098
Government National Mortgage Association		13,882		754		30		14,606
		267,558		7,909		310		275,157
Total held to maturity securities	$	347,871	$	8,788	$	339	$	356,320

Contractual Maturity Data for Securities

Contractual maturity data for securities are as follows:

	September 30, 2016
	Amortized		Fair
	Cost		Value
	(In Thousands)
Available for sale:
Mortgage-backed securities:
Due after five through ten years	$	1,457	$	1,459
Due after ten years		3,564		3,620
Total available for sale securities	$	5,021	$	5,079
Held to maturity:
Debt securities:
Due less than one year	$	3,003	$	3,000
Due after one through five years		22,747		22,844
Due after five through ten years		26,525		27,124
Due after ten years		245		259
		52,520		53,227
Mortgage-backed securities:
Due after one through five years		14,860		14,925
Due after five through ten years		80,315		82,990
Due after ten years		164,373		170,746
		259,548		268,661
Total held to maturity securities	$	312,068	$	321,888

Gross Unrealized Losses and Fair Value of Related Securities

The age of gross unrealized losses and the fair value of related securities at September 30 and March 31, 2016 were as follows:

	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
September 30, 2016	FairValue		Losses		FairValue		Losses		FairValue		Losses
	(In Thousands)
Held to maturity:
Debt securities:
Corporate bonds	$	4,886	$	114	$	—	$	—	$	4,886	$	114
Municipal bonds		3,000		3		—		—		3,000		3
		7,886		117		—		—		7,886		117
Mortgage-backed securities:
Federal National Mortgage Association		6,509		11		4,702		69		11,211		80
Government National Mortgage Association		5,067		9		1,073		16		6,140		25
		11,576		20		5,775		85		17,351		105
Total held to maturity securities	$	19,462	$	137	$	5,775	$	85	$	25,237	$	222
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
March 31, 2016	FairValue		Losses		FairValue		Losses		FairValue		Losses
	(In Thousands)
Held to maturity:
Debt securities:
Government-sponsored enterprises	$	4,979	$	21	$	—	$	—	$	4,979	$	21
Corporate bonds		4,993		7		—		—		4,993		7
Municipal bonds		787		1		—		—		787		1
		10,759		29		—		—		10,759		29
Mortgage-backed securities:
Federal Home Loan Mortgage Corporation		—		—		3,925		45		3,925		45
Federal National Mortgage Association		2,116		9		15,913		226		18,029		235
Government National Mortgage Association		—		—		1,246		30		1,246		30
		2,116		9		21,084		301		23,200		310
Total held to maturity securities	$	12,875	$	38	$	21,084	$	301	$	33,959	$	339

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Loans Receivable and Allowance for Loan Losses (Tables)

6 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Summary of Loans by Segment

The following is a summary of loans by segment and the classes within those segments:

	September 30,		March 31,
	2016		2016
	(In Thousands)
Real estate:
One- to four-family	$	623,719	$	617,694
Multi-family		109,718		56,244
Commercial		138,022		97,379
		871,459		771,317
Commercial and industrial		2,157		201
Consumer:
Second mortgage		6,030		6,173
Passbook or certificate		574		600
Equity lines of credit		3,444		3,164
Other loans		75		70
		10,123		10,007
Total Loans		883,739		781,525
Net purchase premiums, discounts, and deferred loan costs		3,054		3,064
Total Loans, Net	$	886,793	$	784,589

Allowance for Loan Losses

The change in the allowance for loan losses for the three and six months ended September 30, 2016 and 2015 is as follows:

	One-to-Four Family Real Estate			Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At June 30, 2016:
Total allowance for    loan losses	$	2,902		$	774	$	1,036	$	11	$	35		$	—	$	17	$	4,775
Charge-offs		(81	)		—		—		—		—			—		—		(81	)
Recoveries		1			—		—		—		—			—		—		1
Provision charged to    operations		59			201		177		11		—			—		57		505
At September 30, 2016:
Total allowance for    loan losses	$	2,881		$	975	$	1,213	$	22	$	35		$	—	$	74	$	5,200
	One-to-Four Family Real Estate			Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At March 31, 2016:
Total allowance for    loan losses	$	2,922		$	505	$	865	$	2	$	44		$	—	$	22	$	4,360
Charge-offs		(193	)		—		—		—		—			—		—		(193	)
Recoveries		2			—		—		—		—			—		—		2
Provision charged to    operations		150			470		348		20		(9	)		—		52		1,031
At September 30, 2016:
Total allowance for    loan losses	$	2,881		$	975	$	1,213	$	22	$	35		$	—	$	74	$	5,200

	One-to-Four Family Real Estate			Multi-Family RealEstate			Commercial Real Estate			Construction Real Estate		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At June 30, 2015:
Total allowance for    loan losses	$	2,824		$	300		$	328		$	1	$	45		$	—	$	27	$	3,525
Charge-offs		—			—			—			—		—			—		—		—
Recoveries		—			—			—			—		—			—		—		—
Provision charged to    operations		92			7			(14	)		3		(2	)		—		14		100
At September 30, 2015:
Total allowance for    loan losses	$	2,916		$	307		$	314		$	4	$	43		$	—	$	41	$	3,625
	One-to-Four Family Real Estate			Multi-Family RealEstate			Commercial Real Estate			Construction Real Estate		Second Mortgage and Equity Lines of Credit			Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
At March 31, 2015:
Total allowance for    loan losses	$	2,704		$	350		$	353		$	1	$	42		$	—	$	25	$	3,475
Charge-offs		(26	)		—			—			—		—			—		—		(26	)
Recoveries		3			—			—			—		—			—		—		3
Provision charged to    operations		235			(43	)		(39	)		3		1			—		16		173
At September 30, 2015:
Total allowance for    loan losses	$	2,916		$	307		$	314		$	4	$	43		$	—	$	41	$	3,625

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

The following table presents the allocation of the allowance for loan losses and related loans by loan class at September 30 and March 31, 2016. 

September 30, 2016	One-to-Four Family Real Estate		Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
Allowance for loan    losses:
Individually    evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively    evaluated for    impairment		2,881		975		1,213		22		35		—		74		5,200
Total	$	2,881	$	975	$	1,213	$	22	$	35	$	—	$	74	$	5,200
Loans:
Individually    evaluated for    impairment	$	1,376	$	194	$	184	$	—	$	12	$	—	$	—	$	1,766
Collectively    evaluated for    impairment		622,343		109,524		137,838		2,157		9,462		649		—		881,973
Total	$	623,719	$	109,718	$	138,022	$	2,157	$	9,474	$	649	$	—	$	883,739
March 31, 2016	One-to-Four Family Real Estate		Multi-Family RealEstate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Individually evaluated for    impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for    impairment		2,922		505		865		2		44		—		22		4,360
Total	$	2,922	$	505	$	865	$	2	$	44	$	—	$	22	$	4,360
Loans:
Individually evaluated for    impairment	$	1,221	$	197	$	186	$	—	$	12	$	—	$	—	$	1,616
Collectively evaluated for    impairment		616,473		56,047		97,193		201		9,325		670		—		779,909
Total	$	617,694	$	56,244	$	97,379	$	201	$	9,337	$	670	$	—	$	781,525

Aggregate Amount of Classified Loan Balances

The aggregate amount of classified loan balances are as follows at September 30 and March 31, 2016:

September 30, 2016	One-to Four -Family Real Estate		Multi-family Real Estate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Total Loans
	(In Thousands)
Non-classified:	$	620,410	$	109,718	$	137,838	$	2,157	$	9,474	$	649	$	880,246
Classified:
Special mention		117		—		—		—		—		—		117
Substandard		3,192		—		184		—		—		—		3,376
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	623,719	$	109,718	$	138,022	$	2,157	$	9,474	$	649	$	883,739
March 31, 2016	One-to Four -Family Real Estate		Multi-family Real Estate		Commercial Real Estate		Commercial and Industrial		Second Mortgage and Equity Lines of Credit		Passbook or Certificate and Other Loans		Total Loans
	(In Thousands)
Non-classified:	$	613,559	$	56,244	$	97,193	$	201	$	9,277	$	670	$	777,144
Classified:
Special mention		639		—		—		—		—		—		639
Substandard		3,496		—		186		—		60		—		3,742
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total loans	$	617,694	$	56,244	$	97,379	$	201	$	9,337	$	670	$	781,525

Information with Respect to Nonaccrual Loans

The following table provides information with respect to the Bank’s nonaccrual loans at September 30 and March 31, 2016.

	September 30, 2016		March 31, 2016
	(In Thousands)
Nonaccrual loans:
Real estate loans:
One- to four-family	$	2,619	$	3,412
Commercial		184		186
Consumer and other loans:
Second mortgage		—		60
Total nonaccrual loans	$	2,803	$	3,658

Information about Delinquencies in Loan Portfolio

The following table provides information about delinquencies in the Bank’s loan portfolio at September 30 and March 31, 2016.

	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
September 30, 2016	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	2,345	$	1,288	$	2,167	$	5,800	$	617,919	$	623,719
Multi-family		—		—		—		—		109,718		109,718
Commercial		—		—		184		184		137,838		138,022
Commercial and industrial		—		—		—		—		2,157		2,157
Consumer and other loans:
Second mortgage and equity lines of credit		54		—		—		54		9,420		9,474
Passbook or certificate and other loans		—		13		—		13		636		649
Total	$	2,399	$	1,301	$	2,351	$	6,051	$	877,688	$	883,739
	30-59		60-89		90 Days						Total
	Days		Days		Or More		Total				Gross
March 31, 2016	Past Due		Past Due		Past Due		Past Due		Current		Loans
	(In Thousands)
Real estate loans:
One- to four-family	$	2,493	$	992	$	2,806	$	6,291	$	611,403	$	617,694
Multi-family		—		—		—		—		56,244		56,244
Commercial		—		—		186		186		97,193		97,379
Commercial and industrial		—		—		—		—		201		201
Consumer and other loans:
Second mortgage and equity lines of credit		100		—		60		160		9,177		9,337
Passbook or certificate and other loans		19		—		—		19		651		670
Total	$	2,612	$	992	$	3,052	$	6,656	$	774,869	$	781,525

Impaired Loans, None of Which had Related Allowance

Impaired loans, none of which had a related allowance at or for the three and six months ending September 30, 2016 and 2015, and at or for the year ended March 31, 2016, were as follows:

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended September 30, 2016	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,376	$	1,696	$	1,378	$	18
Multi-family		194		218		195		3
Commercial		184		184		184		1
Consumer and other loans:
Second mortgage		12		12		12		—
Total impaired loans	$	1,766	$	2,110	$	1,769	$	22
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Three Months Ended September 30, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,095	$	1,266	$	1,092	$	14
Multi-family		768		793		772		12
Commercial		192		192		314		20
Consumer and other loans:
Second mortgage		12		12		12		1
Total impaired loans	$	2,067	$	2,263	$	2,190	$	47

6. LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (CONT’D)

			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Six Months Ended September 30, 2016	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,376	$	1,696	$	1,330	$	28
Multi-family		194		218		196		6
Commercial		184		184		185		3
Consumer and other loans:
Second mortgage		12		12		12		—
Total impaired loans	$	1,766	$	2,110	$	1,723	$	37
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Six Months Ended September 30, 2015	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,095	$	1,266	$	1,043	$	21
Multi-family		768		793		775		27
Commercial		192		192		367		24
Consumer and other loans:
Second mortgage		12		12		12		1
Total impaired loans	$	2,067	$	2,263	$	2,197	$	73
			Unpaid		Average		Interest
	Recorded		Principal		Recorded		Income
At or For The Year Ended March 31, 2016	Investment		Balance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Real estate loans:
One-to four-family	$	1,221	$	1,412	$	1,091	$	41
Multi-family		197		222		683		46
Commercial		186		186		285		30
Consumer and other loans:
Second mortgage		12		12		12		1
Total impaired loans	$	1,616	$	1,832	$	2,071	$	118

Troubled Debt Restructurings by Class

The following table presents troubled debt restructurings by class during the period indicated.

		Pre-restructuring		Post-restructuring
		Outstanding		Outstanding		Charge-off
	Number of	Recorded		Recorded		RecordedUpon
	Loans	Investment		Investment		Restructuring
		(Dollars In Thousands)
Six Months Ended September 30, 2016
One- to Four-Family Real Estate	2	$	468	$	411	$	—
Six Months Ended September 30, 2015
One- to Four-Family Real Estate	1	$	86	$	99	$	—

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Fair Value (Tables)

6 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30 and March 31, 2016 are as follows: 

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
			in Active		Other		Significant
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
September 30, 2016
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	5,079	$	—	$	5,079	$	—
Total securities available for sale	$	5,079	$	—	$	5,079	$	—
March 31, 2016
Securities available for sale:
Mortgage-backed securities:
Federal National Mortgage Association	$	9,591	$	—	$	9,591	$	—
Total securities available for sale	$	9,591	$	—	$	9,591	$	—

Assets Measured at Fair Value on Non-Recurring Basis

For assets measured at fair value on a non-recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30 and March 31, 2016 are as follow:

			(Level 1)		(Level 2)
			Quoted Prices		Significant		(Level 3)
	Carrying		Markets for		Observable		Unobservable
Description	Value		Identical Assets		Inputs		Inputs
	(In Thousands)
September 30, 2016
Impaired loans	$	33	$	—	$	—	$	33
Real estate owned		42		—		—		42
March 31, 2016
Impaired loans	$	364	$	—	$	—	$	364

Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value.

	Fair Value		Valuation	Unobservable	Range (Weighted
	Estimate		Techniques	Input	Average)
	(Dollars in Thousand)
September 30, 2016
Impaired Loans	$	33	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)
Real estate owned		42	Market valuation of property (1)	Selling costs (2)	7% (7%)
March 31, 2016
Impaired Loans	$	364	Market valuation of underlying collateral (1)	Selling costs (2)	7% (7%)

(1) Fair value is based on third party appraisals.

(2) Estimated costs.

Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and fair values of financial instruments are as follows: 

					(Level 1)
					QuotedPrices		(Level 2)
					in Active		Significant		(Level 3)
					Markets for		Other		Significant
	Carrying		Estimated		Identical		Observable		Unobservable
September 30, 2016	Value		Fair Value		Assets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	22,758	$	22,758	$	22,758	$	—	$	—
Securities available for sale		5,079		5,079		—		5,079		—
Securities held to maturity		312,068		321,888		—		321,888		—
Net loans receivable		881,593		886,773		—		—		886,773
Federal Home Loan Bank of New York stock		11,425		11,425		—		11,425		—
Interest receivable		3,057		3,057		—		3,057		—
Financial liabilities:
Deposits		772,306		778,222		—		778,222		—
FHLB advances		224,500		227,022		—		227,022		—
Interest payable		374		374		—		374		—

					(Level 1)
					QuotedPrices		(Level 2)
					in Active		Significant		(Level 3)
					Markets for		Other		Significant
	Carrying		Estimated		Identical		Observable		Unobservable
March 31, 2016	Value		Fair Value		Assets		Inputs		Inputs
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	31,069	$	31,069	$	31,069	$	—	$	—
Securities available for sale		9,591		9,591		—		9,591		—
Securities held to maturity		347,871		356,320		—		356,320		—
Net loans receivable		780,229		781,820		—		—		781,820
Federal Home Loan Bank of New York stock		11,665		11,665		—		11,665		—
Interest receivable		3,112		3,112		—		3,112		—
Financial liabilities:
Deposits		694,662		700,372		—		700,372		—
FHLB advances		231,500		234,470		—		234,470		—
Interest payable		403		403		—		403		—

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Earnings Per Share (EPS) - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Incremental shares related to outstanding options included in calculation of diluted EPS	60,310	54,038	60,073	64,304
Antidilutive shares excluded from calculation of diluted EPS	1,035,635	360,564	1,046,640	186,752

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Stock Repurchase and Stock Based Compensation - Additional Information (Detail) - USD ($)							6 Months Ended		12 Months Ended
	Sep. 12, 2016	Sep. 08, 2016	Apr. 06, 2016	Oct. 28, 2015	Sep. 02, 2015	Mar. 11, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016	Aug. 06, 2015	Mar. 31, 2015
Class Of Equity Stock Repurchased [Line Items]
Stock repurchase plan, Authorized shares		1,155,000		2,569,000		2,731,000
Stock repurchase plan, Percentage of outstanding stock		5.00%		10.00%		10.00%
Stock repurchased during period, value							$ 13,269,000	$ 31,420,000
Stock repurchased during period, per share							$ 14.93	$ 13.81
Stock repurchased during period, Shares							888,900	2,270,000
Restricted stock awards granted, Shares	9,000		8,000		511,784		17,000		511,784
Restricted stock expense							$ 683,000	$ 129,000
Stock Option [Member]
Class Of Equity Stock Repurchased [Line Items]
Recognized income tax benefits expenses							47,000	10,000
Non-vested shares outstanding, value							$ 1,300,000
Weighted average period shares outstanding							3 years 9 months 18 days
Stock option shares awarded							20,000		1,108,868
Stock options granted exercise price							$ 15.03		$ 13.84
Expenses of stock awards							$ 166,000	35,000
Non-vested shares outstanding							847,676
Stock Option [Member] | September 2, 2015 [Member]
Class Of Equity Stock Repurchased [Line Items]
Stock award vesting period							5 years
Stock option expiration date							Sep. 02, 2025
Stock options granted exercise price							$ 13.84
Expected (years)							6 years 6 months
Risk-free interest rate							1.92%
Volatility rate							12.50%
Dividend yield							1.73%
Stock Option [Member] | April 6, 2016 [Member]
Class Of Equity Stock Repurchased [Line Items]
Stock award vesting period							1 year
Stock option expiration date							Apr. 06, 2026
Stock options granted exercise price							$ 14.89
Expected (years)							5 years 6 months
Risk-free interest rate							1.28%
Volatility rate							14.92%
Dividend yield							1.61%
Stock Option [Member] | September 12, 2016 [Member]
Class Of Equity Stock Repurchased [Line Items]
Stock award vesting period							1 year
Stock option expiration date							Sep. 12, 2026
Stock options granted exercise price							$ 15.16
Expected (years)							5 years 6 months
Risk-free interest rate							1.28%
Volatility rate							15.63%
Dividend yield							1.58%
Restricted Stock [Member]
Class Of Equity Stock Repurchased [Line Items]
Granted fair value per share	$ 15.16		$ 14.89		$ 13.84
Description restricted stock shares award							All shares of restricted stock granted on this date vest one year from the date of grant.
Stock award vesting period	3 years		1 year		5 years
Recognized income tax benefits expenses							$ 279,000	$ 53,000
Non-vested restricted shares outstanding							400,532		506,362		7,628
Non-vested shares outstanding, value							$ 5,400,000
Weighted average period shares outstanding							3 years 9 months 18 days
Clifton Bancorp Inc. 2015 Equity Incentive Plan [Member] | Stock Option [Member]
Class Of Equity Stock Repurchased [Line Items]
Maximum grant shares										1,705,944
Stock option shares awarded	10,000		10,000		1,108,868
Stock options grant date fair value	$ 1.92		$ 1.79		$ 1.63
Options expiration period	10 years		10 years		10 years
Clifton Bancorp Inc. 2015 Equity Incentive Plan [Member] | Restricted Stock [Member]
Class Of Equity Stock Repurchased [Line Items]
Maximum grant shares										682,377

XML

Stock Repurchase and Stock-Based Compensation - Summary of Company's Non Vested Restricted Shares (Detail) - $ / shares				6 Months Ended	12 Months Ended
	Sep. 12, 2016	Apr. 06, 2016	Sep. 02, 2015	Sep. 30, 2016	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Restricted Shares	9,000	8,000	511,784	17,000	511,784
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested, Restricted Shares, Beginning Balance				506,362	7,628
Vested, Restricted Shares				(95,535)	(6,226)
Forfeited, Restricted Shares				(27,295)	(6,824)
Non-vested, Restricted Shares, Ending balance				400,532	506,362
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance				$ 13.84	$ 10.02
Non-vested, Weighted Average Grant Date Fair Value, Granted				15.03	13.84
Non-vested, Weighted Average Grant Date Fair Value, Vested				13.84	9.27
Non-vested, Weighted Average Grant Date Fair Value, Forfeited				13.84	13.84
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance				$ 13.89	$ 13.84

XML

Stock Repurchase and Stock Based Compensation - Summary of Stock Option Activity (Detail) - Stock Option [Member] - USD ($)	6 Months Ended	12 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Mar. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Options, Beginning Balance	1,253,251	345,174
Number of Stock Options, Granted	20,000	1,108,868
Number of Stock Option, Exercised		(183,731)
Number of Stock Options, Forfeited	(68,238)	(17,060)
Number of Stock Options, Ending Balance	1,205,013	1,253,251	345,174
Number of Stock Options, Exercisable	357,337
Weighted Average Exercise Price, Beginning Balance	$ 13.26	$ 9.93
Weighted Average Exercise Price, Granted	15.03	13.84
Weighted Average Exercise Price, Exercised		10.45
Weighted Average Exercise Price, Forfeited	13.84	13.84
Weighted Average Exercise Price, Ending Balance	13.25	$ 13.26	$ 9.93
Weighted Average Exercise Price, Exercisable	$ 11.81
Weighted Average Remaining Contractual Term	8 years 3 months 7 days	8 years 9 months 11 days	2 years 9 months 15 days
Weighted Average Remaining Contractual Term, Exercisable	6 years 8 months 12 days
Aggregate Intrinsic Value	$ 2,452,791	$ 2,333,383	$ 1,444,950
Aggregate Intrinsic Value, Exercised		$ 632,424
Aggregate Intrinsic Value, Exercisable	$ 1,242,772
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Exercise Price, Beginning Balance	$ 9.03	$ 9.03
Weighted Average Exercise Price, Granted	14.89
Weighted Average Exercise Price, Exercised		9.03
Weighted Average Exercise Price, Ending Balance	9.03	9.03	$ 9.03
Weighted Average Exercise Price, Exercisable	9.03
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Exercise Price, Beginning Balance	13.84	13.32
Weighted Average Exercise Price, Granted	15.16	13.84
Weighted Average Exercise Price, Exercised		10.46
Weighted Average Exercise Price, Forfeited	13.84	13.84
Weighted Average Exercise Price, Ending Balance	15.16	$ 13.84	$ 13.32
Weighted Average Exercise Price, Exercisable	$ 13.84

XML

Retirement Plan-Components of Net Periodic Pension Cost - Periodic Pension Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost	$ 23	$ 44	$ 46	$ 88
Interest cost	20	30	40	61
Amortization of unrecognized (gain) loss	(1)	13	(2)	25
Amortization of past service cost	3	9	6	18
Settlement charge			37
Net periodic benefit cost	$ 45	$ 96	$ 127	$ 192

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Securities - Available for Sale Securities and Held to Maturity Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Investment Holdings [Line Items]
Available for sale, Amortized Cost	$ 5,021	$ 9,460
Available for sale, Gross Unrealized Gains	58	131
Available for sale, Fair Value	5,079	9,591
Held to maturity, Amortized Cost	312,068	347,871
Held to maturity, Gross Unrealized Gains	10,042	8,788
Held to maturity, Gross Unrealized Losses	222	339
Held to maturity, Fair Value	321,888	356,320
Mortgage-Backed Securities [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	259,548	267,558
Held to maturity, Gross Unrealized Gains	9,218	7,909
Held to maturity, Gross Unrealized Losses	105	310
Held to maturity, Fair Value	268,661	275,157
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member]
Investment Holdings [Line Items]
Available for sale, Amortized Cost	5,021	9,460
Available for sale, Gross Unrealized Gains	58	131
Available for sale, Fair Value	5,079	9,591
Held to maturity, Amortized Cost	189,078	200,672
Held to maturity, Gross Unrealized Gains	6,591	5,661
Held to maturity, Gross Unrealized Losses	80	235
Held to maturity, Fair Value	195,589	206,098
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	53,351	53,004
Held to maturity, Gross Unrealized Gains	1,885	1,494
Held to maturity, Gross Unrealized Losses		45
Held to maturity, Fair Value	55,236	54,453
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	17,119	13,882
Held to maturity, Gross Unrealized Gains	742	754
Held to maturity, Gross Unrealized Losses	25	30
Held to maturity, Fair Value	17,836	14,606
Debt Securities [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	52,520	80,313
Held to maturity, Gross Unrealized Gains	824	879
Held to maturity, Gross Unrealized Losses	117	29
Held to maturity, Fair Value	53,227	81,163
Debt Securities [Member] | Government-Sponsored Enterprises [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	24,959	29,941
Held to maturity, Gross Unrealized Gains	77	75
Held to maturity, Gross Unrealized Losses		21
Held to maturity, Fair Value	25,036	29,995
Debt Securities [Member] | Corporate Bonds [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	20,030	45,037
Held to maturity, Gross Unrealized Gains	621	685
Held to maturity, Gross Unrealized Losses	114	7
Held to maturity, Fair Value	20,537	45,715
Debt Securities [Member] | Municipal Bonds [Member]
Investment Holdings [Line Items]
Held to maturity, Amortized Cost	7,531	5,335
Held to maturity, Gross Unrealized Gains	126	119
Held to maturity, Gross Unrealized Losses	3	1
Held to maturity, Fair Value	$ 7,654	$ 5,453

XML

Securities - Contractual Maturity Data for Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Investment Holdings [Line Items]
Available for sale, Amortized Cost	$ 5,021	$ 9,460
Held to maturity, Amortized Cost	312,068	347,871
Available for sale, Fair Value	5,079	9,591
Held to maturity, Fair Value	321,888	356,320
Mortgage-Backed Securities [Member]
Investment Holdings [Line Items]
Available for sale, Due after five through ten years, Amortized Cost	1,457
Available for sale, Due after ten years, Amortized Cost	3,564
Held to maturity, Due after one through five years, Amortized Cost	14,860
Held to maturity, Due after five through ten years, Amortized Cost	80,315
Held to maturity, Due after ten years, Amortized Cost	164,373
Held to maturity, Amortized Cost	259,548	267,558
Available for sale, Due after five through ten years, Fair Value	1,459
Available for sale, Due after ten years, Fair Value	3,620
Held to maturity, Due after one through five years, Fair Value	14,925
Held to maturity, Due after five through ten years, Fair Value	82,990
Held to maturity, Due after ten years, Fair Value	170,746
Held to maturity, Fair Value	268,661	275,157
Debt Securities [Member]
Investment Holdings [Line Items]
Held to maturity, Due less than one year, Amortized Cost	3,003
Held to maturity, Due after one through five years, Amortized Cost	22,747
Held to maturity, Due after five through ten years, Amortized Cost	26,525
Held to maturity, Due after ten years, Amortized Cost	245
Held to maturity, Amortized Cost	52,520	80,313
Held to maturity, Due less than one year, Fair Value	3,000
Held to maturity, Due after one through five years, Fair Value	22,844
Held to maturity, Due after five through ten years, Fair Value	27,124
Held to maturity, Due after ten years, Fair Value	259
Held to maturity, Fair Value	$ 53,227	$ 81,163

XML

Securities - Additional Information (Detail)	6 Months Ended
	Sep. 30, 2016 USD ($) Security	Sep. 30, 2015 USD ($)
Investment Holdings [Line Items]
Proceeds from sale of securities available for sale | $	$ 3,713,000	$ 1,908,000
Realized gains on securities available for sale | $	$ 84,000	$ 72,000
Corporate Bonds [Member]
Investment Holdings [Line Items]
Number of debt security not representing other than temporary impairment	1
Municipal Bonds [Member]
Investment Holdings [Line Items]
Number of debt security not representing other than temporary impairment	2
Federal National Mortgage Association [Member]
Investment Holdings [Line Items]
Number of debt security not representing other than temporary impairment	5
Government National Mortgage Association [Member]
Investment Holdings [Line Items]
Number of debt security not representing other than temporary impairment	2
Minimum [Member] | Multi-Family Real Estate [Member]
Investment Holdings [Line Items]
Contractual maturities	5 years
Minimum [Member] | Residential Mortgage Loans [Member]
Investment Holdings [Line Items]
Contractual maturities	15 years
Maximum [Member] | Multi-Family Real Estate [Member]
Investment Holdings [Line Items]
Contractual maturities	10 years

XML

Securities - Gross Unrealized Losses and Fair Value of Related Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	$ 19,462	$ 12,875
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	137	38
Held to maturity, 12 Months or More, Fair Value	5,775	21,084
Held to maturity, 12 Months or More, Gross Unrealized Losses	85	301
Held to maturity, Total, Fair Value	25,237	33,959
Held to maturity, Total, Gross Unrealized Losses	222	339
Debt Securities [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	7,886	10,759
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	117	29
Held to maturity, Total, Fair Value	7,886	10,759
Held to maturity, Total, Gross Unrealized Losses	117	29
Debt Securities [Member] | Government-Sponsored Enterprises [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value		4,979
Held to maturity, Less Than 12 Months, Gross Unrealized Losses		21
Held to maturity, Total, Fair Value		4,979
Held to maturity, Total, Gross Unrealized Losses		21
Debt Securities [Member] | Corporate Bonds [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	4,886	4,993
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	114	7
Held to maturity, Total, Fair Value	4,886	4,993
Held to maturity, Total, Gross Unrealized Losses	114	7
Debt Securities [Member] | Municipal Bonds [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	3,000	787
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	3	1
Held to maturity, Total, Fair Value	3,000	787
Held to maturity, Total, Gross Unrealized Losses	3	1
Mortgage-Backed Securities [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	11,576	2,116
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	20	9
Held to maturity, 12 Months or More, Fair Value	5,775	21,084
Held to maturity, 12 Months or More, Gross Unrealized Losses	85	301
Held to maturity, Total, Fair Value	17,351	23,200
Held to maturity, Total, Gross Unrealized Losses	105	310
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member]
Investment Holdings [Line Items]
Held to maturity, 12 Months or More, Fair Value		3,925
Held to maturity, 12 Months or More, Gross Unrealized Losses		45
Held to maturity, Total, Fair Value		3,925
Held to maturity, Total, Gross Unrealized Losses		45
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	6,509	2,116
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	11	9
Held to maturity, 12 Months or More, Fair Value	4,702	15,913
Held to maturity, 12 Months or More, Gross Unrealized Losses	69	226
Held to maturity, Total, Fair Value	11,211	18,029
Held to maturity, Total, Gross Unrealized Losses	80	235
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member]
Investment Holdings [Line Items]
Held to maturity, Less Than 12 Months, Fair Value	5,067
Held to maturity, Less Than 12 Months, Gross Unrealized Losses	9
Held to maturity, 12 Months or More, Fair Value	1,073	1,246
Held to maturity, 12 Months or More, Gross Unrealized Losses	16	30
Held to maturity, Total, Fair Value	6,140	1,246
Held to maturity, Total, Gross Unrealized Losses	$ 25	$ 30

XML

Loans Receivable and Allowance for Loan Losses - Summary of Loans by Segment (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 883,739	$ 781,525
Net purchase premiums, discounts, and deferred loan costs	3,054	3,064
Total Loans, Net	886,793	784,589
Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	871,459	771,317
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	623,719	617,694
Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	109,718	56,244
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	138,022	97,379
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	2,157	201
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,123	10,007
Consumer [Member] | Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	6,030	6,173
Consumer [Member] | Passbook or Certificate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	574	600
Consumer [Member] | Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	3,444	3,164
Consumer [Member] | Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 75	$ 70

XML

Loans Receivable and Allowance for Loan Losses - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2016 USD ($) Loan Property Restructuring	Sep. 30, 2015 Loan Restructuring	Sep. 30, 2016 USD ($) Loan Property Restructuring	Sep. 30, 2015 Restructuring	Mar. 31, 2016 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of unsecured loans in other loans | Loan			2
Loans that are past due greater than 90 days still accruing	$ 0		$ 0		$ 0
Number of foreclosed residential real estate properties | Property	4		4
Carrying value of residential real estate owned property	$ 943,000		$ 943,000
Mortgage loans in process of foreclosure, amount	705,000		$ 705,000
Number of residential mortgage loans | Loan			6
Troubled debt restructuring recorded investment	$ 1,400,000		$ 1,400,000		994,000
Number of new defaults of troubled debt restructuring | Restructuring	0	0	0	0
Number of new troubled debt restructuring | Loan	0	0
90 Days Or More Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring recorded investment	$ 194,000		$ 194,000		0
60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring recorded investment	17,000		17,000		0
30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructuring recorded investment	$ 55,000		$ 55,000		$ 213,000
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans on non accrual status			90 days		90 days
Non accrual status to satisfy the loan terms			6 months		6 months

XML

Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	$ 4,775	$ 3,525	$ 4,360	$ 3,475
Charge-offs	(81)		(193)	(26)
Recoveries	1		2	3
Provision charged to operations	505	100	1,031	173
Total allowance for loan losses, ending balance	5,200	3,625	5,200	3,625
Allowance for loan losses:
Individually evaluated for impairment					$ 0	$ 0
Collectively evaluated for impairment					5,200	4,360
Total	5,200	3,525	5,200	3,625	5,200	4,360
Loans:
Individually evaluated for impairment					1,766	1,616
Collectively evaluated for impairment					881,973	779,909
Total					883,739	781,525
Real Estate [Member]
Loans:
Total					871,459	771,317
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	2,902	2,824	2,922	2,704
Charge-offs	(81)		(193)	(26)
Recoveries	1		2	3
Provision charged to operations	59	92	150	235
Total allowance for loan losses, ending balance	2,881	2,916	2,881	2,916
Allowance for loan losses:
Individually evaluated for impairment					0	0
Collectively evaluated for impairment					2,881	2,922
Total	2,902	2,824	2,881	2,916	2,881	2,922
Loans:
Individually evaluated for impairment					1,376	1,221
Collectively evaluated for impairment					622,343	616,473
Total					623,719	617,694
Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	774	300	505	350
Provision charged to operations	201	7	470	(43)
Total allowance for loan losses, ending balance	975	307	975	307
Allowance for loan losses:
Individually evaluated for impairment					0	0
Collectively evaluated for impairment					975	505
Total	774	300	975	307	975	505
Loans:
Individually evaluated for impairment					194	197
Collectively evaluated for impairment					109,524	56,047
Total					109,718	56,244
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	1,036	328	865	353
Provision charged to operations	177	(14)	348	(39)
Total allowance for loan losses, ending balance	1,213	314	1,213	314
Allowance for loan losses:
Individually evaluated for impairment					0	0
Collectively evaluated for impairment					1,213	865
Total	1,036	328	1,213	314	1,213	865
Loans:
Individually evaluated for impairment					184	186
Collectively evaluated for impairment					137,838	97,193
Total					138,022	97,379
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	11	1	2	1
Provision charged to operations	11	3	20	3
Total allowance for loan losses, ending balance	22	4	22	4
Allowance for loan losses:
Individually evaluated for impairment					0	0
Collectively evaluated for impairment					22	2
Total	11	1	22	4	22	2
Loans:
Collectively evaluated for impairment					2,157	201
Total					2,157	201
Consumer [Member]
Loans:
Total					10,123	10,007
Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	35	45	44	42
Provision charged to operations		(2)	(9)	1
Total allowance for loan losses, ending balance	35	43	35	43
Allowance for loan losses:
Individually evaluated for impairment					0	0
Collectively evaluated for impairment					35	44
Total	35	45	35	43	35	44
Loans:
Individually evaluated for impairment					12	12
Collectively evaluated for impairment					9,462	9,325
Total					9,474	9,337
Consumer [Member] | Passbook or Certificate and Other Loans [Member]
Allowance for loan losses:
Individually evaluated for impairment					0	0
Loans:
Collectively evaluated for impairment					649	670
Total					649	670
Unallocated [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for loan losses, beginning balance	17	27	22	25
Provision charged to operations	57	14	52	16
Total allowance for loan losses, ending balance	74	41	74	41
Allowance for loan losses:
Individually evaluated for impairment					0	0
Collectively evaluated for impairment					74	22
Total	$ 17	$ 27	$ 74	$ 41	$ 74	$ 22

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Loans Receivable and Allowance for Loan Losses - Aggregate Amounts of Classified Loan Balances (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 883,739	$ 781,525
Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	880,246	777,144
Classified [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	117	639
Classified [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	3,376	3,742
Classified [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Classified [Member] | Loss [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	871,459	771,317
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	623,719	617,694
Real Estate [Member] | One-to-Four-Family Real Estate [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	620,410	613,559
Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	109,718	56,244
Real Estate [Member] | Multi-Family Real Estate [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	109,718	56,244
Real Estate [Member] | Classified [Member] | One-to-Four-Family Real Estate [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	117	639
Real Estate [Member] | Classified [Member] | One-to-Four-Family Real Estate [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	3,192	3,496
Real Estate [Member] | Classified [Member] | One-to-Four-Family Real Estate [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Real Estate [Member] | Classified [Member] | One-to-Four-Family Real Estate [Member] | Loss [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Real Estate [Member] | Classified [Member] | Multi-Family Real Estate [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Real Estate [Member] | Classified [Member] | Multi-Family Real Estate [Member] | Loss [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	138,022	97,379
Real Estate [Member] | Commercial Real Estate [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	137,838	97,193
Real Estate [Member] | Classified [Member] | Commercial Real Estate [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	184	186
Real Estate [Member] | Classified [Member] | Commercial Real Estate [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Real Estate [Member] | Classified [Member] | Commercial Real Estate [Member] | Loss [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	2,157	201
Commercial and Industrial [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	2,157	201
Commercial and Industrial [Member] | Classified [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Commercial and Industrial [Member] | Classified [Member] | Loss [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,123	10,007
Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	9,474	9,337
Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	9,474	9,277
Consumer [Member] | Passbook or Certificate and Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	649	670
Consumer [Member] | Passbook or Certificate and Other Loans [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	649	670
Consumer [Member] | Classified [Member] | Second Mortgage and Equity Lines of Credit [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		60
Consumer [Member] | Classified [Member] | Second Mortgage and Equity Lines of Credit [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Consumer [Member] | Classified [Member] | Second Mortgage and Equity Lines of Credit [Member] | Loss [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Consumer [Member] | Classified [Member] | Passbook or Certificate and Other Loans [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Consumer [Member] | Classified [Member] | Passbook or Certificate and Other Loans [Member] | Loss [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 0	$ 0

XML

Loans Receivable and Allowance for Loan Losses - Information with Respect to Nonaccrual Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total nonaccrual loans	$ 2,803	$ 3,658
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total nonaccrual loans	2,619	3,412
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total nonaccrual loans	$ 184	186
Consumer [Member] | Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total nonaccrual loans		$ 60

XML

Loans Receivable and Allowance for Loan Losses - Information About Delinquencies in Loan Portfolio (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	$ 6,051	$ 6,656
Current	877,688	774,869
Total	883,739	781,525
Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	871,459	771,317
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	5,800	6,291
Current	617,919	611,403
Total	623,719	617,694
Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	109,718	56,244
Total	109,718	56,244
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	184	186
Current	137,838	97,193
Total	138,022	97,379
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	2,157	201
Total	2,157	201
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,123	10,007
Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	54	160
Current	9,420	9,177
Total	9,474	9,337
Consumer [Member] | Passbook or Certificate and Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	13	19
Current	636	651
Total	649	670
30-59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,399	2,612
30-59 Days Past Due [Member] | Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,345	2,493
30-59 Days Past Due [Member] | Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	54	100
30-59 Days Past Due [Member] | Consumer [Member] | Passbook or Certificate and Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due		19
60-89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,301	992
60-89 Days Past Due [Member] | Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,288	992
60-89 Days Past Due [Member] | Consumer [Member] | Passbook or Certificate and Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	13
90 Days Or More Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,351	3,052
90 Days Or More Past Due [Member] | Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,167	2,806
90 Days Or More Past Due [Member] | Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	$ 184	186
90 Days Or More Past Due [Member] | Consumer [Member] | Second Mortgage and Equity Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due		$ 60

XML

Loans Receivable and Allowance for Loan Losses - Impaired Loans, None of Which had Related Allowance (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total impaired loans, Recorded Investment	$ 1,766	$ 2,067	$ 1,766	$ 2,067	$ 1,616
Total impaired loans, Unpaid Principal Balance	2,110	2,263	2,110	2,263	1,832
Total impaired loans, Average Recorded Investment	1,769	2,190	1,723	2,197	2,071
Total impaired loans, Interest Income Recognized	22	47	37	73	118
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total impaired loans, Recorded Investment	1,376	1,095	1,376	1,095	1,221
Total impaired loans, Unpaid Principal Balance	1,696	1,266	1,696	1,266	1,412
Total impaired loans, Average Recorded Investment	1,378	1,092	1,330	1,043	1,091
Total impaired loans, Interest Income Recognized	18	14	28	21	41
Real Estate [Member] | Multi-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total impaired loans, Recorded Investment	194	768	194	768	197
Total impaired loans, Unpaid Principal Balance	218	793	218	793	222
Total impaired loans, Average Recorded Investment	195	772	196	775	683
Total impaired loans, Interest Income Recognized	3	12	6	27	46
Real Estate [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total impaired loans, Recorded Investment	184	192	184	192	186
Total impaired loans, Unpaid Principal Balance	184	192	184	192	186
Total impaired loans, Average Recorded Investment	184	314	185	367	285
Total impaired loans, Interest Income Recognized	1	20	3	24	30
Consumer [Member] | Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total impaired loans, Recorded Investment	12	12	12	12	12
Total impaired loans, Unpaid Principal Balance	12	12	12	12	12
Total impaired loans, Average Recorded Investment	$ 12	12	$ 12	12	12
Total impaired loans, Interest Income Recognized		$ 1		$ 1	$ 1

XML

Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings by Class (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016 Loan	Sep. 30, 2015 Loan	Sep. 30, 2016 USD ($) Loan	Sep. 30, 2015 USD ($) Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | Loan	0	0
Real Estate [Member] | One-to-Four-Family Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | Loan			2	1
Pre-restructuring Outstanding Recorded Investment | $			$ 468	$ 86
Post-restructuring Outstanding Recorded Investment | $			$ 411	$ 99

XML

Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	$ 5,079	$ 9,591
(Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	5,079	9,591
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	5,079	9,591
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	5,079	9,591
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	5,079	9,591
Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	5,079	9,591
Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association [Member] | (Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fair Value	$ 5,079	$ 9,591

XML

Fair Value - Assets Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Impaired Loan [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets measured on non-recurring basis	$ 33	$ 364
Real Estate Owned [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets measured on non-recurring basis	42
(Level 3) Significant Unobservable Inputs [Member] | Impaired Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets measured on non-recurring basis	33	$ 364
(Level 3) Significant Unobservable Inputs [Member] | Real Estate Owned [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets measured on non-recurring basis	$ 42

XML

Fair Value - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Liabilities measured at fair value on recurring or non-recurring basis	$ 0	$ 0

XML

Fair Value - Additional Quantitative Information about Assets Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - Market Valuation of Underlying Collateral [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Impaired Loan [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate	$ 33	$ 364
Selling costs	7.00%	7.00%
Impaired Loan [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Selling costs	7.00%	7.00%
Real Estate Owned [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate	$ 42
Selling costs	7.00%
Real Estate Owned [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Selling costs	7.00%

XML

Fair Value - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015
Financial assets:
Cash and cash equivalents	$ 22,758	$ 31,069	$ 17,869	$ 49,308
Securities available for sale, at fair value	5,079	9,591
Securities held to maturity, Amortized Cost	312,068	347,871
Net loans receivable	881,593	780,229
Federal Home Loan Bank of New York stock	11,425	11,665
Interest receivable	3,057	3,112
Securities held to maturity, fair value	321,888	356,320
Financial liabilities:
Deposits	772,306	694,662
FHLB advances	224,500	231,500
Interest payable	374	403
Estimated Fair Value [Member]
Financial assets:
Securities available for sale, at fair value	5,079	9,591
Cash and cash equivalents	22,758	31,069
Securities held to maturity, fair value	321,888	356,320
Net loans receivable	886,773	781,820
Federal Home Loan Bank of New York stock	11,425	11,665
Interest receivable	3,057	3,112
Financial liabilities:
Deposits	778,222	700,372
FHLB advances	227,022	234,470
Interest payable	374	403
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member]
Financial assets:
Cash and cash equivalents	22,758	31,069
(Level 2) Significant Other Observable Inputs [Member]
Financial assets:
Securities available for sale, at fair value	5,079	9,591
Securities held to maturity, fair value	321,888	356,320
Federal Home Loan Bank of New York stock	11,425	11,665
Interest receivable	3,057	3,112
Financial liabilities:
Deposits	778,222	700,372
FHLB advances	227,022	234,470
Interest payable	374	403
(Level 3) Significant Unobservable Inputs [Member]
Financial assets:
Net loans receivable	$ 886,773	$ 781,820