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Deal Overview

Buyer:
Kearny Financial Corp.
Actual Acquirer:
Kearny Financial Corp.
Target:
Clifton Bancorp Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/1/2017
Announcement Date:
11/1/2017
Announced Deal Value ($ M):
401.85
Status:
Completed
Completion Date:
4/2/2018
Announced Deal Value Per Share ($ )
17.92

Consideration Breakout
Common Stock ($M) 342.2
Common Stock Issued 25,438,040

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 138.3 120.3
Price / Tangible Book (%) 138.3 120.3
Price / Earnings (x) 59.8 NM
Price / Deposits (%) 43.94 37.20
Price / Assets (%) 25.85 20.84
Tangible Book Premium/ Deposits (%) 18.81 10.04
Deal Terms
Description of Consideration

Kearny Financial Corp. exchanged 1.191 shares of its common stock for each of the outstanding share of Clifton Bancorp Inc.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 102,304
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 8,200
Est. Restructuring Charges ($ 000) 17,000
Maximum Termination Fee ($ 000) 15,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.191000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 6,367
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Kilpatrick Townsend & Stockton