<PAGE> 1



                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q
(Mark One)

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

For the quarterly period ended              September 30, 2004
                                ------------------------------------------------

                                       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 Number 0-50358
                                                -------


                          CLIFTON SAVINGS BANCORP, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


          UNITED STATES                                     34-1983738
--------------------------------------------------------------------------------
(State or other jurisdiction of                          (I.R.S. Employer
  incorporation or organization)                      Identification Number)

          1433 Van Houten Avenue, Clifton, New Jersey        07015
--------------------------------------------------------------------------------
(Address of principal executive offices)                   (Zip Code)

Registrant's telephone number,           973-473-2200
 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  X     No
                                               ---


      Indicate by check mark whether the registrant is an accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act) Yes     No  X
                                                      ---

      The number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date November 1, 2004:

           $.01 par value common stock - 30,530,470 shares outstanding
                                         ----------




<PAGE> 2

<TABLE>
<CAPTION>

                          CLIFTON SAVINGS BANCORP, INC.
                                 AND SUBSIDIARY

                                      INDEX


                                                                                   Page
PART I - FINANCIAL INFORMATION                                                    Number
                                                                                -----------
  <S>                                                                              <C>
  Item 1: Financial Statements

          Consolidated Statements of Financial Condition (Unaudited)-
             at September 30, 2004 and March 31, 2004                               1

          Consolidated Statements of Income (Unaudited)- For the Three
             And Six Months Ended September 30, 2004 and 2003                       2

          Consolidated Statements of Comprehensive Income (Unaudited) - For the
             Three and Six Months Ended September 30, 2004 and 2003                 3

          Consolidated Statements of Cash Flows (Unaudited) - For the
             Six Months Ended September 30, 2004 and 2003                           4

          Notes to Consolidated Financial Statements                                5

  Item 2: Management's Discussion and Analysis of
             Financial Condition and Results of Operations                          6 - 11

  Item 3: Quantitative and Qualitative Disclosure About Market Risk                12 - 13

  Item 4: Controls and Procedures                                                  14


PART II - OTHER INFORMATION

  Item 1:  Legal Proceedings                                                       15

  Item 2:  Unregistered Sales of Equity Securities and Use of Proceeds             15

  Item 3:  Defaults Upon Senior Securities                                         15

  Item 4:  Submission of Matters to a Vote of Security Holders                     15 - 16

  Item 5:  Other Information                                                       16

  Item 6:  Exhibits                                                                16

SIGNATURES                                                                         17

</TABLE>


<PAGE> 3

<TABLE>
<CAPTION>


                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 ----------------------------------------------
                                   (Unaudited)
                                   -----------
                                                                                    September 30,         March 31,
ASSETS                                                                                  2004                2004
------                                                                           ------------------  ------------------
<S>                                                                                 <C>                 <C>
Cash and amounts due from depository institutions                                   $  7,935,526        $ 15,591,119
Interest-bearing deposits in other banks                                              34,798,723         128,065,913
Federal funds sold                                                                    10,825,000           1,000,000
                                                                                 ------------------  ------------------
         Total cash and cash equivalents                                              53,559,249         144,657,032
Securities available for sale:
      Investment                                                                      49,531,250           5,027,700
      Mortgage-backed                                                                 23,827,862             138,113
Securities held to maturity:
      Investment, estimated fair value of $110,742,000
        and $122,252,000, respectively                                               110,918,671         120,933,287
      Mortgage-backed, estimated fair value of $196,043,000
        and $206,654,000, respectively                                               196,276,995         204,788,321
Loans receivable, net                                                                321,230,525         249,458,785
Premises and equipment, net                                                            9,097,250           8,813,426
Federal Home Loan Bank stock, at cost                                                  4,370,800           3,639,400
Interest receivable                                                                    3,800,393           3,067,928
Other assets                                                                           2,049,779           1,783,941
                                                                                 ------------------  ------------------
         Total assets                                                               $774,662,774        $742,307,933
                                                                                 ==================  ==================

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

Liabilities:
      Deposits                                                                      $545,283,303        $537,002,097
      Advances from Federal Home Loan Bank of New York                                21,618,738                   -
      Advance payments by borrowers for taxes and insurance                            3,114,140           2,864,863
      Other liabilities and accrued expenses                                           2,767,276           2,534,374
                                                                                 ------------------  ------------------
         Total liabilities                                                           572,783,457         542,401,334
                                                                                 ------------------  ------------------
Stockholders' equity:
      Preferred stock; par value $.01; authorized 1,000,000
        shares; issued and outstanding - none                                                  -                   -
      Common stock; par value $.01; authorized 75,000,000
        shares; 30,530,470 shares issued and outstanding                                 305,305             305,305
      Additional paid-in capital                                                     133,866,270         133,796,416
      Retained earnings - substantially restricted                                    78,165,885          76,591,010
      Common stock acquired by Employee Stock Ownership Plan                         (10,441,421)        (10,807,787)
      Accumulated other comprehensive income -
        unrealized (loss) gain on securities available for sale                          (16,722)             21,655
                                                                                 ------------------  ------------------
         Total stockholders' equity                                                  201,879,317         199,906,599
                                                                                 ------------------  ------------------

         Total liabilities and stockholders' equity                                 $774,662,774        $742,307,933
                                                                                 ==================  ==================
</TABLE>

See notes to consolidated financial statements.

                                      - 1 -

<PAGE> 4



                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                  ---------------------------------------------
                                   (Unaudited)


<TABLE>
<CAPTION>

                                                       Three Months Ended                Six Months Ended
                                                          September 30,                    September 30,
                                                  ------------------------------  -------------------------------
Interest income:                                       2004            2003             2004            2003
                                                  --------------  --------------  ---------------  --------------
<S>                                                 <C>             <C>              <C>             <C>
     Loans                                          $ 4,039,364     $ 2,960,854      $ 7,514,211     $ 6,192,589
     Mortgage-backed securities                       2,159,142       2,052,913        4,250,552       4,022,794
     Investments securities                           1,260,814       1,145,449        2,428,792       2,310,484
     Other interest-earning assets                      107,509         110,281          269,654         281,343
                                                  --------------  --------------  ---------------  --------------
             Total interest income                    7,566,829       6,269,497       14,463,209      12,807,210
                                                  --------------  --------------  ---------------  --------------
Interest expense:
     Deposits                                         2,639,145       2,876,588        5,113,599       5,932,342
     FHLB advances                                      205,170               -          306,677               -
                                                  --------------  --------------  ---------------  --------------
             Total interest expense                   2,844,315       2,876,588        5,420,276       5,932,342
                                                  --------------  --------------  ---------------  --------------

Net interest income                                   4,722,514       3,392,909        9,042,933       6,874,868
Provision for (recovery of) loan losses                 125,000               -          200,000        (100,000)
                                                  --------------  --------------  ---------------  --------------
Net interest income after provision
     for (recovery of) loan losses                    4,597,514       3,392,909        8,842,933       6,974,868
                                                  --------------  --------------  ---------------  --------------
Non-interest income:
     Fees and service charges                            61,669          58,899          125,367         121,256
     Miscellaneous                                       11,829          13,805           26,269          27,192
                                                  --------------  --------------  ---------------  --------------
             Total non-interest income                   73,498          72,704          151,636         148,448
                                                  --------------  --------------  ---------------  --------------

Non-interest expenses:
     Salaries and employee benefits                   1,303,082         971,348        2,620,994       1,917,383
     Net occupancy expense of premises                  236,496         176,383          441,640         349,690
     Equipment                                          222,115         201,897          444,051         390,526
     Directors' compensation                            139,045         112,648          276,536         239,713
     Legal                                               (4,931)          6,713          245,365          13,598
     Advertising                                         82,700          69,165          203,168         202,387
     Federal insurance premium                           21,829          19,806           43,096          39,408
     Miscellaneous                                      419,338         312,511          789,466         568,717
                                                  --------------  --------------  ---------------  --------------

             Total non-interest expenses              2,419,674       1,870,471        5,064,316       3,721,422
                                                  --------------  --------------  ---------------  --------------

Income before income taxes                            2,251,338       1,595,142        3,930,253       3,401,894
Income taxes                                            909,000         638,000        1,597,000       1,358,000

                                                  --------------  --------------  ---------------  --------------
Net income                                          $ 1,342,338     $   957,142      $ 2,333,253     $ 2,043,894
                                                  ==============  ==============  ===============  ==============
Net income per common share:
     Basic/diluted                                       $ 0.05      N/A (1)              $ 0.08      N/A (1)
                                                  ==============  ==============  ===============  ==============
Dividends per common share                               $ 0.03      N/A (1)              $ 0.06      N/A (1)
                                                  ==============  ==============  ===============  ==============

Weighted average number of common shares and
   common stock equivalents outstanding:
     Basic/diluted                                   29,477,168      N/A (1)          29,468,009      N/A (1)
                                                  ==============  ==============  ===============  ==============
</TABLE>
        (1) Converted to stock form on March 3, 2004.



See notes to consolidated financial statements.



                                      - 2 -

<PAGE> 5


                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                 -----------------------------------------------
                                   (Unaudited)


<TABLE>
<CAPTION>

                                                               Three Months Ended                Six Months Ended
                                                                  September 30,                   September 30,
                                                          ------------------------------  -------------------------------
                                                               2004            2003             2004            2003
                                                          --------------  --------------  ---------------  --------------
<S>                                                         <C>               <C>            <C>             <C>
Net income                                                  $ 1,342,338       $ 957,142      $ 2,333,253     $ 2,043,894
                                                          --------------  --------------  ---------------  --------------

Other comprehensive (loss) income, net of income taxes:
     Gross unrealized holding (loss) on
       securities available for sale                           (646,076)         (2,307)         (63,898)        (16,268)
     Deferred income taxes                                      258,043             923           25,521           6,507
                                                          --------------  --------------  ---------------  --------------

Other comprehensive (loss)                                     (388,033)         (1,384)         (38,377)         (9,761)
                                                          --------------  --------------  ---------------  --------------

Comprehensive income                                        $   954,305       $ 955,758      $ 2,294,876     $ 2,034,133
                                                          ==============  ==============  ===============  ==============

</TABLE>




See notes to consolidated financial statements.

                                      - 3 -


<PAGE> 6

                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                  --------------------------------------------
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                      Six Months Ended September 30,
                                                                                    ----------------------------------
                                                                                          2004               2003
                                                                                    ---------------   ----------------
<S>                                                                                  <C>                  <C>
Cash flows from operating activities:
     Net income                                                                      $   2,333,253        $ 2,043,894
     Adjustments to reconcile net income to net cash provided by operating activities:
        Depreciation and amortization of premises and equipment                            304,546            200,329
        Net amortization of deferred fees, premiums and discounts                           (6,117)           158,418
        Provision for (recovery of) loan losses                                            200,000           (100,000)
        (Increase) decrease in interest receivable                                        (732,465)           193,583
        Deferred income taxes                                                             (306,711)          (185,878)
        Decrease (increase) in other assets                                                 66,394         (1,058,231)
        Increase (decrease) in accrued interest payable                                     63,404             (4,234)
        Increase (decrease) in other liabilities                                           169,498           (562,969)
        ESOP shares committed to be released                                               436,220                  -
                                                                                    ---------------   ----------------
           Net cash provided by operating activities                                     2,528,022            684,912
                                                                                    ---------------   ----------------
Cash flows from investing activities:
     Proceeds of calls, maturites and repayments of:
        Investment securities available for sale                                                 -          5,000,000
        Mortgage-backed securities available for sale                                    1,706,522             55,176
        Investment securities held to maturity                                          40,000,000         64,000,000
        Mortgage-backed securities held to maturity                                     37,925,340         48,506,550
     Purchases of:
        Investment securities available for sale                                       (45,000,000)                 -
        Mortgage-backed securities available for sale                                  (24,960,626)      (103,154,839)
        Investment securities held to maturity                                         (29,978,125)       (80,000,000)
        Mortgage-backed securities held to maturity                                    (29,758,462)                 -
        Loans receivable                                                               (19,620,332)                 -
        Premises and equipment                                                            (588,370)        (1,418,385)
        Federal Home Loan Bank of New York stock                                          (731,400)          (256,500)
     Net change in loans receivable                                                    (52,011,195)        13,772,522
                                                                                    ---------------   ----------------
           Net cash (used in) investing activities                                    (123,016,648)       (53,495,476)
                                                                                    ---------------   ----------------
Cash flows from financing activities:
     Net increase in deposits                                                            8,281,206         32,876,361
     Proceeds from borrowed funds                                                       25,000,000                  -
     Principal payments on borrowed funds                                               (3,381,262)                 -
     Dividends paid                                                                       (758,378)                 -
     Net increase (decrease) in payments by borrowers for taxes and insurance              249,277           (287,971)
                                                                                    ---------------   ----------------
           Net cash provided by financing activities                                    29,390,843         32,588,390
                                                                                    ---------------   ----------------

Net (decrease) in cash and cash equivalents                                            (91,097,783)       (20,222,174)
Cash and cash equivalents - beginning                                                  144,657,032         76,251,063
                                                                                    ---------------   ----------------
Cash and cash equivalents - ending                                                   $  53,559,249       $ 56,028,889
                                                                                    ===============   ================
Supplemental information:
     Cash paid during the period for:
        Interest on deposits and borrowings                                            $ 5,356,872       $  5,936,576
                                                                                    ===============   ================
        Income taxes                                                                   $ 1,881,469       $  2,555,000
                                                                                    ===============   ================
</TABLE>

See notes to consolidated financial statements.

                                      - 4 -

<PAGE> 7


                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------


1.   PRINCIPLES OF CONSOLIDATION
--------------------------------

The consolidated  financial  statements  include the accounts of Clifton Savings
Bancorp,  Inc. (the "Company") and its wholly owned subsidiary,  Clifton Savings
Bank,  S.L.A.  (the "Bank").  The Company's  business  consists  principally  of
investing  in  securities  and  the  operation  of  the  Bank.  All  significant
intercompany accounts and transactions have been eliminated in consolidation.



2.   BASIS OF PRESENTATION
--------------------------

The accompanying  unaudited  consolidated  financial statements were prepared in
accordance with 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,  and cash flows in conformity  with generally
accepted  accounting  principles.  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 three and six month  periods ended  September 30,
2004,  are not  necessarily  indicative of the results which may be expected for
the entire fiscal year.



3.   NET INCOME PER COMMON SHARE
--------------------------------

Basic net income per common  share is based on the  weighted  average  number of
common  shares  actually   outstanding  adjusted  for  unearned  Employee  Stock
Ownership  Plan shares.  Diluted net income per share is calculated by adjusting
the weighted average number of shares of common stock outstanding to include the
effect of contracts or securities  exercisable  or which could be converted into
common stock, if dilutive, using the treasury stock method.



                                      - 5 -
<PAGE> 8




                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                                     ITEM 2:
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------

FORWARD-LOOKING STATEMENT

This Form 10-Q may include 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,  demand 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.  Further  description of the risks and uncertainties to the business are
included  in the  Company's  other  filings  with the  Securities  and  Exchange
Commission.

CHANGES IN FINANCIAL CONDITION

The  Company's  assets at September  30, 2004,  totaled  $774.7  million,  which
represents an increase of $32.4 million or 4.4% as compared with $742.3  million
at March 31, 2004.

Cash and cash  equivalents at September 30, 2004,  totaled $53.6 million,  which
represents a decrease of $91.1 million or 63.0% as compared with $144.7  million
at March 31, 2004.  Cash and cash  equivalents  at March 31, 2004 included funds
received in our initial  public  stock  offering in March 2004.  The majority of
these funds have since been redeployed into our loan and securities  portfolios,
which increased significantly as noted below.

Securities  available for sale at September 30, 2004, increased $68.2 million or
1,320.0% to $73.4 million when compared with $5.2 million at March 31, 2004. The
increase during the six months ended September 30, 2004, resulted primarily from
$70.0  million  in  purchases  of  securities  available  for  sale,  which  was
sufficient to offset maturities,  calls and repayments totaling $1.7 million and
$64,000 in net unrealized losses. The increase in securities  available for sale
was funded by the  deployment  of cash  proceeds  from the offering and by $25.0
million in Federal Home Loan Bank of New York ("FHLB") borrowings.

Securities  held to maturity at September 30, 2004,  decreased  $18.5 million or
5.7% to $307.2  million when compared with $325.7 million at March 31, 2004. The
decrease during the six months ended September 30, 2004, resulted primarily from
$59.7 million in purchases of securities  held to maturity,  which was more than
offset by maturities, calls and repayments totaling $77.9 million.

Net loans at September  30, 2004,  increased  $71.7  million or 28.7 % to $321.2
million when compared with $249.5 million at March 31, 2004. The increase during
the six months ended  September  30, 2004,  resulted  primarily  from  continued
strong origination  volume and $19.6 million in loans purchased,  which outpaced
repayments.  The increase in loans  receivable  was funded by the  deployment of
cash proceeds from the offering.

Deposits at September 30, 2004, increased $8.3 million or 1.5% to $545.3 million
when compared with $537.0  million at March 31, 2004.  Advances from the Federal
Home Loan Bank ("FHLB") totaled $21.6 million at September 30, 2004, as compared
to no outstanding borrowings at March 31, 2004.

                                      - 6 -
<PAGE> 9


                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------


CHANGES IN FINANCIAL CONDITION (CONT'D.)

The Bank began to borrow from the FHLB as part of its  strategy to leverage  its
strong  capital  position.  In May 2004,  the Bank  borrowed  $25.0 million at a
weighted  average  interest rate of 3.39% and weighted  average  maturity of 3.4
years. During the six months ended September 30, 2004, $3.4 million in principal
has been  repaid on those  advances.  In  October  2004,  the Bank  borrowed  an
additional  $50.0  million  from  the  FHLB in  continuation  of  this  leverage
strategy.

Stockholders'  equity totaled $201.9 million and $199.9 million at September 30,
2004 and March 31, 2004, respectively.  The increase of $2.0 million for the six
months ended  September  30, 2004,  resulted  primarily  from net income of $2.3
million and $436,000 in ESOP shares  committed to be released offset by the cash
dividends paid of $758,000 and unrealized losses of $38,000 on the available for
sale securities portfolios.

COMPARISON  OF  OPERATING RESULTS FOR THE  THREE MONTHS ENDED SEPTEMBER 30, 2004
AND 2003

Net income  increased  $385,000 or 40.2% to $1.34  million for the three  months
ended  September 30, 2004  compared with $957,000 for the same 2003 period.  The
increase in net income during the 2004 period resulted from an increase in total
interest  income and a decrease in total interest  expense  partially  offset by
increases in non-interest expenses, provision for loan losses, and income taxes.

Interest  income on loans  increased by $1.08  million or 36.5% to $4.04 million
during the three  months ended  September  30, 2004,  when  compared  with $2.96
million for the same 2003 period.  The increase  during the 2004 period resulted
from an  increase  of $108.9  million or 55.1% in the  average  balance of loans
outstanding  partially offset by a seventy-two basis point decrease in the yield
earned on the loan  portfolio to 5.27% from 5.99%.  Interest on  mortgage-backed
securities  increased $106,000 or 5.2% to $2.159 million during the three months
ended  September 30, 2004,  when compared with $2.053  million for the same 2003
period.  The increase  during the 2004 period resulted from an increase of $24.6
million  or  12.0%  in  the  average  balance  of   mortgage-backed   securities
outstanding  which was  sufficient  to offset a decrease  of  twenty-four  basis
points in the yield earned on  mortgage-backed  securities  to 3.77% from 4.01%.
Interest  earned on  investment  securities  increased  by  $115,000 or 10.1% to
$1.260 million during the three months ended  September 30, 2004,  when compared
to $1.145  million  during  the same 2003  period  as a $31.5  million  or 22.5%
increase in average  balance was largely  offset by a  thirty-three  basis point
decline in yield to 2.94% from 3.27%. Interest earned on other  interest-earning
assets  decreased  by $3,000 or 2.5% to $107,000  during the three  months ended
September  30,  2004,  when  compared  to  $110,000  during the same 2003 period
primarily  due to a decrease  of  eighteen  basis  points in yield to 1.30% from
1.48%, partially offset by a $3.5 million or 11.8% increase in average balance.

Interest expense on deposits decreased $238,000 or 8.3% to $2.639 million during
the three months ended  September,  2004, when compared to $2.877 million during
the same 2003 period. Such decrease was primarily  attributable to a decrease of
twenty-six basis points in the cost of  interest-bearing  deposits to 1.97% from
2.23%,  which was  sufficient  to offset an increase of $18.7 million or 3.6% in
the average balance of interest-bearing  deposits.  Interest expense on borrowed
money totaled  $205,000  during the three months ended  September30,  2004, when
compared  with  none  during  the  same  2003  period.  In May  2004,  the  Bank
implemented its leveraging  strategy and borrowed $25.0 million from the Federal
Home Loan Bank of New York.  During the three months ended  September  30, 2004,
$3.3 million in principal was repaid on those advances.

                                      - 7 -

<PAGE> 10


                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------

COMPARISON  OF OPERATING  RESULTS FOR THE THREE MONTHS ENDED  SEPTEMBER 30, 2004
AND 2003 (CONT'D.)

Net  interest  income  increased  $1.3  million or 39.2% during the three months
ended  September,  2004, when compared with the same 2003 period.  Such increase
was due to a  decrease  in total  interest  expense  of  $33,000,  along with an
increase in total  interest  income of $1.3  million.  Average  interest-earning
assets  increased  $168.4  million  or  29.4%  while  average   interest-bearing
liabilities  increased  $42.0 million or 8.1%.  The $126.2  million  increase in
average net  interest-earning  assets was  attributable  to the  proceeds of the
Company's initial stock offering and more than offset the effect of a decline in
net interest rate spread to 2.05% from 2.15%.  The decrease in the interest rate
spread resulted from a decrease of twenty-nine  basis points in the yield earned
on  interest-earning  assets,  sufficient  to  offset a  nineteen  basis  points
decrease in the cost of interest-bearing liabilities.

During the three months ended September,  2004, the Bank provided  $125,000 as a
provision  for loan  losses as  compared  to no  provision  during the same 2003
period. The allowance for loan losses is based on management's evaluation of the
risk inherent in its loan portfolio and gives due  consideration  to the changes
in general  market  conditions  and in the nature and volume of the Bank's  loan
activity.  The Bank intends to continue to evaluate the need for a provision for
loan  losses  based on its  periodic  review of the loan  portfolio  and general
market conditions. At September 30, 2004, the Bank's non-performing loans, which
were delinquent ninety days or more,  totaled $251,000 or 0.03% of total assets,
as compared to $122,000 or 0.02% of total assets at March 31, 2004,  and $38,000
or less than  0.01% of total  assets at  September  30,  2003.  During the three
months ended September 30, 2004 and 2003, the Bank did not charge off any loans.
The  allowance  for loan losses  amounted to  $1,040,000  at September 30, 2004,
representing  0.32% of total loans and 414.3% of loans delinquent ninety days or
more, as compared to $915,000,  representing  0.32% of total loans and 663.0% of
loans delinquent  ninety days or more at June 30, 2004,  $840,000,  representing
0.33% of total loans and 688.5% of loans delinquent ninety days or more at March
31, 2004, and $840,000,  representing 0.42% of total loans and 2,210.5% of loans
delinquent ninety days or more at September 30, 2003.

Non-interest  expenses  increased by $550,000 to $2.42 million  during the three
months ended  September 30, 2004,  when  compared with $1.87 million  during the
same 2003 period.  The components of  non-interest  expenses  which  experienced
significant  change were  salaries  and  employees  benefits  and  miscellaneous
expenses, which increased $332,000 and $107,000,  respectively.  The increase in
salaries  and  employee  benefits  was largely due to the  addition of personnel
needed  to  staff  new and  expanded  branch  locations  and the  addition  of a
controller position.  The increase in miscellaneous  expenses is attributable to
the  increased  size of the  Company  and with the  additional  costs of being a
public entity.  All other elements of  non-interest  expenses  totaled  $697,000
during the three months ended September 30, 2004, as compared to $587,000 during
the same 2003 period.

Income  taxes  totaled  $909,000  and  $638,000  during the three  months  ended
September 30, 2004 and 2003,  respectively.  The increase during the 2004 period
resulted from an increase in pre-tax income.




                                      - 8 -

<PAGE> 11

                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------

COMPARISON OF OPERATING RESULTS FOR THE SIX MONTHS ENDED SEPTEMBER  30, 2004 AND
2003

Net income  increased  $289,000  or 14.1% to $2.333  million  for the six months
ended  September  30, 2004 compared with $2.04 million for the same 2003 period.
The increase in net income  during the 2004 period  resulted from an increase in
total interest income and a decrease in total interest expense  partially offset
by an increase in non-interest  expenses,  provision for loan losses, and income
taxes.

Interest  income on loans  increased by $1.32  million or 21.3% to $7.51 million
during the six months ended September 30, 2004, when compared with $6.19 million
for the same 2003 period.  The increase  during the 2004 period resulted from an
increase of $81.2 million or 40.2% in the average  balance of loans  outstanding
partially offset by an eighty-three  basis point decrease in the yield earned on
the loan portfolio to 5.30% from 6.13%.  Interest on mortgage-backed  securities
increased  $228,000  or 5.7% to  $4.25  million  during  the  six  months  ended
September  30, 2004,  when compared with $4.02 million for the same 2003 period.
The increase  during the 2004 period  resulted from an increase of $33.8 million
or 17.6% in the average balance of mortgage-backed  securities outstanding which
was  sufficient  to offset a decrease  of  forty-two  basis  points in the yield
earned on  mortgage-backed  securities to 3.78% from 4.20%.  Interest  earned on
investment securities increased by $118,000 or 5.10% to $2.43 million during the
six months ended  September 30, 2004,  when compared to $2.31 million during the
same 2003 period,  as a $30.7 million or 22.9%  increase in average  balance was
largely  offset by a fifty  basis  point  decline in yield to 2.95% from  3.45%.
Interest earned on other  interest-earning  assets decreased by $11,000 or 3.91%
to $270,000  during the six months ended  September  30, 2004,  when compared to
$281,000  during the same 2003 period  primarily due to a decrease of fifty-five
basis points in yield to 0.95% from 1.50%, which was partially offset by a $19.0
million or 50.8% increase in average balance.

Interest expense on deposits decreased $819,000 or 13.8% to $5.11 million during
the six months ended September,  2004, when compared to $5.93 million during the
same 2003 period.  Such  decrease was  primarily  attributable  to a decrease of
forty-one  basis points in the cost of  interest-bearing  deposits to 1.92% from
2.33%,  which was  sufficient  to offset an increase of $22.4 million or 4.4% in
the average balance of interest-bearing  deposits.  Interest expense on borrowed
money  totaled  $307,000  during  the six months  ended  September,  2004,  when
compared with none during the same 2003 period.  In May, the Bank borrowed $25.0
million from the Federal Home Loan Bank of New York. During the six months ended
September 30, 2004, $3.4 million in principal was repaid on those advances.

Net  interest  income  increased  $2.2 or  31.5%  during  the six  months  ended
September,  2004, when compared with the same 2003 period. Such increase was due
to an increase in total  interest  income of $1.7 million  along with a $512,000
decrease in total interest expense.  Average  interest-earning  assets increased
$164.7  million or 29.2% while average  interest-bearing  liabilities  increased
$39.3   million  or  7.7%.   The  $125.4   million   increase   in  average  net
interest-earning  assets  was  attributable  to the  proceeds  of the  Company's
initial  stock  offering  and more than  offset  the  effect of a decline in net
interest  rate spread to 1.98% from 2.20%.  The  decrease in the  interest  rate
spread resulted from a decrease of fifty-seven  basis points in the yield earned
on  interest-earning  assets,  sufficient to offset a  thirty-five  basis points
decrease in the cost of interest-bearing liabilities.


                                      - 9 -

<PAGE> 12


                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------

COMPARISON OF  OPERATING RESULTS  FOR  THE  SIX MONTHS ENDED SEPTEMBER, 2004 AND
2003 (CONT'D)

During the six months ended  September,  2004,  the Bank provided  $200,000 as a
provision  for loan losses as compared  to a $100,000  recovery  during the same
2003 period.  The allowance for loan losses is based on management's  evaluation
of the risk inherent in its loan  portfolio and gives due  consideration  to the
changes in general market  conditions and in the nature and volume of the Bank's
loan activity.  The Bank intends to continue to evaluate the need to provide for
loan  losses  based on its  periodic  review of the loan  portfolio  and general
market conditions.  During the six months ended September 30, 2004 and 2003, the
Bank did not charge off any loans.

Non-interest  income  increased $4,000 or 2.7% to $152,000 during the six months
ended September 30, 2004, from $148,000 during the same 2003 period.

Non-interest expenses increased by $1.34 million to $5.06 million during the six
months ended  September 30, 2004,  when  compared with $3.72 million  during the
same 2003 period.  The components of  non-interest  expenses  which  experienced
significant  change  were  salaries  and  employees  benefits,  legal  fees  and
miscellaneous  expenses,  which  increased  $704,000,   $231,000  and  $221,000,
respectively.  The increase in salaries and employee benefits was largely due to
the addition of personnel  needed to staff new and expanded branch locations and
the addition of a controller position.  Legal fees increased to $245,000 for the
six months ended  September  30, 2004,  as compared to $14,000 for the same 2003
period,  primarily due to litigation brought against the Bank in connection with
the  Bank's  reorganization  into  the  mutual  holding  company  structure  and
increased legal services associated with being a public company. The increase in
miscellaneous  expenses is attributable to the increased size of the Company and
with the  additional  costs of being a public  entity.  All  other  elements  of
non-interest  expenses  totaled  $1.41  million  during  the  six  months  ended
September 30, 2004, as compared to $1.22 during the same 2003 period.

Income  taxes  totaled  $1,597,000  and  $1,358,000  during the six months ended
September 30, 2004 and 2003,  respectively.  The increase during the 2004 period
resulted from an increase in pre-tax income.

LIQUIDITY AND CAPITAL RESOURCES

The Bank maintains levels of liquid assets  sufficient to ensure the Bank's safe
and sound  operation.  The Bank  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,  when applicable,  and loan
funding commitments. The Bank 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 $126.9 million or 16.4%
of total assets at September 30, 2004 as compared to $149.8  million or 20.2% of
total assets at March 31, 2004.

The Bank's liquidity,  represented by cash and cash equivalents, is a product of
its operating, investing and financing activities.

Cash was generated by operating activities during the six months ended September
30, 2004.  The primary source of cash was net income.  The Company  declared its
second cash  dividend  during the three months ended  September  30, 2004.  Such
dividend  totaled $379,000 and was paid on August 19, 2004.  Dividends  declared
totaled $758,000 during the six months ended September 30, 2004.


                                     - 10 -

<PAGE> 13


                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------

LIQUIDITY AND CAPITAL RESOURCES (CONT'D.)

The primary sources of investing activity are lending and the purchases of loans
and  securities.  Net loans  amounted to $321.2  million  and $249.5  million at
September 30 and March 31, 2004, respectively.  Securities,  including available
for sale and held to maturity issues,  totaled $380.6 million and $330.9 million
at  September 30 and March 31,  2004,  respectively.  In addition to funding new
loan  production  and  securities  purchases  through  operating  and  financing
activities,  such  activities  were funded by principal  repayments  on existing
loans and securities.

Liquidity  management  is  both a  daily  and  long-term  function  of  business
management.  Excess liquidity is generally  invested in short-term  investments,
such as federal funds and interest-bearing  deposits. If the Bank requires funds
beyond its ability to generate them internally,  borrowing agreements exist with
the FHLB which  provide an  additional  source of funds.  At September 30, 2004,
advances from the FHLB amounted to $21.6 million.

The Bank  anticipates  that it will have sufficient  funds available to meet its
current commitments. At September 30, 2004, the Bank has outstanding commitments
to originate and purchase loans,  and fund approved lines of credit  aggregating
$20.5 million. In addition, as of September 30, 2004, the Bank had $44.9 million
in commitments outstanding to purchase mortgage-backed securities.  Certificates
of  deposit  scheduled  to mature  in one year or less at  September  30,  2004,
totaled $232.3 million.  Management believes that, based upon its experience and
the Bank's  deposit flow history,  a  significant  portion of such deposits will
remain with the Bank.

Under OTS  regulations,  three separate  measurements  of capital  adequacy (the
"Capital Rule") are required. The Capital Rule requires each savings institution
to maintain  tangible  capital  equal to at least 1.5% and core capital equal to
4.0% of its  adjusted  total  assets.  The Capital Rule  further  requires  each
savings  institution  to maintain  total  capital  equal to at least 8.0% of its
risk-weighted assets

The  following  table sets forth the Bank's  capital  position at September  30,
2004, as compared to the minimum regulatory capital requirements:
<TABLE>
<CAPTION>

                                                                                                             To Be Well
                                                                                                             Capitalized
                                                                                                             Under Prompt
                                                                              Minimum Capital                 Corrective
                                                    Actual                     Requirements               Actions Provisions
                                         -----------------------------  ---------------------------   ---------------------------
                                             Amount         Ratio          Amount         Ratio          Amount         Ratio
                                         --------------  -------------  ------------   ------------   ------------   ------------
<S>                                        <C>               <C>         <C>               <C>         <C>              <C>
Total Capital
  (to risk-weighted assets)                $ 136,482         54.85%      $ 19,905          8.00%       $ 24,882         10.00%
                                         --------------  -------------  ------------   ------------   ------------   ------------

Tier 1 Capital
  (to risk-weighted assets)                  135,442         54.43%         9,953          4.00%         14,929          6.00%
                                         --------------  -------------  ------------   ------------   ------------   ------------

Core (Tier 1) Capital
  (to adjusted total assets)                 135,442         18.83%        28,769          4.00%         35,961          5.00%
                                         --------------  -------------  ------------   ------------   ------------   ------------

Tangible Capital
  (to adjusted total assets)                 134,776         18.76%        10,788          1.50%              -           -  %
                                         --------------  -------------  ------------   ------------   ------------   ------------
</TABLE>



                                     - 11 -

<PAGE> 14

                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                                     ITEM 3:
            QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
            ---------------------------------------------------------


MANAGEMENT OF INTEREST RATE RISK. The ability to maximize net interest income is
largely  dependent upon the achievement of a positive  interest rate spread that
can be sustained during fluctuations in prevailing interest rates. Interest rate
sensitivity is a measure of the difference  between amounts of  interest-earning
assets and interest-bearing  liabilities which either reprice or mature within a
given period of time.  The  difference,  or the interest rate  repricing  "gap",
provides an  indication  of the extent to which an  institution's  interest rate
spread  will be  affected  by changes in  interest  rates.  A gap is  considered
positive when the amount of interest-rate sensitive assets exceeds the amount of
interest-rate sensitive liabilities,  and is considered negative when the amount
of interest  rate  sensitive  liabilities  exceeds  the amount of  interest-rate
sensitive  assets.  Generally,  during a period  of  rising  interest  rates,  a
negative  gap within  shorter  maturities  would  adversely  affect net interest
income,  while a  positive  gap within  shorter  maturities  would  result in an
increase in net interest income,  and during a period of falling interest rates,
a negative  gap within  shorter  maturities  would  result in an increase in net
interest income while a positive gap within shorter maturities would result in a
decrease in net interest income.

Because the Bank's  interest-bearing  liabilities which mature or reprice within
short periods exceed its interest-earning  assets with similar  characteristics,
material and prolonged  increases in interest rates  generally  would  adversely
affect net interest income,  while material and prolonged  decreases in interest
rates generally would have a positive effect on net interest income.

The Bank's  current  investment  strategy is to  maintain an overall  securities
portfolio that provides a source of liquidity and that contributes to the Bank's
overall   profitability   and  asset  mix  within  given  quality  and  maturity
considerations.  Securities  classified as available for sale provide management
with the  flexibility to make  adjustments to the portfolio given changes in the
economic or interest rate environment, to fulfill unanticipated liquidity needs,
or to take advantage of alternative investment opportunities.

NET  PORTFOLIO  VALUE.  The Bank's  interest  rate  sensitivity  is monitored by
management  through the use of the OTS model which  estimates  the change in the
Bank's net portfolio value ("NPV") over a range of interest rate scenarios.  NPV
is the  present  value of  expected  cash flows from  assets,  liabilities,  and
off-balance sheet contracts. The NPV ratio, under any interest rate scenario, is
defined as the NPV in that scenario divided by the market value of assets in the
same  scenario.  The OTS produces its analysis  based upon data submitted on the
Bank's quarterly Thrift  Financial  Reports.  The following table sets forth the
Bank's  NPV as of June  30,  2004,  the most  recent  date  the  Bank's  NPV was
calculated by the OTS.



                                     - 12 -

<PAGE> 15




                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
            QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
            ---------------------------------------------------------

<TABLE>
<CAPTION>



                                                                                   NPV as
           Change in                                                        Percent of Portfolio
        Interest Rates                Net Portfolio Value                     Value of Assets
                           -------------------------------------------  -----------------------------
        In Basis Points                      Dollar         Percent        NPV          Change In
         (Rate Shock)          Amount        Change          Change       Ratio        Basis Points
       ------------------  -------------  ------------- --------------  ------------  ---------------
                                                    (Dollars in Thousands)
            <S>               <C>             <C>              <C>         <C>            <C>
              300             $ 109,878       $(42,886)        (28)%       16.39%         (474)
                           -------------  ------------- --------------  ------------  ---------------
              200               125,214        (27,549)        (18)        18.18          (295)
                           -------------  ------------- --------------  ------------  ---------------
              100               139,586        (13,178)         (9)        19.76          (137)
                           -------------  ------------- --------------  ------------  ---------------
            Static              152,764              -           -         21.13             -
                           -------------  ------------- --------------  ------------  ---------------
             -100               160,953         (8,190)          5         21.90            77
                           -------------  ------------- --------------  ------------  ---------------

</TABLE>


Certain  shortcomings are inherent in the methodology used in the above interest
rate risk  measurements.  Modeling  changes in NPV require the making of certain
assumptions  which 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 model
presented  assumes that the composition of the Bank's interest  sensitive assets
and liabilities  existing at the beginning of a period remains constant over the
period being  measured  and also  assumes  that a particular  change in interest
rates is reflected  uniformly  across the yield curve regardless of the duration
to  maturity  or  repricing  of specific  assets and  liabilities.  Accordingly,
although  the NPV  measurements  and  net  interest  income  models  provide  an
indication of the Bank's  interest  rate risk exposure at a particular  point in
time,  such  measurements  are not  intended  to and do not  provide  a  precise
forecast  of the effect of changes  in market  interest  rates on the Bank's net
interest income and will differ from actual results.




                                     - 13 -
<PAGE> 16



                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY
                                     ITEM 4:
                             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 for the purpose of ensuring that the  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.
















                                     - 14 -


<PAGE> 17


                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY

                                     PART II

ITEM 1. Legal Proceedings
        -----------------

         On May 24,  2004,  the U.S.  District  Court  (District  of New Jersey)
         "administratively  terminated" the action filed on January 14, 2004, as
         well as all additional complaints,  by Lawrence B. Seidman, a depositor
         at the Bank.  The Order of  Termination  is  without  prejudice  to the
         rights of the  parties  to reopen  the  proceedings  for good  cause to
         obtain a final determination of the litigation. The District Court took
         this action because Mr. Seidman's  concurrent  appeal of the New Jersey
         Banking and Insurance Commissioner's determinations:  (1) approving the
         Bank's  application to convert from a New Jersey state chartered mutual
         savings  association  to a capital stock savings  association;  and (2)
         denying  Mr.  Seidman's  application  to  communicate  with the  Bank's
         members,  may simplify or clarify some of the issues in this case.  The
         Bank  remains  confident  that it will  prevail  on any and all  claims
         brought by Mr. Seidman in any venue.

         The Bank  filed a claim  under its  Directors  and  Officers  liability
         coverage,  which  includes a $100,000  deductible,  to recover  certain
         costs incurred in the defense against Mr. Seidman's claims.  During the
         quarter ended  September  30, 2004,  legal fees relating to this matter
         totaling $32,000, and insurance proceeds of $142,000,  were included in
         the  consolidated  statements of income in legal fees. At September 30,
         2004,  $4,000 has been recorded as an insurance claim receivable and is
         included in other assets in the  consolidated  statements  of financial
         condition.

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

         None.

ITEM 3. Defaults Upon Senior Securities

         None.

ITEM 4. Submission of Matters to a Vote of Security Holders
        ---------------------------------------------------

         On  September 7, 2004,  the annual  meeting of  stockholders  was held.
         Frank J.  Hahofer and John Stokes  were  elected to serve as  directors
         with terms  expiring in 2007. The directors  whose terms  continued and
         the years their terms  expire are as follows:  John A.  Celentano,  Jr.
         (2005); Thomas A. Miller (2005); John H. Peto (2006);  Raymond L. Sisco
         (2006);  and Joseph C. Smith (2006).  The Company's  stockholders  also
         ratified  the  appointment  of  Radics  & Co.,  LLC  as  the  Company's
         independent public accountants for the year ending March 31, 2005.

         The following are the results of the annual meeting:



                                     - 15 -

<PAGE> 18

                  CLIFTON SAVINGS BANCORP, INC. AND SUBSIDIARY

                                     PART II

ITEM 4. Submission of Matters to a Vote of Security Holders (cont'd)
        ------------------------------------------------------------

ELECTION OF DIRECTORS.
<TABLE>
<CAPTION>

                                                                FOR                        WITHHELD
                                                      --------------------------     ------------------------
                  Nominees for                                 Number                        Number
                   Three Year
                     Terms:
 ------------------------------------------------     --------------------------     ------------------------
                <S>                                          <C>                            <C>
                Frank J. Hahofer                             24,411,751                     3,285,137
                                                      --------------------------     ------------------------
                   John Stokes                               24,285,767                     3,411,121
                                                      --------------------------     ------------------------
</TABLE>
<TABLE>
<CAPTION>

RATIFICATION OF INDEPENDENT AUDITORS.
           <S>                       <C>                          <C>
           FOR                       AGAINST                      ABSTAIN
--------------------------   -------------------------    -------------------------   -------------------------

       27,024,318                    344,292                      328,278
--------------------------   -------------------------    -------------------------   -------------------------
</TABLE>


ITEM 5. Other Information
        -----------------

         None.


ITEM 6. Exhibits
        --------
<TABLE>
<CAPTION>
        The following Exhibits are filed as part of this report.
                  <S>    <C>
                  3.1    Certificate of Incorporation of Clifton Savings Bancorp, Inc.*
                  3.2    By-Laws of Clifton Savings Bancorp, Inc.*
                  4.1    Specimen Stock Certificate of Clifton Savings Bancorp, Inc. *
                  31.1   Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-
                         Oxley Act of 2002 (filed herewith).
                  31.2   Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-
                         Oxley Act of 2002 (filed herewith).
                  32.1   Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as
                         Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed
                         herewith).
                  32.2   Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as
                         Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed
                         herewith).
                  --------------------------
</TABLE>
                           *  Incorporated  herein by  reference  to 10-K Annual
                              Report for the fiscal year ended  March 31,  2004,
                              filed with the Securities and Exchange  Commission
                              on June 29, 2004, Commission File No. 000-50358.


                                     - 16 -


<PAGE> 19



                                   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 SAVINGS BANCORP, INC.


Date: November 1, 2004             By: /s/ John A. Celentano, Jr.
                                       -----------------------------------------
                                       John A. Celentano, Jr.
                                       Chairman of the Board and Chief Executive
                                              Officer



Date: November 1, 2004             By: /s/ Christine R. Piano
                                       -----------------------------------------
                                       Christine R. Piano
                                       Chief Financial Officer and Treasurer









                                     - 17 -