BCB Bancorp, Inc., Bayonne, NJ (NASDAQ:BCBP) announced net
income of $2.2 million for the three months ended March 31, 2014 as
compared to $2.4 million for the three months ended March 31, 2013.
Basic and diluted earnings per share were $0.24 for the three
months ended March 31, 2014 compared with $0.27 for the three
months ended March 31, 2013. The weighted average number of common
shares outstanding for the three months ended March 31, 2014 for
basic and diluted earnings per share calculations was 8,340,000 and
8,342,000, respectively. The weighted average number of common
shares outstanding for the three months ended March 31, 2013 for
basic and diluted earnings per share calculations was 8,492,000 and
8,494,000, respectively.
Total assets increased by $36.5 million or 3.0% to $1.244
billion at March 31, 2014 from $1.208 billion at December 31, 2013.
Total cash and cash equivalents decreased by $2.6 million or 8.8%
to $27.2 million at March 31, 2014 from $29.8 million at December
31, 2013. Investment securities classified as held-to-maturity
decreased by $3.5 million or 3.1% to $110.7 million at March 31,
2014 from $114.2 million at December 31, 2013. Loans receivable,
net increased by $40.5 million or 4.0% to $1.061 billion at March
31, 2014 from $1.020 billion at December 31, 2013. Deposit
liabilities increased by $23.3 million or 2.4% to $992.0 million at
March 31, 2014 from $969.0 million at December 31, 2013. The
Company had $30.0 million in short term borrowings at March 31,
2014 compared with $18.0 million at December 31, 2013. Long-term
borrowed money remained constant at $110.0 million at March 31,
2014 and December 31, 2013. Stockholders’ equity increased by $2.1
million or 2.1% to $102.1 million at March 31, 2014 from $100.0
million at December 31, 2013.
Net income decreased by $175,000 or 7.3% to $2.2 million for the
three months ended March 31, 2014 compared with net income of $2.4
million for three months ended March 31, 2013. The decrease in net
income was primarily due to an increase in non-interest expenses,
partially offset by increases in net interest income, a decrease in
the provision for loan losses, an increase in non-interest income
and a decrease in the income tax provision.
Net interest income increased by $647,000 or 5.7% to $12.1
million for the three months ended March 31, 2014 from $11.4
million for the three months ended March 31, 2013. The increase in
net interest income resulted primarily from an increase in the
average balance of interest earning assets of $65.5 million or 5.8%
to $1.198 billion for the three months ended March 31, 2014 from
$1.132 billion for the three months ended March 31, 2013, partially
offset by a nine basis point decrease in the average yield on
interest earning assets to 4.88% for the three months ended March
31, 2014 from 4.97% for the three months ended March 31, 2013. The
average balance of interest bearing liabilities increased by $26.4
million or 2.7% to $994.0 million for the three months ended March
31, 2014 from $967.6 million for the three months ended March 31,
2013, while the average cost of interest bearing liabilities
decreased by seven basis points to 1.03% for the three months ended
March 31, 2014 from 1.10% for the three months ended March 31,
2013.
Total non-interest income increased by $516,000 or 65.8% to $1.3
million for the three months ended March 31, 2014 from $784,000 for
the three months ended March 31, 2013. The increase in non-interest
income primarily reflects an increase in gain on sale of loans
originated for sale, partially offset by a decrease in gain on sale
of securities held to maturity.
Total non-interest expense increased by $1.65 million or 23.9%
to $8.6 million for the three months ended March 31, 2014 from $6.9
million for the three months ended March 31, 2013. Expense
increases were incurred in certain areas of the income statement
which included salaries and benefits, occupancy expense, equipment,
advertising, REO expense and other non-interest expense.
Donald Mindiak, Chief Executive Officer, commented, “The
successful capital raises that we have engaged in over the last
several years has provided us the capacity to leverage that capital
and grow our balance sheet with increased levels of interest
earning assets. As a result of the aforementioned, net loan
balances increased by $129.7 million or 13.9% to $1.06 billion at
March 31, 2014 as compared to $930.3 million at March 31, 2013. As
a result of this increase in net loans, interest income on loans
increased by $689,000 or 5.3% to $13.68 million for the three
months ended March 31, 2014 from $12.99 million for the three
months ended March 31, 2013. This increase in interest income,
coupled with a decrease of $103,000 or 3.9% in interest expense
resulted in a net interest spread of 3.85% and a net interest
margin of 4.03% at March 31, 2014.
Mr. Mindiak continued, “The Board of Directors unanimously
declared a quarterly cash dividend of $0.14/common share payable on
Monday, May 19, 2014, with a record date of May 7, 2014, an
increase of $0.02/common share or 16.7% as compared to our prior
quarter’s amount. The increase of our quarterly cash dividend is a
testament to the prospective confidence our Board has in our
ability to deliver value and a competitive return to our
shareholders while maintaining our standing as a well capitalized
financial institution predicated upon all quantitative measurements
promulgated by our regulatory agencies. We remain diligent in our
exploration of corporate initiatives that we believe provide the
opportunity for growth in both franchise and shareholder
value.”
BCB Community Bank presently operates ten full service offices
in Bayonne, Hoboken, Jersey City, Monroe Township and South Orange
and an office of the Bank of Woodbridge, a division of BCB
Community Bank, in Woodbridge, New Jersey.
Questions regarding the content of this release should be
directed to either Donald Mindiak, Chief Executive Officer or
Thomas Coughlin, President & Chief Operating Officer at (201)
823-0700.
Forward-looking Statements and Associated Risk
Factors
This release, like many written and oral communications
presented by BCB Bancorp, Inc., and our authorized officers, may
contain certain forward-looking statements regarding our
prospective performance and strategies within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. We intend
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, and are including this
statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain
assumptions and describe future plans, strategies, and expectations
of the Company, are generally identified by use of words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,”
“project,” “seek,” “strive,” “try,” or future or conditional verbs
such as “could,” “may,” “should,” “will,” “would,” or similar
expressions. Our ability to predict results or the actual effects
of our plans or strategies is inherently uncertain. Accordingly,
actual results may differ materially from anticipated results.
There are a number of factors, many of which are beyond our
control, that could cause actual conditions, events, or results to
differ significantly from those described in our forward-looking
statements. These factors include, but are not limited to: general
economic conditions and trends, either nationally or in some or all
of the areas in which we and our customers conduct our respective
businesses; conditions in the securities markets or the banking
industry; changes in interest rates, which may affect our net
income, prepayment penalties and other future cash flows, or the
market value of our assets; changes in deposit flows, and in the
demand for deposit, loan, and investment products and other
financial services in the markets we serve; changes in the
financial or operating performance of our customers’ businesses;
changes in real estate values, which could impact the quality of
the assets securing the loans in our portfolio; changes in the
quality or composition of our loan or investment portfolios;
changes in competitive pressures among financial institutions or
from non-financial institutions; changes in our customer base;
potential exposure to unknown or contingent liabilities of
companies targeted for acquisition; our ability to retain key
members of management; our timely development of new lines of
business and competitive products or services in a changing
environment, and the acceptance of such products or services by our
customers; any interruption or breach of security resulting in
failures or disruptions in customer account management, general
ledger, deposit, loan or other systems; any interruption in
customer service due to circumstances beyond our control; the
outcome of pending or threatened litigation, or of other matters
before regulatory agencies, or of matters resulting from regulatory
exams, whether currently existing or commencing in the future;
environmental conditions that exist or may exist on properties
owned by, leased by, or mortgaged to the Company; changes in
estimates of future reserve requirements based upon the periodic
review thereof under relevant regulatory and accounting
requirements; changes in legislation, regulation, and policies,
including, but not limited to, those pertaining to banking,
securities, tax, environmental protection, and insurance, and the
ability to comply with such changes in a timely manner; changes in
accounting principles, policies, practices, or guidelines;
operational issues stemming from, and/or capital spending
necessitated by, the potential need to adapt to industry changes in
information technology systems, on which we are highly dependent;
the ability to keep pace with, and implement on a timely basis,
technological changes; changes in the monetary and fiscal policies
of the U.S. Government, including policies of the U.S. Treasury and
the Federal Reserve Board; war or terrorist activities; and other
economic, competitive, governmental, regulatory, and geopolitical
factors affecting our operations, pricing and services.
It also should be noted that the Company occasionally evaluates
opportunities to expand through acquisition and may conduct due
diligence activities in connection with such opportunities. As a
result, acquisition discussions and, in some cases, negotiations,
may take place in the future, and acquisitions involving cash,
debt, or equity securities may occur. Furthermore, the timing and
occurrence or non-occurrence of these events may be subject to
circumstances beyond the Company’s control.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Except as required by applicable law or regulation, the
Company undertakes no obligation to update these forward-looking
statements to reflect events or circumstances that occur after the
date on which such statements were made.
BCB BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Financial
Condition
(In Thousands, Except Share and Per Share
Data, Unaudited)
March 31, December 31,
2014 2013
ASSETS Cash and amounts due from depository institutions
$ 10,071 $ 10,847 Interest-earning deposits
17,158 18,997 Total cash and cash equivalents
27,229 29,844 Interest-earning time deposits
990 990 Securities available for sale
1,316 1,104
Securities held to maturity, fair value $112,457 and $115,158,
respectively
110,732 114,216 Loans held for sale
2,289 1,663 Loans receivable, net of allowance for loan
losses of $14,646 and $14,342, respectively
1,060,855
1,020,344 Federal Home Loan Bank of New York stock, at cost
8,380 7,840 Premises and equipment, net
13,615 13,853
Accrued interest receivable
4,102 4,157 Other real estate
owned
2,745 2,227 Deferred income taxes
9,855 9,942
Other assets
2,385 1,779
Total Assets
$ 1,244,493 $ 1,207,959
LIABILITIES AND
STOCKHOLDERS' EQUITY LIABILITIES Non-interest bearing
deposits
$ 118,957 $ 107,613 Interest bearing
deposits
873,048 861,057 Total deposits
992,005 968,670 Short-term Debt
30,000 18,000
Long-term Debt
110,000 110,000 Subordinated Debentures
4,124 4,124 Other Liabilities
6,239
7,105
Total Liabilities 1,142,368
1,107,899
STOCKHOLDERS' EQUITY Preferred stock: $0.01
par value, 10,000,000 shares authorized, issued and outstanding
1,343 shares of series A and B 6% noncumulative perpetual preferred
stock (liquidation preference value $10,000 per share, liquidation
value $13,430,000)
- - Additional paid-in capital preferred
stock
13,326 12,556 Common stock; $0.064 stated value;
20,000,000 shares authorized, 10,873,087 and 10,861,129 shares,
respectively, issued; 8,343,432 shares and 8,331,750 shares,
respectively, outstanding
695 694 Additional paid-in capital
common stock
92,197 92,064 Retained earnings
24,751
23,710 Accumulated other comprehensive income
255 129
Treasury stock, at cost, 2,529,655 and 2,529,379 shares,
respectively
(29,099) (29,093)
Total
Stockholders' Equity 102,125 100,060
Total Liabilities and Stockholders' Equity $
1,244,493 $ 1,207,959
BCB BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In Thousands, except for per share
amounts, Unaudited)
Three Months Ended March 31,
2014 2013
Interest income: Loans,
including fees
$ 13,681 $ 12,992 Investments, taxable
915 1,062 Investments, non-taxable
12 12 Other
interest-earning assets
13 11
Total
interest income 14,621 14,077
Interest expense: Deposits: Demand
121 103 Savings
and club
91 86 Certificates of deposit
1,092
1,248
1,304 1,437 Borrowed money
1,253
1,223
Total interest expense 2,557
2,660
Net interest income 12,064 11,417
Provision for loan losses
1,000 1,200
Net interest income after provision for loan losses
11,064 10,217
Non-interest income: Fees
and service charges
504 424 Gain on sales of loans
originated for sale
777 119 Gain on sale of securities held
to maturity
- 224 Other
19 17
Total
non-interest income 1,300 784
Non-interest expense: Salaries and employee benefits
4,461 3,466 Occupancy expense of premises
980 812
Equipment
1,357 1,166 Professional fees
490 459
Director fees
168 168 Regulatory assessments
252 265
Advertising
174 102 Other real estate owned, net
8
(84) Other
666 550
Total non-interest
expense 8,556 6,904
Income
before income tax provision 3,808 4,097 Income tax
provision
1,573 1,687
Net Income
$ 2,235 $ 2,410 Preferred stock dividends
193 130
Net Income available to common
stockholders $ 2,042 $ 2,280
Net Income
per common share-basic and diluted Basic
$ 0.24 $
0.27 Diluted
$ 0.24 $ 0.27
Weighted average
number of common shares outstanding Basic
8,340
8,492 Diluted
8,342 8,494
BCB Bancorp, Inc.Donald Mindiak, Chief Executive OfficerorThomas
Coughlin, President & Chief Operating Officer201-823-0700
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