BCB Bancorp, Inc., Bayonne, NJ (NASDAQ:BCBP), the holding company
for BCB Community Bank (the “Bank”), announced net income of $8.0
million for the year ended December 31, 2016, as compared with net
income of $7.0 million for the year ended December 31, 2015. Basic
and diluted earnings per share were $0.63 for the year ended
December 31, 2016, compared with $0.69 for the year ended December
31, 2015. The weighted average number of common shares outstanding
for the year ended December 31, 2016, for basic and diluted
earnings per share calculations was approximately 11,238,000 and
11,251,000, respectively. The weighted average number of common
shares outstanding for the year ended December 31, 2015, for basic
and diluted earnings per share calculations was approximately
8,853,000 and 8,875,000, respectively.
Total assets increased by $89.8 million, or
5.5%, to $1.708 billion at December 31, 2016, from $1.618 billion
at December 31, 2015. Total assets increased primarily as a
result of increases in net loans receivable, securities available
for sale and net premises and equipment, partially offset by a
decrease in total cash and cash equivalents. This net increase in
assets was funded primarily from a $118.3 million, or 9.3%,
increase in deposits. Management is focusing on maintaining
adequate liquidity in anticipation of funding loans in the loan
pipeline as well as seeking opportunities to purchase loans in the
secondary market that provide competitive returns but meet our
internal underwriting guidelines. It is our intention to grow our
assets at a measured pace consistent with our capital levels and as
business opportunities permit.
For the quarter ended December 31, 2016, net
income increased $1.5 million, or 142.2%, to $2.5 million, or
diluted earnings per share of $0.20, compared to $1.0 million, or
diluted earnings per share of $0.05, for the same quarter of the
prior year, driven primarily by a $2.0 million, or 14.4%, decrease
in non-interest expense.
Thomas Coughlin, President and Chief Executive
Officer, commented, “Our strategy to grow the bank by expanding
into new markets was accelerated in 2016 as we opened seven new
branches, which affords us exciting new business opportunities in
and around each of these communities. While there are costs
associated with the opening of new branches related to personnel
and infrastructure, we believe this investment will yield ample
rewards in terms of new and profitable business.
"In addition, in 2016 we implemented a bank-wide
cost savings initiative intended to improve our overall efficiency
ratio consistent with top performing banks. These measures have
enhanced our operational efficiency, improved the delivery channels
of our products and services and positioned the Bank for even
stronger overall performance going forward.
"Similarly, our overall loan growth is expected
to remain strong given the robust pipeline, our competitive rates
and the level of service that ultimately differentiates BCB. In
addition to growth, we continue to place emphasis on further
improving asset quality, which has yielded positive results this
quarter; our level of non-accrual loans has decreased by 33% over
this past year.
“The issuance of 2,760,000 shares of the
Company’s common stock in November 2015 strengthened our capital
position. Over the past 12 months, we have deployed that capital in
a controlled and effective manner and are now realizing higher
earnings and increased value for our shareholders.
Mr. Coughlin continued, “The Board of Directors
unanimously declared a quarterly cash dividend of $0.14 per common
share payable on February 15, 2017, with a record date of February
1, 2017. The continuation of our quarterly cash dividend reflects
the continued 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 based upon all quantitative measurements as defined by
our regulatory agencies.”
Operations for the fiscal year ended
December 31, 2016, compared with the fiscal year ended December 31,
2015
Net interest income increased by $1.5 million,
or 2.9%, to $55.1 million for the year ended December 31, 2016,
from $53.6 million for the year ended December 31, 2015. The
increase in net interest income resulted primarily from an increase
in the average balance of interest-earning assets of $219.3
million, or 15.3%, to $1.658 billion for the year ended December
31, 2016, from $1.439 billion for year ended December 31, 2015,
partly offset by a decrease in the average yield on
interest-earning assets of 38 basis points to 4.30% for the year
ended December 31, 2016, from 4.68% for the year ended December 31,
2015. The average balance of interest-bearing liabilities increased
by $189.9 million, or 15.6%, to $1.405 billion for the year ended
December 31, 2016, from $1.215 billion for the year ended December
31, 2015, and the average cost of interest-bearing liabilities
increased by 2 basis points to 1.16% for year ended December 31,
2016, from 1.14% for the year ended December 31, 2015. Net interest
margin was 3.32% for the year ended December 31, 2016, and 3.72%
for the year ended December 31, 2015.
Mr. Coughlin added, “The repayment of $55.0
million of Federal Home Loan Advances with a weighted average rate
of 4.34% in mid-2016, and the scheduled repayment of another $55.0
million with a weighted average rate of 4.45% in mid-2017,
contributes positively to our net interest margin.”
The provision for loan losses totaled $27,000
and $2.3 million for the years ended December 31, 2016 and 2015,
respectively. The provision for loan losses is established based
upon management’s review of the Company’s loans and consideration
of a variety of factors including, but not limited to: (1) the risk
characteristics of the loan portfolio; (2) current economic
conditions; (3) actual losses previously experienced; (4) the
activity and fluctuating balance of loans receivable; and (5) the
existing level of reserves for loan losses that are probable and
estimable. Management identified improvements in qualitative
factors which resulted in a lower provision requirement for the
year ended December 31, 2016.
Total non-interest income decreased by $942,000,
or 13.3%, to $6.1 million for the year ended December 31, 2016,
compared with $7.0 million for the year ended December 31, 2015.
Gains on sales of loans decreased $1.5 million to $3.3 million for
the year ended December 31, 2016, from $4.8 million for the year
ended December 31, 2015, partly offset by an increase in fees and
service charges of $1.0 million to $3.1 million for the year ended
December 31, 2016, from $2.1 million for the year ended December
31, 2015.
Total non-interest expense increased by $1.4
million, or 3.1%, to $47.9 million for the year ended December 31,
2016, from $46.5 million for the year ended December 31, 2015.
Salaries and employee benefits expense increased by $2.2 million,
or 9.6%, to $25.3 million for the year ended December 31, 2016,
from $23.1 million for the year ended December 31, 2015. This
increase in both salaries and employee benefits was mainly
attributable to an increase of 35 average full-time equivalent
employees, or 10.8%, to 365 for the year ended December 31, 2016,
from 330 for the year ended December 31, 2015. The increase in
employees relates to the addition of business development and loan
administration employees, and the openings and anticipated openings
of new branch offices in 2015 and 2016. Occupancy and equipment
expense increased by $533,000, or 7.0%, to $8.2 million for the
year ended December 31, 2016, from $7.6 million for the year ended
December 31, 2015. The increase in occupancy and equipment expense
is related primarily to the openings of new branch offices in 2015
and 2016. Data processing expense decreased by $1.6 million, or
38.7%, to $2.6 million for the year ended December 31, 2016, from
$4.2 million for the year ended December 31, 2015. The decrease in
data processing expense was primarily related to efficiencies
achieved with the conversion to a new core system. Professional
fees increased by $511,000, or 39.6%, to $1.8 million for the year
ended December 31, 2016, from $1.3 million for the year ended
December 31, 2015. Director fees increased by $142,000, or 26.9%,
to $670,000 for the year ended December 31, 2016, from $528,000 for
the year ended December 31, 2015. Regulatory assessments increased
by $350,000, or 28.7%, to $1.6 million for the year ended December
31, 2016, from $1.2 million for the year ended December 31, 2015,
primarily related to asset growth. Advertising expense decreased by
$616,000, or 27.8%, to $1.6 million for the year ended December 31,
2016, from $2.2 million for the year ended December 31, 2015. Net
other real estate owned (“OREO”) expense decreased by $353,000, or
61.5%, to $221,000 for the year ended December 31, 2016, from
$574,000 for the year ended December 31, 2015. Other non-interest
expense increased by $306,000, or 5.4%, to $6.0 million for the
year ended December 31, 2016, from $5.7 million for the year ended
December 31, 2015. Other non-interest expense comprises loan
expense, stationary, forms and printing, check printing,
correspondent bank fees, telephone and communication and other fees
and expenses.
The income tax provision increased by $444,000,
or 9.2%, to $5.3 million for the year ended December 31, 2016, from
$4.8 million for the year ended December 31, 2015. The increase in
the income tax provision was a result of higher taxable income
during the year ended December 31, 2016, as compared to the year
ended December 31, 2015. The consolidated effective tax rate for
the year ended December 31, 2016, was 39.7% compared to 40.7% for
the year ended December 31, 2015.
Operations for the quarter ended
December 31, 2016, compared with the quarter ended December 31,
2015
Net interest income increased by $721,000, or
5.3%, to $14.4 million for the quarter ended December 31, 2016,
from $13.7 million for the quarter ended December 31, 2015.
The provision for loan losses totaled $102,000
and $360,000 for the quarters ended December 31, 2016, and 2015,
respectively.
Total non-interest income decreased by $676,000,
or 32.1% to $1.4 million for the quarter ended December 31, 2016,
compared with 2.1 million for the quarter ended December 31,
2015.
Total non-interest expense decreased by $2.0
million, or 14.4%, to $11.6 million for the quarter ended December
31, 2016, from $13.6 million for the quarter ended December 31,
2015.
The income tax provision increased by $815,000,
or 102.4%, to $1.6 million for the quarter ended December 31, 2016,
from $800,000 for the quarter ended December 31, 2015.
Financial Condition
Total assets increased by $89.8 million, or
5.5%, to $1.708 billion at December 31, 2016, from $1.618 billion
at December 31, 2015. Total assets increased primarily as a
result of increases in net loans receivable, securities available
for sale and net premises and equipment, partially offset by a
decrease in total cash and cash equivalents.
Total cash and cash equivalents decreased by
$67.6 million, or 51.0%, to $65.0 million at December 31,
2016, from $132.6 million at December 31, 2015.
Net loans receivable increased by $65.0 million,
or 4.6%, to $1.485 billion at December 31, 2016, from $1.420
billion at December 31, 2015. The increase resulted primarily
from a $62.0 million increase in real estate mortgages comprising
commercial and multi-family, construction and participation loans
with other financial institutions along with commercial lines of
credit, an increase of $13.6 million in residential real estate
loans and an $833,000 decrease in the allowance for loan losses,
partially offset by a decrease of $6.9 million in commercial
business loans and a $3.9 million decrease in home equity and home
equity lines of credit. As of December 31, 2016, the allowance
for loan losses was $17.2 million, or 110.0%, of non-performing
loans and 1.14% of gross loans, as compared to $18.0 million, or
77.0%, of non-performing loans and 1.25% of gross loans at December
31, 2015. As a result of the loans acquired in the business
combination transactions being recorded at their fair value, the
balances in the allowance for loan losses that were on the balance
sheets of the former Pamrapo Bancorp, Inc., and Allegiance
Community Bank are precluded from being reported in the allowance
balance previously discussed, consistent with generally accepted
accounting principles.
Deposit liabilities increased by $118.3 million,
or 9.3%, to $1.392 billion at December 31, 2016, from $1.274
billion at December 31, 2015. The increase resulted primarily
from an increase of $77.6 million in interest-bearing demand
accounts, a $32.2 million increase in non-interest bearing
deposits, and an increase of $70.7 million in money market interest
bearing deposits, partly offset by a decrease of $70.1 million in
certificates of deposit. Recognizing this shift in the mix of our
deposits, the attraction and retention of non-interest-bearing
commercial deposits, and longer dated maturity deposits remains a
focus of our retail deposit gathering philosophy. During 2016, the
Federal Open Market Committee (FOMC) has continued its
accommodative monetary policy. This extended environment of
historically low short term market rates has resulted in continuing
parallel low retail deposit account yields, directly decreasing
interest expense.
Short-term borrowings increased to $20.0 million
at December 31, 2016, from $0 at December 31, 2015. Long-term
borrowings decreased by $45.0 million, or 22.5%, to $155.0 million
at December 31, 2016, from $200.0 million at December 31, 2015. The
purpose of the borrowings reflected the use of long-term and
short-term FHLB advances to augment deposits as the Company’s
funding source for originating loans and investing in GSE
investment securities.
|
BCB BANCORP INC., AND SUBSIDIARIES |
|
Financial condition data by
quarter |
|
Q4 2016 |
|
Q3 2016 |
|
Q2 2016 |
|
Q1 2016 |
|
Q4 2015 |
|
|
|
|
|
|
|
|
|
|
|
(In Thousands) |
Total assets |
$ |
1,708,208 |
|
|
$ |
1,678,936 |
|
|
$ |
1,738,343 |
|
|
$ |
1,706,148 |
|
|
$ |
1,618,406 |
|
Cash and cash
equivalents |
|
65,038 |
|
|
|
137,707 |
|
|
|
235,774 |
|
|
|
210,196 |
|
|
|
132,635 |
|
Securities available
for sale |
|
94,765 |
|
|
|
52,907 |
|
|
|
18,365 |
|
|
|
9,639 |
|
|
|
9,623 |
|
Loans receivable,
net |
|
1,485,159 |
|
|
|
1,431,211 |
|
|
|
1,424,891 |
|
|
|
1,429,549 |
|
|
|
1,420,118 |
|
Deposits |
|
1,392,205 |
|
|
|
1,380,385 |
|
|
|
1,394,305 |
|
|
|
1,350,420 |
|
|
|
1,273,929 |
|
Borrowings |
|
175,000 |
|
|
|
155,000 |
|
|
|
200,000 |
|
|
|
210,000 |
|
|
|
204,124 |
|
Stockholders’
equity |
|
131,081 |
|
|
|
132,299 |
|
|
|
132,306 |
|
|
|
132,311 |
|
|
|
133,544 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating data by quarter |
|
Q4 2016 |
|
Q3 2016 |
|
Q2 2016 |
|
Q1 2016 |
|
Q4 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except for per share
amounts) |
|
|
Net interest
income |
$ |
14,402 |
|
|
$ |
13,597 |
|
|
$ |
13,363 |
|
|
$ |
13,698 |
|
|
$ |
13,681 |
|
Provision for loan
losses |
|
102 |
|
|
|
(301 |
) |
|
|
37 |
|
|
|
189 |
|
|
|
360 |
|
Non-interest
income |
|
1,433 |
|
|
|
1,530 |
|
|
|
1,506 |
|
|
|
1,654 |
|
|
|
2,109 |
|
Non-interest
expense |
|
11,649 |
|
|
|
12,343 |
|
|
|
12,166 |
|
|
|
11,737 |
|
|
|
13,613 |
|
Income tax expense |
|
1,611 |
|
|
|
1,171 |
|
|
|
1,085 |
|
|
|
1,391 |
|
|
|
796 |
|
Net income |
$ |
2,473 |
|
|
$ |
1,914 |
|
|
$ |
1,581 |
|
|
$ |
2,035 |
|
|
$ |
1,021 |
|
Net income per
share: |
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.12 |
|
|
$ |
0.16 |
|
|
$ |
0.05 |
|
Common Dividends
declared per share |
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial Ratios by quarter |
|
Q4 2016 |
|
Q3 2016 |
|
Q2 2016 |
|
Q1 2016 |
|
Q4 2015 |
Return on average
assets |
|
0.15 |
% |
|
|
0.11 |
% |
|
|
0.09 |
% |
|
|
0.12 |
% |
|
|
0.06 |
% |
Return on average
stockholder’s equity |
|
1.91 |
% |
|
|
1.46 |
% |
|
|
1.20 |
% |
|
|
1.54 |
% |
|
|
0.86 |
% |
Net interest
margin |
|
3.48 |
% |
|
|
3.22 |
% |
|
|
3.19 |
% |
|
|
3.37 |
% |
|
|
3.52 |
% |
Stockholder’s equity to
total assets |
|
7.67 |
% |
|
|
7.88 |
% |
|
|
7.61 |
% |
|
|
7.75 |
% |
|
|
8.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios by
quarter(In Thousands, except for ratio
%) |
|
Q4 2016 |
|
Q3 2016 |
|
Q2 2016 |
|
Q1 2016 |
|
Q4 2015 |
Non-Accrual Loans |
$ |
15,652 |
|
|
$ |
19,345 |
|
|
$ |
21,067 |
|
|
$ |
23,958 |
|
|
$ |
23,447 |
|
Non-Accrual Loans as a
% of Total Loans |
|
1.04 |
% |
|
|
1.33 |
% |
|
|
1.45 |
% |
|
|
1.65 |
% |
|
|
1.63 |
% |
ALLL as % of
Non-Accrual Loans |
|
109.95 |
% |
|
|
90.93 |
% |
|
|
87.05 |
% |
|
|
75.83 |
% |
|
|
76.95 |
% |
Impaired Loans |
|
45,419 |
|
|
|
48,547 |
|
|
|
49,349 |
|
|
|
52,146 |
|
|
|
51,084 |
|
Classified Loans |
|
48,231 |
|
|
|
59,440 |
|
|
|
51,249 |
|
|
|
49,102 |
|
|
|
53,766 |
|
BCB Community Bank presently operates 22
branches in Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield,
Holmdel, Jersey City, Lodi, Lyndhurst, Monroe Township, Rutherford,
South Orange, Union, and Woodbridge, New Jersey, and two branches
in Staten Island, New York.
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.
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 |
|
|
|
December 31, |
|
2016 |
|
|
2015 |
|
|
(In Thousands, Except Share and Per Share
Data) |
ASSETS |
|
|
|
|
|
Cash and amounts due
from depository institutions |
$ |
12,121 |
|
|
$ |
11,808 |
|
Interest-earning
deposits |
|
52,917 |
|
|
|
120,827 |
|
Total
cash and cash equivalents |
|
65,038 |
|
|
|
132,635 |
|
|
|
|
|
|
|
Interest-earning time
deposits |
|
980 |
|
|
|
1,238 |
|
Securities available
for sale |
|
94,765 |
|
|
|
9,623 |
|
Loans held for
sale |
|
4,153 |
|
|
|
1,983 |
|
Loans receivable, net
of allowance for loan losses of $17,309 and $18,042,
respectively |
|
1,485,159 |
|
|
|
1,420,118 |
|
Federal Home Loan Bank
of New York stock, at cost |
|
9,306 |
|
|
|
10,711 |
|
Premises and equipment,
net |
|
19,382 |
|
|
|
15,727 |
|
Accrued interest
receivable |
|
5,573 |
|
|
|
5,595 |
|
Other real estate
owned |
|
3,525 |
|
|
|
1,564 |
|
Deferred income
taxes |
|
9,953 |
|
|
|
9,881 |
|
Other assets |
|
10,374 |
|
|
|
9,331 |
|
Total Assets |
$ |
1,708,208 |
|
|
$ |
1,618,406 |
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-interest bearing
deposits |
$ |
158,523 |
|
|
$ |
130,920 |
|
Interest bearing
deposits |
|
1,233,682 |
|
|
|
1,143,009 |
|
Total
deposits |
|
1,392,205 |
|
|
|
1,273,929 |
|
Short-term debt |
|
20,000 |
|
|
|
- |
|
Long-term debt |
|
155,000 |
|
|
|
200,000 |
|
Subordinated
debentures |
|
4,124 |
|
|
|
4,124 |
|
Other liabilities |
|
5,798 |
|
|
|
6,809 |
|
Total Liabilities |
|
1,577,127 |
|
|
|
1,484,862 |
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
Preferred stock: $0.01
par value, 10,000,000 shares authorized, issued and outstanding
1,560 shares of series A, B and C 6% noncumulative perpetual
preferred stock (liquidation value $10,000 per share) at December
31, 2016 and 1,731 shares of Series A and B 6% noncumulative
perpetual preferred stock at December 31, 2015 |
|
- |
|
|
|
- |
|
Additional paid-in
capital preferred stock |
|
15,464 |
|
|
|
17,174 |
|
Common stock; no par
value; 20,000,000 shares authorized, issued 13,797,088 and
13,738,587 at December 31, 2016 and 2015, respectively, 11,267,225
and 11,209,324 shares, respectively outstanding |
|
- |
|
|
|
- |
|
Additional paid-in
capital common stock |
|
120,417 |
|
|
|
119,682 |
|
Retained earnings |
|
28,159 |
|
|
|
27,382 |
|
Accumulated other
comprehensive (loss) |
|
(3,856 |
) |
|
|
(1,598 |
) |
Treasury stock, at
cost, 2,529,863 and 2,529,263, respectively |
|
(29,103 |
) |
|
|
(29,096 |
) |
Total Stockholders' Equity |
|
131,081 |
|
|
|
133,544 |
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
1,708,208 |
|
|
$ |
1,618,406 |
|
BCB BANCORP INC. AND SUBSIDIARIES |
Consolidated Statements of Income |
|
|
Years Ended December 31, |
|
|
2016 |
|
|
|
|
2015 |
|
|
|
2014 |
|
|
(In Thousands, Except for Per Share
Data) |
Interest
income: |
|
|
|
|
|
|
|
|
|
|
Loans,
including fees |
$ |
69,406 |
|
|
|
$ |
66,628 |
|
|
$ |
57,858 |
|
Investments, taxable |
|
1,198 |
|
|
|
|
651 |
|
|
|
2,254 |
|
Investments, non-taxable |
|
19 |
|
|
|
|
- |
|
|
|
28 |
|
Other
interest-earning assets |
|
732 |
|
|
|
|
101 |
|
|
|
55 |
|
Total interest income |
|
71,355 |
|
|
|
|
67,380 |
|
|
|
60,195 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand |
|
2,090 |
|
|
|
|
923 |
|
|
|
507 |
|
Savings
and club |
|
379 |
|
|
|
|
403 |
|
|
|
406 |
|
Certificates of deposit |
|
8,092 |
|
|
|
|
6,084 |
|
|
|
4,287 |
|
|
|
10,561 |
|
|
|
|
7,410 |
|
|
|
5,200 |
|
Borrowings |
|
5,734 |
|
|
|
|
6,459 |
|
|
|
5,107 |
|
Total interest expense |
|
16,295 |
|
|
|
|
13,869 |
|
|
|
10,307 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
55,060 |
|
|
|
|
53,511 |
|
|
|
49,888 |
|
Provision for loan
losses |
|
27 |
|
|
|
|
2,280 |
|
|
|
2,800 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income, after provision for loan losses |
|
55,033 |
|
|
|
|
51,231 |
|
|
|
47,088 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income: |
|
|
|
|
|
|
|
|
|
|
Fees and
service charges |
|
3,076 |
|
|
|
|
2,061 |
|
|
|
2,188 |
|
Gain on
sales of loans and other real estate owned |
|
3,326 |
|
|
|
|
4,873 |
|
|
|
2,179 |
|
Loss on
bulk sale of impaired loans held in portfolio |
|
(373 |
) |
|
|
|
- |
|
|
|
(4,012 |
) |
Gain on
sale of securities held to maturity |
|
- |
|
|
|
|
- |
|
|
|
2,288 |
|
Gain on
sale of securities available for sale |
|
- |
|
|
|
|
- |
|
|
|
1,223 |
|
Other |
|
94 |
|
|
|
|
131 |
|
|
|
92 |
|
Total non-interest income |
|
6,123 |
|
|
|
|
7,065 |
|
|
|
3,958 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense: |
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
25,277 |
|
|
|
|
23,068 |
|
|
|
20,145 |
|
Occupancy
and Equipment |
|
8,168 |
|
|
|
|
7,635 |
|
|
|
5,708 |
|
Data
processing service fees |
|
2,599 |
|
|
|
|
4,238 |
|
|
|
4,062 |
|
Professional fees |
|
1,802 |
|
|
|
|
1,291 |
|
|
|
2,121 |
|
Director
fees |
|
670 |
|
|
|
|
528 |
|
|
|
727 |
|
Regulatory assessments |
|
1,568 |
|
|
|
|
1,218 |
|
|
|
1,142 |
|
Advertising |
|
1,601 |
|
|
|
|
2,217 |
|
|
|
1,033 |
|
Other
real estate owned, net |
|
221 |
|
|
|
|
574 |
|
|
|
80 |
|
Other |
|
5,989 |
|
|
|
|
5,683 |
|
|
|
3,391 |
|
Total non-interest expense |
|
47,895 |
|
|
|
|
46,452 |
|
|
|
38,409 |
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax provision |
|
13,261 |
|
|
|
|
11,844 |
|
|
|
12,637 |
|
Income tax
provision |
|
5,258 |
|
|
|
|
4,814 |
|
|
|
5,047 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
8,003 |
|
|
|
$ |
7,030 |
|
|
$ |
7,590 |
|
Preferred stock
dividends |
|
936 |
|
|
|
|
917 |
|
|
|
800 |
|
Net Income
available to common stockholders |
$ |
7,067 |
|
|
|
$ |
6,113 |
|
|
$ |
6,790 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per
common share-basic and diluted |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.63 |
|
|
|
$ |
0.69 |
|
|
$ |
0.81 |
|
Diluted |
$ |
0.63 |
|
|
|
$ |
0.69 |
|
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding |
|
|
|
|
|
|
|
|
|
|
Basic |
|
11,238 |
|
|
|
|
8,853 |
|
|
|
8,397 |
|
Diluted |
|
11,251 |
|
|
|
|
8,875 |
|
|
|
8,401 |
|
Contact
Thomas Keating, Senior Vice President and Chief Financial Officer – 201.823.0700
or
Thomas Coughlin, President and Chief Executive Officer – 201.823.0700
BCB Bancorp (NASDAQ:BCBP)
Historical Stock Chart
From Mar 2024 to Apr 2024
BCB Bancorp (NASDAQ:BCBP)
Historical Stock Chart
From Apr 2023 to Apr 2024