BCB Bancorp, Inc., Bayonne, NJ (NASDAQ:BCBP), the holding company
for BCB Community Bank (the “Bank”), announced net income of $2.9
million for the three months ended March 31, 2017, as compared with
net income of $2.0 million for the three months ended March 31,
2016. Basic and diluted earnings per share were $0.25 for the three
months ended March 31, 2017, compared with $0.16 for the three
months ended March 31, 2016.
Total assets increased by $97.1 million, or
5.7%, to $1.805 billion at March 31, 2017, from $1.708 billion at
December 31, 2016. Total assets increased primarily as a
result of increases in total cash and cash equivalents, net loans
receivable and securities available for sale. This net increase in
assets was funded primarily from a $121.6 million, or 8.7%,
increase in deposits. Management is focused on maintaining
adequate liquidity in anticipation of funding loans from a very
healthy pipeline as demand continues to be strong. We
continue to consider all growth opportunities afforded us but at a
pace consistent with our targeted capital levels.
Net income increased $878,000, or 43.1%, to $2.9
million for the three months ended March 31, 2017, compared with
$2.0 million for the three months ended March 31, 2016. The
increase was primarily related to higher total interest income and
total non-interest income coupled with slightly lower non-interest
expense. This was partially offset with higher provisions for
loan loss and an increase in income tax provision for the three
months ended March 31, 2017 as compared to three months ended March
31, 2016.
Thomas Coughlin, President and Chief Executive
Officer, commented, “I am very pleased to see our first quarter
results coming in consistent with our strategic goals. Over
the past 18 months, our key performance ratios continue to trend in
the right direction and we continue to enhance our overall
operating effectiveness and efficiency while maintaining quality in
our overall loan portfolio.
“Current quarter net interest income increased
by approximately 7%, or $907,000, as we endeavor to deploy our
capital in the most effective manner. Non-interest expense
decreased approximately 2%, or $175,000, as compared to the same
period last year. This reflects a better alignment of our
infrastructure costs and conscientious spending across expense
categories.
“The allowance for loan losses as a percentage
of non-accrual loans is at approximately 103%, as compared to
approximately 76% for the same period last year, as we remain
vigilant in addressing these loans.
“We continue to manage our capital position in
support of our growth and strategic plan,” Coughlin continued. “In
the first quarter of 2017, after redeeming $11.7 million of Series
A and B 6% Preferred Stock, we issued $5.2 million of Series D 4%
Preferred Stock, and we anticipate an additional closing of the
Series D Preferred Stock in the second quarter of 2017.
“Our resolve to attract and retain new customer
relationships is unwavering. We continue to emphasize growth
in our core deposits while being cognizant of overall profitable
relationships. The branches that we’ve opened over the past 18-24
months are gaining solid traction. BCB’s loan pipeline is
expected to remain strong throughout 2017 and we will continue to
remain competitive with our pricing and ensure that service levels
remain high.
“Our customer value creation focuses on
providing close personal attention at all touch points. This
includes business owners meeting with our decision makers, retail
customers getting the right answers quickly to their questions,
servicing our loan customers timely and accurately and remaining
flexible when structuring business loan requests while maintaining
our strict underwriting standards.”
Operations for the three months ended
March 31, 2017, compared with the three months ended March 31,
2016
Net interest income increased by $907,000, or
6.6 percent, to $14.6 million for the three months ended March 31,
2017 from $13.7 million for the three months ended March 31, 2016.
The increase in net interest income resulted primarily from an
increase in the average balance of interest-earning assets of $76.8
million, or 4.72%, to $1.702 billion for the three months ended
March 31, 2017 from $1.626 billion for the three months ended March
31, 2016. There was a slight decrease in the average yield on
interest-earning assets of 5 basis points to 4.34 percent for the
three months ended March 31, 2017 from 4.39 percent for the three
months ended March 31, 2016. There was a corresponding increase in
the average balance of interest-earning liabilities of $72.2
million, or 5.25%, to $1.448 billion for the three months ended
March 31, 2017 from $1.376 billion for the three months ended March
31, 2016, which was partly offset by a decrease in the average
yield on interest-earning liabilities of 14 basis points to 1.06
percent for the three months ended March 31, 2017 from 1.20 percent
for the three months ended March 31, 2016.
Net interest margin was 3.43 percent for the
three-month period ended March 31, 2017 and 3.37 percent for the
three-month period ended March 31, 2016. The increase in the net
interest margin was the result of the repayment of higher cost FHLB
borrowings in mid-2016, partly offset by competitive pressures in
attracting new loans and deposits, as evidenced by a decline in the
average yield on loans and an increase in the average cost of
deposits.
Mr. Coughlin stated “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 increased by
$309,000, to $498,000 for the three months ended March 31, 2017
from $189,000 for the three months ended March 31, 2016. 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 dynamic activity and
fluctuating balance of loans receivable; and (5) the existing level
of reserves for loan losses that are probable and estimable.
Total non-interest income increased by $659,000,
or 39.8 percent, to $2.3 million for the three months ended March
31, 2017 from $1.7 million for the three months ended March 31,
2016. Gains on sales of other real estate owned totaled $1.2
million for the three months ended March 31, 2017, with no
comparable gains in the same period last year. Gain on sales of
loans decreased by $586,000, or 63.4%, to $338,000 for the three
months ended March 31, 2017 compared to $924,000 for the three
months ended March 31, 2016. Fees and service charges increased by
$85,000, or 12.0%, to $796,000 for the three months ended March 31,
2017 from $711,000 for the three months ended March 31, 2016.
Total non-interest expense decreased by
$175,000, or 1.5%, to $11.6 million for the three months ended
March 31, 2017 from $11.7 million for the three months ended March
31, 2016. Data processing expense decreased by $409,000, or 38.5%,
to $653,000 for the three months ended March 31, 2017 from $1.1
million for the three months ended March 31, 2016. The decrease in
data processing expense is primarily attributed to the efficiencies
achieved with the conversion to a new core system. Advertising
expense decreased by $220,000, or 60.6%, to $143,000 for the three
months ended March 31, 2017, from $363,000 for the three months
ended March 31, 2016, partly related to advertising activities
related to the launching of new branches in the prior year. The
above decreases in total non-interest expense were partly offset by
increases in occupancy and equipment of $286,000, or 15.3%, to $2.2
million for the three months ended March 31, 2017 from $1.9 million
for the three months ended March 31, 2016 as well as increases in
other non-interest expense of $102,000, or 6.9%, to $1.6 million
for the three months ended March 31, 2017 from $1.5 million for the
three months ended March 31, 2016. The increase in occupancy and
equipment expense is also attributable to the opening of new branch
locations in 2016. Other non-interest expense consisted of loan
expense, business development, office supplies, correspondent bank
fees, telephone and communication and other fees and expenses.
The income tax provision increased by $554,000,
or 39.8 percent, to $2.0 million for the three months ended March
31, 2017 from $1.4 million for the three months ended March 31,
2016. The increase in income tax provision was a result of higher
taxable income during the three-month period ended March 31, 2017
as compared with the three months ended March 31, 2016. The
consolidated effective tax rate for the three months ended March
31, 2017 was 40.0 percent compared to 40.6 percent for the three
months ended March 31, 2016.
Financial Condition
Total assets increased by $97.1 million, or 5.7
percent, to $1.805 billion at March 31, 2017 from $1.708 billion at
December 31, 2016. The increase in total assets occurred primarily
as a result of an increase in cash and cash equivalents of $49.4
million, an increase in securities available for sale of $11.4
million, and an increase in loans receivable, net of $43.6 million.
Management is concentrating on maintaining adequate liquidity in
anticipation of funding loans in the loan pipeline as well as
seeking opportunities to purchase securities in the secondary
market that provide competitive returns in a risk-mitigated
environment. It is our intention to grow our assets at a measured
pace consistent with our capital levels and as business
opportunities permit.
Total cash and cash equivalents increased by
$49.4 million, or 75.9 percent, to $114.4 million at March 31, 2017
from $65.0 million at December 31, 2016 due to the Company’s
strategy to increase our deposit base and the recent success of our
17-month promotional CD product.
Securities available for sale increased by $11.4
million, or 12.0%, to $106.2 million at March 31, 2017, from $94.8
million at December 31, 2016 as the Company deployed excess cash to
improve returns on earning assets and liquidity.
Loans receivable, net increased by $43.6
million, or 2.9 percent, to $1.529 billion at March 31, 2017 from
$1.485 billion at December 31, 2016. The increase resulted
primarily from increases of $9.9 million in residential real estate
loans, $35.6 million in commercial real estate and multi-family
loans, construction loans of $2.0 million, and home equity loans
and home equity lines of credit of $476,000. The increase in loans
receivable was partly offset by decreases of $3.4 million in
commercial business loans, and $709,000 in consumer loans. As of
March 31, 2017, the allowance for loan losses was $17.5 million, or
103.2% percent, of non-performing loans and 1.10 percent of gross
loans.
Deposit liabilities increased by $121.6 million,
or 8.7 percent, to $1.514 billion at March 31, 2017, from $1.392
billion at December 31, 2016. The increase resulted primarily from
increases of $60.8 million in certificates of deposit, $31.6
million in NOW deposit accounts, $16.9 million in non-interest
bearing deposit accounts, $6.8 million in savings and club
accounts, and $3.5 million in money market checking accounts. These
increases are in large part related to organic deposit growth
resulting from the opening of seven additional branches over the
last 12 months.
Long-term debt remained constant at $155.0
million at March 31, 2017 from December 31, 2016. The purpose of
these borrowings reflected the use of long-term Federal Home Loan
Bank advances to augment deposits as the Company’s funding source
for originating loans and investing in investment securities. The
short-term debt balance of $20.0 million outstanding at December
31, 2016 was repaid in the first quarter of 2017. The weighted
average interest rate of borrowings was 2.66 percent at March 31,
2017.
Stockholders’ equity decreased by $4.1 million,
or 3.1 percent, to $127.0 million at March 31, 2017 from $131.1
million at December 31, 2016. The decrease in stockholders’ equity
was primarily attributable to the redemption of $11.7 million of
series A and B 6% noncumulative perpetual preferred stock, partly
offset by proceeds from the issuance of $5.2 million of series D
4.5% perpetual preferred stock, and an increase in retained
earnings of $1.2 million for the three months ended March 31, 2017.
The Company accrued a dividend payable for the first quarter on our
outstanding preferred stock of $118,000 which will be paid in the
second quarter.
BCB BANCORP INC., AND
SUBSIDIARIES |
|
|
Financial condition data by
quarter |
|
Q1 2017 |
|
Q4 2016 |
|
Q3 2016 |
|
Q2 2016 |
|
Q1 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
Total assets |
$ |
1,805,332 |
|
|
$ |
1,708,208 |
|
|
$ |
1,678,936 |
|
|
$ |
1,738,343 |
|
|
$ |
1,706,148 |
|
Cash and cash
equivalents |
|
114,422 |
|
|
|
65,038 |
|
|
|
137,707 |
|
|
|
235,774 |
|
|
|
210,196 |
|
Securities available
for sale |
|
106,183 |
|
|
|
94,765 |
|
|
|
52,907 |
|
|
|
18,365 |
|
|
|
9,639 |
|
Loans receivable,
net |
|
1,528,756 |
|
|
|
1,485,159 |
|
|
|
1,431,211 |
|
|
|
1,424,891 |
|
|
|
1,429,549 |
|
Deposits |
|
1,513,844 |
|
|
|
1,392,205 |
|
|
|
1,380,385 |
|
|
|
1,394,305 |
|
|
|
1,350,420 |
|
Borrowings |
|
155,000 |
|
|
|
175,000 |
|
|
|
155,000 |
|
|
|
200,000 |
|
|
|
210,000 |
|
Stockholders’
equity |
|
127,011 |
|
|
|
131,081 |
|
|
|
132,299 |
|
|
|
132,306 |
|
|
|
132,311 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating data by
quarter |
|
Q1 2017 |
|
Q4 2016 |
|
Q3 2016 |
|
Q2 2016 |
|
Q1 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except for per share
amounts) |
|
|
Net interest
income |
$ |
14,605 |
|
|
$ |
14,402 |
|
|
$ |
13,597 |
|
|
$ |
13,363 |
|
|
$ |
13,698 |
|
Provision for loan
losses |
|
498 |
|
|
|
102 |
|
|
|
(301 |
) |
|
|
37 |
|
|
|
189 |
|
Non-interest
income |
|
2,313 |
|
|
|
1,433 |
|
|
|
1,530 |
|
|
|
1,506 |
|
|
|
1,654 |
|
Non-interest
expense |
|
11,562 |
|
|
|
11,649 |
|
|
|
12,343 |
|
|
|
12,166 |
|
|
|
11,737 |
|
Income tax expense |
|
1,945 |
|
|
|
1,611 |
|
|
|
1,171 |
|
|
|
1,085 |
|
|
|
1,391 |
|
Net income |
$ |
2,913 |
|
|
$ |
2,473 |
|
|
$ |
1,914 |
|
|
$ |
1,581 |
|
|
$ |
2,035 |
|
Net income per
share: |
$ |
0.25 |
|
|
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.12 |
|
|
$ |
0.16 |
|
Common Dividends
declared per share |
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial Ratios |
|
Q1 2017 |
|
Q4 2016 |
|
Q3 2016 |
|
Q2 2016 |
|
Q1 2016 |
Return on average
assets |
|
0.17 |
% |
|
|
0.15 |
% |
|
|
0.11 |
% |
|
|
0.09 |
% |
|
|
0.12 |
% |
Return on average
stockholder’s equity |
|
2.37 |
% |
|
|
1.91 |
% |
|
|
1.46 |
% |
|
|
1.20 |
% |
|
|
1.54 |
% |
Net interest
margin |
|
3.43 |
% |
|
|
3.48 |
% |
|
|
3.22 |
% |
|
|
3.19 |
% |
|
|
3.37 |
% |
Stockholder’s equity to
total assets |
|
7.04 |
% |
|
|
7.67 |
% |
|
|
7.88 |
% |
|
|
7.61 |
% |
|
|
7.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
(In thousands, except for per share
amounts) |
|
Q1 2017 |
|
Q4 2016 |
|
Q3 2016 |
|
Q2 2016 |
|
Q1 2016 |
Non-Accrual Loans |
$ |
16,987 |
|
|
$ |
15,652 |
|
|
$ |
19,345 |
|
|
$ |
21,067 |
|
|
$ |
23,958 |
|
Non-Accrual Loans as a
% of Total Loans |
|
1.10 |
% |
|
|
1.04 |
% |
|
|
1.33 |
% |
|
|
1.45 |
% |
|
|
1.65 |
% |
ALLL as % of
Non-Accrual Loans |
|
103.17 |
% |
|
|
109.95 |
% |
|
|
90.93 |
% |
|
|
87.05 |
% |
|
|
75.83 |
% |
Impaired Loans |
|
45,830 |
|
|
|
45,419 |
|
|
|
48,547 |
|
|
|
49,349 |
|
|
|
52,146 |
|
Classified Loans |
|
44,408 |
|
|
|
48,231 |
|
|
|
59,440 |
|
|
|
51,249 |
|
|
|
49,102 |
|
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 |
(In Thousands, Except Share and Per Share Data,
Unaudited) |
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Cash and amounts due
from depository institutions |
$ |
15,252 |
|
|
$ |
12,121 |
|
Interest-earning
deposits |
|
99,170 |
|
|
|
52,917 |
|
Total
cash and cash equivalents |
|
114,422 |
|
|
|
65,038 |
|
|
|
|
|
|
|
Interest-earning time
deposits |
|
980 |
|
|
|
980 |
|
Securities available
for sale |
|
106,183 |
|
|
|
94,765 |
|
Loans held for
sale |
|
770 |
|
|
|
4,153 |
|
Loans receivable, net
of allowance for loan losses of $17,526 and |
|
|
|
|
|
$17,209
respectively |
|
1,528,756 |
|
|
|
1,485,159 |
|
Federal Home Loan Bank
of New York stock, at cost |
|
8,991 |
|
|
|
9,306 |
|
Premises and equipment,
net |
|
20,255 |
|
|
|
19,382 |
|
Accrued interest
receivable |
|
5,714 |
|
|
|
5,573 |
|
Other real estate
owned |
|
2,585 |
|
|
|
3,525 |
|
Deferred income
taxes |
|
8,649 |
|
|
|
9,953 |
|
Other assets |
|
8,027 |
|
|
|
10,374 |
|
Total Assets |
$ |
1,805,332 |
|
|
$ |
1,708,208 |
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-interest bearing
deposits |
$ |
175,462 |
|
|
$ |
158,523 |
|
Interest bearing
deposits |
|
1,338,382 |
|
|
|
1,233,682 |
|
Total
deposits |
|
1,513,844 |
|
|
|
1,392,205 |
|
Short-term debt |
|
- |
|
|
|
20,000 |
|
Long-term debt |
|
155,000 |
|
|
|
155,000 |
|
Subordinated
debentures |
|
4,124 |
|
|
|
4,124 |
|
Other liabilities and
accrued interest payable |
|
5,353 |
|
|
|
5,798 |
|
Total Liabilities |
|
1,678,321 |
|
|
|
1,577,127 |
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
Preferred stock: $0.01
par value, 10,000,000 shares authorized, |
|
|
|
|
|
issued
and outstanding 916 shares of series C 6% and series D 4.5%
noncumulative perpetual |
|
|
|
|
|
preferred
stock (liquidation value $10,000 per share) at March 31, 2017 and
1,560 |
|
|
|
|
|
shares of
series A, series B, series C 6% at December 31, 2016 |
|
- |
|
|
|
- |
|
Additional paid-in
capital preferred stock |
|
8,981 |
|
|
|
15,464 |
|
Common stock; no par
value; 20,000,000 shares authorized, issued 13,820,048 and
13,797,088 |
|
|
|
|
|
at March
31, 2017 and December 31, 2016, respectively, outstanding
11,289,585 shares and |
|
|
|
|
|
11,267,225 shares, respectively |
|
- |
|
|
|
- |
|
Additional paid-in
capital common stock |
|
120,761 |
|
|
|
120,417 |
|
Retained earnings |
|
29,377 |
|
|
|
28,159 |
|
Accumulated other
comprehensive (loss) |
|
(2,997 |
) |
|
|
(3,856 |
) |
Treasury stock, at
cost, 2,530,463 and 2,529,863 shares, respectively, at March 31,
2017 and December 31, 2016 |
|
(29,111 |
) |
|
|
(29,103 |
) |
Total Stockholders' Equity |
|
127,011 |
|
|
|
131,081 |
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
1,805,332 |
|
|
$ |
1,708,208 |
|
|
|
|
|
|
|
BCB BANCORP INC. AND SUBSIDIARIES |
Consolidated Statements of Income |
(In Thousands, except for per share amounts,
Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Loans, including fees |
$ |
17,542 |
|
$ |
17,493 |
Investments, taxable |
|
665 |
|
|
200 |
Investments, non-taxable |
|
103 |
|
|
- |
Other interest-earning assets |
|
145 |
|
|
138 |
Total interest income |
|
18,455 |
|
|
17,831 |
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Demand |
|
673 |
|
|
362 |
Savings and club |
|
99 |
|
|
89 |
Certificates of deposit |
|
2,011 |
|
|
2,034 |
|
|
2,783 |
|
|
2,485 |
Borrowed money |
|
1,067 |
|
|
1,648 |
Total interest expense |
|
3,850 |
|
|
4,133 |
|
|
|
|
|
|
Net interest income |
|
14,605 |
|
|
13,698 |
Provision for loan losses |
|
498 |
|
|
189 |
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
14,107 |
|
|
13,509 |
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
Fees and service charges |
|
796 |
|
|
711 |
Gain on sales of loans |
|
338 |
|
|
924 |
Gain on sales of other real estate owned |
|
1,151 |
|
|
- |
Other |
|
28 |
|
|
19 |
Total non-interest income |
|
2,313 |
|
|
1,654 |
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
Salaries and employee benefits |
|
6,090 |
|
|
6,024 |
Occupancy and equipment |
|
2,158 |
|
|
1,872 |
Data processing and service fees |
|
653 |
|
|
1,062 |
Professional fees |
|
363 |
|
|
427 |
Director fees |
|
180 |
|
|
153 |
Regulatory assessments |
|
361 |
|
|
350 |
Advertising and promotional |
|
143 |
|
|
363 |
Other real estate owned, net |
|
42 |
|
|
16 |
Other |
|
1,572 |
|
|
1,470 |
Total non-interest expense |
|
11,562 |
|
|
11,737 |
|
|
|
|
|
|
Income before income tax provision |
|
4,858 |
|
|
3,426 |
Income tax provision |
|
1,945 |
|
|
1,391 |
|
|
|
|
|
|
Net Income |
$ |
2,913 |
|
$ |
2,035 |
Preferred stock dividends |
|
118 |
|
|
234 |
Net Income available to common stockholders |
$ |
2,795 |
|
$ |
1,801 |
|
|
|
|
|
|
Net Income per common share-basic and diluted |
|
|
|
|
|
Basic |
$ |
0.25 |
|
$ |
0.16 |
Diluted |
$ |
0.25 |
|
$ |
0.16 |
|
|
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
|
Basic |
|
11,246 |
|
|
11,217 |
Diluted |
|
11,328 |
|
|
11,219 |
|
|
|
|
|
|
|
|
Contact
Thomas Keating, Senior Vice President and Chief Financial Officer – 201.823.0700
or
Thomas Coughlin, President and Chief Executive Officer – 201.823.0700
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