BCB Bancorp, Inc. (the “Company”), Bayonne, NJ (NASDAQ: BCBP), the
holding company for BCB Community Bank (the “Bank”), today reported
net income increased $1.4 million, or 42.8 percent to $4.6 million,
or $0.27 per diluted share, in the third quarter of 2018, compared
to $3.2 million, or $0.25 per diluted share, in the third quarter
of 2017. In the second quarter of 2018, net income was $2.3
million, or $0.13 per diluted share, with $2.0 million of
acquisition-related expenses.
In the first nine months of 2018, net income
increased by $2.9 million, or 33.5 percent, to $11.5 million,
compared to $8.6 million in the first nine months of 2017.
Year-to-date operating results were impacted by $2.3 million of
acquisition related expenses compared with no acquisition expenses
in the first nine months of 2017.
The Company also announced that its Board of
Directors declared a regular quarterly cash dividend of $0.14 per
share. The dividend will be payable November 16, 2018, to common
shareholders of record on November 2, 2018.
“Our third quarter financial results reflect the
stability and strength of our banking franchise, managing our
position in a rising rate environment, and the lower corporate tax
rates enacted last year,” stated Thomas Coughlin, President and
Chief Executive Officer. “In addition to solid organic growth, our
successful acquisition and integration of IA Bancorp earlier this
year has contributed to our increased net interest income. We
remain focused on competing for business in our local markets and
looking for additional growth opportunities.”
The IA Bancorp acquisition, which was completed
during the second quarter of 2018, added approximately $215.8
million in assets, $178.4 million in deposits and $182.5 million in
net loans.
Third Quarter 2018 Financial
Highlights
- Net income was $4.6 million, or $0.27 per diluted share, in
3Q18, compared to $3.2 million, or $0.25 per diluted share in
3Q17.
- Net interest income, before the provision for loan losses,
increased 28.9 percent to $20.1 million in the current quarter
compared to $15.6 million in the third quarter a year ago.
- Net interest margin was 3.22 percent in the third quarter and
3.50 percent in the third quarter a year ago.
- Total assets increased 40.9 percent to $2.638 billion at
September 30, 2018, compared to $1.872 billion a year earlier.
- Net loans receivable increased 37.4 percent to $2.225 billion
at September 30, 2018, compared to $1.619 billion a year
earlier.
- Allowance for loan loss as a percentage of non-accrual loans
was 193.9 percent, as compared to 108.8 percent at September 30,
2017.
- Issued $33.5 million of subordinated debt in July, 2018 to
support our growth and strengthen our capital position. For
regulatory purposes, treated as Tier 1 capital for the Bank and
Tier 2 capital for the Company.
- Tangible book value was $10.81 at September 30, 2018.
- Declared a quarterly cash dividend to shareholders of $0.14 per
share.
Balance Sheet Review
Total assets increased by $766.1 million, or
40.9 percent, to $2.638 billion at September 30, 2018 from $1.872
billion at September 30, 2017. The increase in total assets
included the acquisition of IAB, which added approximately $215.8
million in assets.
Loans receivable increased by $105.2 million, or
5.0 percent, to $2.225 billion at September 30, 2018 compared to
$2.120 billion at June 30, 2018, and increased by $605.8 million,
or 37.4 percent, compared to September 30, 2017. The increase in
loans over the prior year resulted from the acquisition of IAB,
which approximated $182.6 million in the fair value of loans added,
and an increase of $423.2 million, excluding those acquired in the
merger. The organic growth in loans for the nine months ended
September 30, 2018, represented increases of $440.4 million in
commercial real estate and multi-family loans, $71.5 million in
commercial business loans, $26.0 million in home equity loans,
$25.1 million in construction loans, and $22.4 million in
residential one-to-four family loans. The allowance for loan losses
was $21.5 million, or 193.9 percent of non-accruing loans and 0.96
percent of gross loans, at September 30, 2018 as compared to an
allowance for loan losses of $20.6 million, or 191.8 percent of
non-accruing loans and 0.96 percent of gross loans at June 30, 2018
and $18.4 million, or 108.8 percent of non-accruing loans and 1.13
percent of gross loans a year ago.
Total cash and cash equivalents increased by
$26.3 million to $206.7 million at September 30, 2018, from $180.4
million three months earlier, primarily due to the Company’s
strategy to further strengthen liquidity and our deposit base.
Total securities available for sale decreased by $7.5 million to
$127.9 million at September 30, 2018, from $135.4 million three
months earlier.
Deposit liabilities increased by $131.7 million,
or 6.6 percent, to $2.117 billion at September 30, 2018, from
$1.985 billion at June 30, 2018, and increased by $570.5 million,
or 36.9 percent, compared to $1.546 billion a year ago. The
increases in deposit liabilities related to the acquisition of IAB,
which approximated $178.4 million in the balance of deposits added,
as well as the continued maturation of the seven branches opened in
2016 as a result of our organic growth initiative. Increases
included $370.0 million in certificates of deposit, including
listing service and brokered deposits, $76.0 million in
non-interest bearing deposit accounts, $49.7 million in money
market checking accounts, $48.1 million in NOW deposit accounts,
and $3.4 million in savings and club accounts for the nine months
ended September 30th, 2018, compared to year end. The Company
utilizes listing service and brokered certificates of deposit as
additional sources of deposit liquidity to fund loan growth, which
totaled $40.9 million and $204.0 million, respectively, at
September 30, 2018.
Debt obligations decreased by $11.8 million, or
3.6 percent, to $312.3 million at September 30, 2018 from $324.1
million at June 30, 2018, and increased by 170.2 million, or 119.8
percent, compared to $142.1 million a year ago. The year-over-year
increases are the net result of the issuance of new FHLB advances
and scheduled maturities of FHLB advances, and the issuance of
$33.5 million of subordinated debentures in a private placement in
July 2018. The purpose of the FHLB borrowings reflected the use of
long-term advances to augment deposits as the Company’s funding
source for originating loans and investing in investment
securities. The weighted average interest rate of borrowings was
2.21 percent at September 30, 2018. The issuance of subordinated
debt was to maintain adequate capital ratios.
Stockholders’ equity increased by $18.2 million,
or 10.2 percent to $195.8 million at September 30, 2018, from
$177.6 million at September 30, 2017. The increase in
stockholders’ equity was primarily attributable to an increase in
additional paid-in capital of $17.4 million from common stock and
preferred stock issued as part of the acquisition of IAB. Retained
earnings increased by $4.1 million to $35.7 million at September
30, 2018 from $31.6 million a year ago. Accumulated other
comprehensive loss increased $4.3 million to $6.5 million at
September 30, 2018 from $2.2 million a year ago.
Third Quarter Income Statement
Review
Net interest income increased by $4.5 million,
or 28.9 percent, to $20.1 million for the third quarter of 2018
from $15.6 million for the third quarter of 2017. The increase in
net interest income resulted primarily from an increase in the
average balance of interest-earning assets of $718.5 million, or
40.4 percent, to $2.497 billion for the third quarter of 2018 from
$1.779 billion for the third quarter a year ago. Net interest
margin was 3.22 percent for the third quarter of 2018 compared to
3.50 percent for the third quarter a year ago. “The decrease in the
net interest margin was the result of the rising rate environment,
with the increase in the cost of funds outpacing the return on
interest earning assets for the short term,” said Coughlin.
Interest income on loans receivable increased by
$7.6 million, or 41.4 percent, to $26.0 million for the third
quarter of 2018 from $18.4 million for the third quarter of 2017.
The increase was primarily attributable to an increase in the
average balance of loans receivable of $573.5 million, or 35.6
percent, to $2.184 billion for the third quarter from $1.610
billion for the third quarter a year ago, as well as an increase in
the average yield on loans of 20 basis points to 4.77 percent for
the third quarter from 4.57 percent for the third quarter a year
ago. The increase in the average balance of loans receivable was in
accordance with the Company’s growth strategy, which included
growing the Bank’s geographic footprint and the acquisition of IAB,
while the increase in the average yield on loans relates to the
rising rate environment.
Interest income on securities increased by
$249,000, or 35.9 percent, to $943,000 for the third quarter of
2018 from $694,000 for the third quarter of 2017. This increase was
primarily due to an increase in the average balance of securities
of $52.7 million, or 55.0 percent, to $148.5 million for the third
quarter from $95.8 million for the third quarter a year ago, partly
offset by a decrease in the average yield on securities of 36 basis
points to 2.54 percent for the third quarter from 2.90 percent for
the third quarter a year ago. The increase in the average balance
of securities relates to the Company’s strategy to further
strengthen its liquidity position, while the decrease in the yield
on securities related to the mix of investments in the
portfolio.
Third quarter interest income on other
interest-earning assets increased by $696,000, or 222.4 percent, to
$1.0 million, from $313,000 for the third quarter of 2017. This
increase was primarily due to an increase in the average yield on
other interest-earning assets of 72 basis points to 2.45 percent
for the third quarter from 1.72 percent for the third quarter a
year ago, as well as an increase in the average balance of other
interest earning assets of $92.3 million, or 127.0 percent, to
$164.9 million for the third quarter from $72.6 million for the
third quarter a year ago. The increase in the average balance of
other interest-earning assets is consistent with the Company’s
strategy of maintaining strong levels of liquidity. The increase in
the average yield on other interest-earning assets correlates to
the increases in the fed funds rate that have occurred over the
last 12 months.
Total interest expense increased by $4.1
million, or 105.9 percent, to $7.9 million for the third quarter of
2018 from $3.8 million for the third quarter of 2017. This increase
resulted, primarily, from an increase in the average balance of
interest-bearing liabilities of $607.3 million, or 40.9 percent, to
$2.092 billion for the third quarter from $1.484 billion for the
third quarter of 2017, as well as an increase in the average rate
on interest-bearing liabilities of 48 basis points to 1.51 percent
for the third quarter of 2018 from 1.03 percent for the third
quarter a year ago.
Total non-interest income increased by $219,000,
or 13.4 percent, to $1.8 million for the third quarter of 2018 from
$1.6 million for the third quarter of 2017. The increase in total
non-interest income mainly related to an increase in the amount of
fees and service charges of $343,000, to $1.1 million for the third
quarter of 2018 from $749,000 for the third quarter of 2017, an
increase in gains on sales of loans of $198,000 to $738,000 for the
third quarter of 2018 from $540,000 for the third quarter a year
ago, partly offset by a decrease in gains on sale of OREO
properties of $208,000 to $14,000 for the third quarter of 2018
from $222,000 for the third quarter of 2017. The increases in
non-interest income over the prior year are largely attributable to
the inclusion of IAB since the merger in April 2018.
Third quarter non-interest expense increased by
$3.1 million, or 27.4 percent, to $14.4 million for the third
quarter of 2018 from $11.3 million for the third quarter of 2017.
Salaries and employee benefits expense increased by $1.2 million,
or 20.8 percent, to $7.1 million for the third quarter from $5.9
million for the third quarter a year ago. Other non-interest
expense increased by $985,000, or 65.7 percent, to $2.5 million for
the third quarter of 2018 from $1.5 million for the third quarter a
year ago. Other non-interest expense consisted of loan expense,
business development, office supplies, correspondent bank fees,
telephone and communication and other fees and expenses. Occupancy
expense increased by $452,000, or 22.2 percent, to $2.5 million for
the third quarter of 2018 from $2.0 million for the third quarter
of 2017. Data processing expense increased by $239,000, or 34.0
percent, to $942,000 for the third quarter from $703,000 for the
third quarter of 2017. Regulatory assessment expense increased by
$101,000, or 31.8 percent, to $419,000 for the third quarter from
$318,000 for the third quarter a year ago. The increases in
non-interest expense over the prior year are largely attributable
to the inclusion of IAB costs since the merger in April 2018.
The income tax provision decreased by $140,000,
or 6.4 percent, to $2.0 million for the third quarter of 2018 from
$2.2 million for the third quarter of 2017. The decrease in the
income tax provision comes as a result of the lower tax provision
as mandated by enactment of the Tax Cuts and Jobs Act of 2017,
which lowered the federal corporate tax rate from 34% to 21%
beginning in 2018, and due to higher taxable income for the three
months ended September 30, 2018 as compared to that same period for
2017. The consolidated effective tax rate for the third quarter of
2018 was 30.8 percent compared to 40.4 percent for the third
quarter of 2017.
Year to Date Income Statement
Review
Net interest income increased by $11.3 million,
or 24.9 percent, to $56.5 million for first nine months of 2018
from $45.2 million for the first nine months of 2017. Net interest
margin was 3.34 percent for the nine-month period ended September
30, 2018 and 3.46 percent for the nine-month period ended September
30, 2017. The decrease in the net interest margin was the result of
faster paced cost of funds in this rising rate environment than
with returns on interest-earning assets.
Total interest expense increased by $6.4
million, or 54.9 percent, to $18.1 million for the first nine
months of 2018 from $11.7 million for the same period a year
earlier. This increase resulted primarily from an increase in the
average balance of interest-bearing liabilities of $408.6 million,
or 27.8 percent, to $1.877 billion for the first nine months of
2018 from $1.468 billion for the same period a year ago, as well as
an increase in the average rate on interest-bearing liabilities of
33 basis points to 1.29 percent for the nine months of 2018 from
0.96 percent for the same period a year earlier.
Total non-interest income increased by $833,000,
or 14.0 percent, to $6.8 million for the first nine months of 2018
from $6.0 million for the first nine months of 2017. The increase
in total non-interest income was mainly related to an increase in
other non-interest income of $2.1 million to $2.4 million from
$307,000 for the same period a year earlier. The increase in other
non-interest income was mainly attributed to $2.0 million received
from a legal settlement in the first quarter of 2018. The increase
in total non-interest income was partly offset by a decrease in the
gains on sale of OREO properties of $1.6 million, which represented
gains for the nine months ended September 30, 2017.
Total non-interest expense increased by $7.4
million, or 21.1 percent, to $42.4 million for the first nine
months of 2018 from $35.0 million for the same period a year
earlier. Merger-related costs were $2.3 million for the first nine
months of 2018, with no comparable figure for the nine-month period
a year earlier. The increases in non-interest expense over the
prior year are largely attributable to the inclusion of IAB costs
since the merger in April 2018.
Asset Quality
At September 30, 2018, past due loans increased
by $1.6 million, or 3.6 percent, compared to June 30, 2018.
Non-accruing loans totaled $11.1 million, or
0.49 percent of gross loans at September 30, 2018, compared to
$10.8 million, or 0.50 percent of gross loans at June 30, 2018, and
$17.0 million, or 1.03 percent of gross loans, a year earlier.
Performing troubled debt restructured loans that
were not included in nonaccrual loans at September 30, 2018, were
$20.6 million, compared to $20.7 million at June 30, 2018 and $19.0
million at September 30, 2017. Borrowers who are in financial
difficulty and who have been granted concessions that may include
interest rate reductions, term extensions, or payment alterations
are categorized as restructured loans.
Other real estate owned (OREO) totaled $1.2
million at September 30, 2018, compared to $1.2 million at June 30,
2018, and $1.4 million at September 30, 2017.
The third quarter provision for loan losses was
$907,000, compared to $2.1 million in the preceding quarter and
$511,000 in the third quarter a year ago. The allowance for loan
losses was $21.5 million, or 0.96 percent of gross loans at
September 30, 2018, compared to $20.6 million, or 0.96 percent of
gross loans at June 30, 2018, and $18.4 million, or 1.12 percent of
gross loans a year ago. As of September 30, 2018, the
allowance for loan losses represented 193.9 percent of nonaccrual
loans compared to 191.8 percent three months earlier, and 108.8
percent one year earlier. Net charge-offs were $43,000 in the
third quarter, compared to net recoveries of $243,000 in the
preceding quarter and net charge-offs of $26,000 in the third
quarter a year ago.
About BCB Bancorp, Inc.
Established in 2000 and headquartered in
Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of
BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has 28 branch offices in
Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel,
Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township,
Parsippany, Plainsboro, Rutherford, South Orange, Union, and
Woodbridge, New Jersey, three branches in Hicksville and Staten
Island, New York, and a loan production office in Manhattan. The
Bank provides business and individuals a wide range of loans,
deposit products, and retail and commercial banking services.
For more information, please go to www.bcb.bank.
Forward-Looking Statements
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.
In addition to factors previously disclosed in
the Company’s reports filed with the U.S. Securities and Exchange
Commission (the "SEC") and those identified elsewhere in this
document, the following factors, among others, could cause actual
results to differ materially from forward-looking statements or
historical performance: difficulties and delays in integrating the
Indus-American Bank business or fully realizing cost savings and
other benefits of the Merger; business disruption following the
Merger; changes in asset quality and credit risk; the inability to
sustain revenue and earnings growth; changes in interest rates and
capital markets; inflation; customer acceptance of BCB products and
services; customer borrowing, repayment, investment and deposit
practices; customer disintermediation; the introduction,
withdrawal, success and timing of business initiatives; competitive
conditions; the inability to realize cost savings or revenues or to
implement integration plans and other consequences associated with
mergers, acquisitions and divestitures; economic conditions; and
the impact, extent and timing of technological changes, capital
management activities, and actions of governmental agencies and
legislative and regulatory actions and reforms.
Annualized, pro forma, projected and estimated
numbers are used for illustrative purpose only, are not forecasts
and may not reflect actual results.
BCB BANCORP INC. AND SUBSIDIARIESConsolidated
Statements of Financial Condition(In Thousands, Except Share and
Per Share Data, Unaudited)
|
September
30, |
|
December 31, |
|
2018 |
|
2017 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Cash and amounts due from depository institutions |
$ |
32,459 |
|
|
$ |
16,460 |
|
Interest-earning deposits |
|
174,251 |
|
|
|
107,775 |
|
Total cash and cash equivalents |
|
206,710 |
|
|
|
124,235 |
|
|
|
|
|
|
|
Interest-earning time deposits |
|
980 |
|
|
|
980 |
|
Debt securities available for sale |
|
119,811 |
|
|
|
114,295 |
|
Equity investments |
|
8,052 |
|
|
|
8,294 |
|
Loans held for sale |
|
1,772 |
|
|
|
1,295 |
|
Loans receivable, net of allowance for loan losses |
|
|
|
|
|
of $21,504 and $17,375 respectively |
|
2,225,001 |
|
|
|
1,643,677 |
|
Federal Home Loan Bank of New York stock, at cost |
|
14,755 |
|
|
|
10,211 |
|
Premises and equipment, net |
|
20,392 |
|
|
|
18,768 |
|
Accrued interest receivable |
|
8,635 |
|
|
|
6,153 |
|
Other real estate owned |
|
1,232 |
|
|
|
532 |
|
Deferred income taxes |
|
11,607 |
|
|
|
5,144 |
|
Goodwill |
|
5,223 |
|
|
|
- |
|
Other assets |
|
13,698 |
|
|
|
9,253 |
|
Total Assets |
$ |
2,637,868 |
|
|
$ |
1,942,837 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-interest bearing deposits |
$ |
276,998 |
|
|
$ |
201,043 |
|
Interest bearing deposits |
|
1,839,626 |
|
|
|
1,368,327 |
|
Total deposits |
|
2,116,624 |
|
|
|
1,569,370 |
|
FHLB advances |
|
275,800 |
|
|
|
185,000 |
|
Subordinated debt |
|
36,519 |
|
|
|
4,124 |
|
Other liabilities and accrued interest payable |
|
13,162 |
|
|
|
7,889 |
|
Total Liabilities |
|
2,442,105 |
|
|
|
1,766,383 |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Preferred stock: $0.01 par value, 10,000,000 shares
authorized; |
|
|
|
|
|
issued and outstanding 7,807 shares of series C 6%,
series D 4.5%, (liquidation value $10,000 per share) |
|
|
|
|
|
and series F 6% (liquidation value $1,000 per share)
noncumulative perpetual preferred stock |
|
|
|
|
|
at September 30, 2018 and 1,342 shares of series C
6% and series D 4.5% (liquidation value $10,000 per share) |
|
|
|
|
|
noncumulative perpetual preferred stock at December
31, 2017 |
|
- |
|
|
|
- |
|
Additional paid-in capital preferred stock |
|
19,706 |
|
|
|
13,241 |
|
Common stock: no par value; 20,000,000 shares authorized; issued
18,313,476 and 17,572,942 |
|
|
|
|
|
at September 30, 2018 and December 31, 2017,
respectively, outstanding 15,782,713 shares and |
|
|
|
|
|
15,042,179 shares, at September 30, 2018 and
December 31, 2017, respectively |
|
- |
|
|
|
- |
|
Additional paid-in capital common stock |
|
175,970 |
|
|
|
164,230 |
|
Retained earnings |
|
35,693 |
|
|
|
31,241 |
|
Accumulated other comprehensive (loss) |
|
(6,490 |
) |
|
|
(3,142 |
) |
Treasury stock, at cost, 2,530,763 shares at September 30, 2018 and
December 31, 2017 |
|
(29,116 |
) |
|
|
(29,116 |
) |
Total Stockholders'
Equity |
|
195,763 |
|
|
|
176,454 |
|
|
|
|
|
|
|
Total Liabilities and Stockholders'
Equity |
$ |
2,637,868 |
|
|
$ |
1,942,837 |
|
|
|
|
|
|
|
BCB BANCORP INC. AND SUBSIDIARIESConsolidated
Statements of Income(In Thousands, Except for Per Share Amounts,
Unaudited)
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
26,019 |
|
|
$ |
18,399 |
|
$ |
69,588 |
|
|
$ |
53,967 |
|
Mortgage-backed securities |
|
827 |
|
|
|
581 |
|
|
2,363 |
|
|
|
1,712 |
|
Municipal bonds and other debt |
|
116 |
|
|
|
113 |
|
|
416 |
|
|
|
377 |
|
FHLB stock and other interest earning
assets |
|
1,009 |
|
|
|
313 |
|
|
2,242 |
|
|
|
874 |
|
Total interest
income |
|
27,971 |
|
|
|
19,406 |
|
|
74,609 |
|
|
|
56,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
1,130 |
|
|
|
700 |
|
|
2,902 |
|
|
|
2,050 |
|
Savings and club |
|
116 |
|
|
|
100 |
|
|
318 |
|
|
|
299 |
|
Certificates of deposit |
|
4,591 |
|
|
|
2,284 |
|
|
10,726 |
|
|
|
6,437 |
|
|
|
5,837 |
|
|
|
3,084 |
|
|
13,946 |
|
|
|
8,786 |
|
Borrowings |
|
2,054 |
|
|
|
748 |
|
|
4,153 |
|
|
|
2,902 |
|
Total interest
expense |
|
7,891 |
|
|
|
3,832 |
|
|
18,099 |
|
|
|
11,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
20,080 |
|
|
|
15,574 |
|
|
56,510 |
|
|
|
45,242 |
|
Provision for loan losses |
|
907 |
|
|
|
511 |
|
|
4,309 |
|
|
|
1,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for
loan losses |
|
19,173 |
|
|
|
15,063 |
|
|
52,201 |
|
|
|
43,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges |
|
1,092 |
|
|
|
749 |
|
|
2,773 |
|
|
|
2,383 |
|
Gain on sales of loans |
|
738 |
|
|
|
540 |
|
|
1,897 |
|
|
|
1,611 |
|
Loss on bulk sale of impaired loans held
in portfolio |
|
- |
|
|
|
- |
|
|
(24 |
) |
|
|
- |
|
Gain on sales of other real estate
owned |
|
14 |
|
|
|
222 |
|
|
4 |
|
|
|
1,570 |
|
Gain on sale of investment
securities |
|
- |
|
|
|
97 |
|
|
- |
|
|
|
97 |
|
Unrealized loss on equity
investments |
|
(82 |
) |
|
|
- |
|
|
(242 |
) |
|
|
- |
|
Other |
|
90 |
|
|
|
25 |
|
|
2,393 |
|
|
|
307 |
|
Total non-interest
income |
|
1,852 |
|
|
|
1,633 |
|
|
6,801 |
|
|
|
5,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
7,156 |
|
|
|
5,925 |
|
|
20,548 |
|
|
|
17,893 |
|
Occupancy and equipment |
|
2,490 |
|
|
|
2,038 |
|
|
7,028 |
|
|
|
6,185 |
|
Data processing and service fees |
|
942 |
|
|
|
703 |
|
|
2,499 |
|
|
|
2,034 |
|
Professional fees |
|
437 |
|
|
|
491 |
|
|
1,475 |
|
|
|
2,237 |
|
Director fees |
|
192 |
|
|
|
198 |
|
|
594 |
|
|
|
576 |
|
Regulatory assessments |
|
419 |
|
|
|
318 |
|
|
948 |
|
|
|
1,010 |
|
Advertising and promotional |
|
129 |
|
|
|
117 |
|
|
314 |
|
|
|
375 |
|
Other real estate owned, net |
|
22 |
|
|
|
9 |
|
|
213 |
|
|
|
64 |
|
Merger related costs |
|
119 |
|
|
|
- |
|
|
2,303 |
|
|
|
- |
|
Other |
|
2,485 |
|
|
|
1,500 |
|
|
6,460 |
|
|
|
4,635 |
|
Total non-interest
expense |
|
14,391 |
|
|
|
11,299 |
|
|
42,382 |
|
|
|
35,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
provision |
|
6,634 |
|
|
|
5,397 |
|
|
16,620 |
|
|
|
14,416 |
|
Income tax provision |
|
2,040 |
|
|
|
2,180 |
|
|
5,081 |
|
|
|
5,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
4,594 |
|
|
$ |
3,217 |
|
$ |
11,539 |
|
|
$ |
8,643 |
|
Preferred stock dividends |
|
263 |
|
|
|
166 |
|
|
691 |
|
|
|
449 |
|
Net Income available to common
stockholders |
$ |
4,331 |
|
|
$ |
3,051 |
|
$ |
10,848 |
|
|
$ |
8,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per common share-basic and
diluted |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.27 |
|
|
$ |
0.25 |
|
$ |
0.70 |
|
|
$ |
0.71 |
|
Diluted |
$ |
0.27 |
|
|
$ |
0.25 |
|
$ |
0.69 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
15,789 |
|
|
|
12,142 |
|
|
15,482 |
|
|
|
11,572 |
|
Diluted |
|
15,896 |
|
|
|
12,226 |
|
|
15,609 |
|
|
|
11,664 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial condition data
by quarter |
|
|
|
|
|
|
|
|
|
Q3 2018 |
Q2 2018 |
Q1 2018 |
Q4 2017 |
Q3 2017 |
Q2 2017 |
|
|
|
|
|
|
|
|
(In thousands, except tangible
book value) |
|
Total assets |
$ |
2,637,868 |
|
$ |
2,516,564 |
|
$ |
2,082,313 |
|
$ |
1,942,837 |
|
$ |
1,871,740 |
|
$ |
1,815,843 |
|
Cash and cash equivalents |
|
206,710 |
|
|
180,445 |
|
|
137,334 |
|
|
124,235 |
|
|
97,618 |
|
|
75,047 |
|
Securities available for sale |
|
127,863 |
|
|
135,425 |
|
|
127,324 |
|
|
122,589 |
|
|
100,077 |
|
|
105,803 |
|
Loans receivable, net |
|
2,225,001 |
|
|
2,119,829 |
|
|
1,764,597 |
|
|
1,643,677 |
|
|
1,619,245 |
|
|
1,577,181 |
|
Deposits |
|
2,116,624 |
|
|
1,984,876 |
|
|
1,691,353 |
|
|
1,569,370 |
|
|
1,546,148 |
|
|
1,496,260 |
|
Borrowings |
|
312,319 |
|
|
324,124 |
|
|
204,124 |
|
|
189,124 |
|
|
142,124 |
|
|
178,124 |
|
Stockholders’ equity |
|
195,763 |
|
|
194,076 |
|
|
177,386 |
|
|
176,454 |
|
|
177,568 |
|
|
132,781 |
|
Tangible Book Value |
|
10.81 |
|
|
10.71 |
|
|
10.90 |
|
|
10.85 |
|
|
10.93 |
|
|
10.58 |
|
|
|
|
|
|
|
|
|
Operating data by
quarter |
|
|
Q3 2018 |
Q2 2018 |
Q1 2018 |
Q4 2017 |
Q3 2017 |
Q2 2017 |
|
|
|
|
|
|
|
|
(In thousands, except for per
share amounts) |
|
Net interest income |
$ |
20,080 |
|
$ |
19,990 |
|
$ |
16,440 |
|
$ |
16,642 |
|
$ |
15,574 |
|
$ |
15,063 |
|
Provision for loan losses |
|
907 |
|
|
2,060 |
|
|
1,342 |
|
|
325 |
|
|
511 |
|
|
776 |
|
Non-interest income |
|
1,852 |
|
|
1,563 |
|
|
3,386 |
|
|
1,515 |
|
|
1,633 |
|
|
2,022 |
|
Non-interest expense |
|
14,391 |
|
|
15,980 |
|
|
12,011 |
|
|
12,035 |
|
|
11,299 |
|
|
12,148 |
|
Income tax expense |
|
2,040 |
|
|
1,200 |
|
|
1,841 |
|
|
4,458 |
|
|
2,180 |
|
|
1,648 |
|
Net income |
$ |
4,594 |
|
$ |
2,313 |
|
$ |
4,632 |
|
$ |
1,339 |
|
$ |
3,217 |
|
$ |
2,513 |
|
Net income per share |
$ |
0.27 |
|
$ |
0.13 |
|
$ |
0.30 |
|
$ |
0.08 |
|
$ |
0.25 |
|
$ |
0.21 |
|
Common Dividends declared per share |
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
Financial
Ratios |
|
|
Q3 2018 |
Q2 2018 |
Q1 2018 |
Q4 2017 |
Q3 2017 |
Q2 2017 |
Return on average assets |
|
0.72 |
% |
|
0.40 |
% |
|
0.92 |
% |
|
0.28 |
% |
|
0.70 |
% |
|
0.56 |
% |
Return on average stockholder’s equity |
|
9.44 |
% |
|
4.90 |
% |
|
10.48 |
% |
|
3.01 |
% |
|
9.17 |
% |
|
7.90 |
% |
Net interest margin |
|
3.22 |
% |
|
3.52 |
% |
|
3.34 |
% |
|
3.56 |
% |
|
3.50 |
% |
|
3.45 |
% |
Stockholder’s equity to total assets |
|
7.42 |
% |
|
7.71 |
% |
|
8.52 |
% |
|
9.08 |
% |
|
9.49 |
% |
|
7.31 |
% |
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
(In thousands, except
for ratio %) |
|
|
Q3 2018 |
Q2 2018 |
Q1 2018 |
Q4 2017 |
Q3 2017 |
Q2 2017 |
Non-Accrual Loans |
$ |
11,093 |
|
$ |
10,763 |
|
$ |
10,619 |
|
$ |
13,036 |
|
$ |
16,958 |
|
$ |
15,456 |
|
Non-Accrual Loans as a % of Total Loans |
|
0.49 |
% |
|
0.50 |
% |
|
0.60 |
% |
|
0.78 |
% |
|
1.03 |
% |
|
0.97 |
% |
ALLL as % of Non-Accrual Loans |
|
193.85 |
% |
|
191.79 |
% |
|
172.68 |
% |
|
133.28 |
% |
|
108.79 |
% |
|
116.23 |
% |
Impaired Loans |
|
47,251 |
|
|
50,899 |
|
|
36,199 |
|
|
37,786 |
|
|
40,992 |
|
|
43,326 |
|
Classified Loans |
|
30,179 |
|
|
33,605 |
|
|
20,299 |
|
|
21,730 |
|
|
26,663 |
|
|
27,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: |
|
Thomas
Coughlin, President & CEOThomas Keating, CFO(201) 823-0700 |
|
|
|
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