BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding
company for BCB Community Bank (the “Bank”), today reported that an
increase in total interest income, and decreases in the provision
for loan losses and non-interest expenses, contributed to third
quarter and year-to-date 2019 profits. Net income increased
$638,000, or 13.9 percent, to $5.2 million for the third quarter of
2019, compared with $4.6 million for the third quarter of 2018. In
the preceding quarter, the Company earned $5.2 million.
For the first nine months of the year, net
income increased $4.4 million, or 37.9 percent, to $15.9 million,
compared with $11.5 million for the first nine months of 2018.
“Our third quarter 2019 financial performance
demonstrates that the execution of our strategic plan is effective
and continues to build shareholder value,” stated Thomas Coughlin,
President and Chief Executive Officer. “Our focus on
producing strong core earnings, fostering new client relationships
to fund our growth and strengthening our capital position, are all
showing results. Additionally, we are taking steps to
strengthen our balance sheet and position ourselves for future
growth and higher performance. We remain focused on competing
for business in our local markets and looking for additional growth
opportunities.”
Executive Summary
- Net income increased 13.9 percent to $5.2 million in the third
quarter of 2019, compared to $4.6 million in the third quarter of
2018.
- Earnings per diluted share increased to $0.30 in 3Q19, compared
to $0.27 in 3Q18.
- Net interest margin was 3.06 percent in the third quarter 2019,
compared to 3.22 percent in the third quarter a year ago. This
decrease was the result of our focus on increasing our cash
position to allow for paydowns of borrowings and higher cost
CDs.
- Total assets increased 7.1 percent to $2.825 billion at
September 30, 2019, compared to $2.638 billion a year earlier.
- As a result of management’s focus on repositioning the balance
sheet, net loans receivable increased 1.3 percent to $2.254 billion
at September 30, 2019, compared to $2.225 billion a year
earlier.
- Allowance for loan losses as a percentage of non-accrual loans
was 486.6 percent at September 30, 2019, compared to 193.9 percent
at September 30, 2018.
- Tangible book value improved to $11.72 at September 30, 2019
from $10.78 a year ago.
- Earlier this month, the Company’s Board of Directors declared a
regular quarterly cash dividend of $0.14 per share. The dividend
will be payable November 22, 2019, to common shareholders of record
on November 8, 2019.
- The Company issued $6.3 million of private placement common
stock which closed in February 2019 and $5.3 million of preferred
series G stock, which was issued in January 2019. The Company had
also issued $33.5 million of subordinated debt in July 2018 which,
for regulatory purposes, is treated as Tier 1 capital for the Bank
and Tier 2 capital for the Company, when applicable.
Balance Sheet Review
Total assets increased by $187.6 million, or 7.1
percent, to $2.825 billion at September 30, 2019 from $2.638
billion at September 30, 2018 and increased by $87.4 million, or
3.2 percent, compared to June 30, 2019. The increase in total
assets was primarily the result of an increase in total cash and
cash equivalents as a result of new deposit relationships, proceeds
from FHLB borrowings, and the inclusion of operating and finance
leases due to accounting standards changes.
Net loans receivable increased by $28.7 million,
or 1.3 percent, to $2.254 billion at September 30, 2019 from $2.225
billion at September 30, 2018, and decreased slightly compared to
$2.300 billion at June 30, 2019. After significant loan growth in
2018, management focused on repositioning the balance sheet, which
included curtailing loan growth and strengthening our capital
position. The change in loans over the first nine months of 2019
represented decreases of $28.9 million in commercial real estate
and multi-family loans, $9.2 million in home equity loans, $5.1
million in residential one-to-four family loans, $3.5 million in
commercial business loans, and $81,000 in consumer loans,
partly offset by an increase of $23.9 million in construction
loans.
Total cash and cash equivalents increased by
$169.9 million, or 82.2 percent, to $376.6 million at September 30,
2019 from $206.7 million a year ago, and increased by $149.0
million, or 65.4 percent compared to $227.6 million three months
earlier. The Company’s level of cash and cash equivalents is a part
of the Company’s strategy to maintain strong levels of liquidity.
Total investment securities decreased by $23.8 million, or 18.6
percent, to $104.1 million at September 30, 2019 from $127.9
million at September 30, 2018, and decreased by $18.1 million, or
14.8 percent, compared to $122.2 million at June 30, 2019,
representing normal repayments, calls, and maturities.
On January 1, 2019, the Company adopted
Accounting Standards Update ("ASU") No. 2016-02 - Leases, requiring
on-balance sheet reporting for all operating leases, which resulted
in the recording of $14.0 million in operating lease right-of-use
assets and a corresponding $14.1 million in operating lease
liabilities at September 30, 2019.
Total deposits increased by $146.8 million, or
6.9 percent, to $2.263 billion at September 30, 2019 from $2.117
billion at September 30, 2018, and increased by $55.2 million, or
2.5 percent, from $2.208 billion at June 30, 2019. Increases
over the first nine months of 2019 included $50.2 million in money
market checking accounts, $12.2 million in non-interest bearing
deposits, $13.9 million in transaction accounts, and $10.4 million
in certificates of deposit, partly offset by decreases of $4.0
million in savings and club accounts. The Company uses listing
service and brokered certificates of deposit as additional sources
of deposit liquidity, which totaled $10.9 million and $0,
respectively, at September 30, 2019.
Debt obligations remained flat at $312.6 million
at September 30, 2019 compared to a year ago and increased $30.1
million compared to $282.5 million at June 30, 2019. Debt
obligations consisted of both Federal Home Loan Bank (“FHLB”)
borrowings and subordinated debt balances. FHLB borrowings reflect
the use of long-term advances to augment deposits as the Company’s
funding source for originating loans and investing in investment
securities. The increase in FHLB borrowings in the current quarter
related to replacing $40 million in advance of the borrowing
maturity dates in the next quarter that were secured at favorable
interest rates. The weighted average interest rate of FHLB advances
was 2.15 percent at September 30, 2019. The issuance of
subordinated debt was to maintain adequate capital ratios for
further growth. The fixed interest rate of subordinated debt
balances was 5.625% at September 30, 2019.
Stockholders’ equity increased by $28.0 million,
or 14.3 percent, to $223.7 million at September 30, 2019 from
$195.8 million at September 30, 2018, and increased by $2.6
million, or 1.2 percent, compared to $221.2 million three months
earlier. The year-over-year increase in stockholders’ equity was
primarily attributable to the Company’s issuance of $6.3 million of
common stock in a private placement which closed in February 2019
and the issuance of $5.3 million of preferred series G stock in a
private placement, which was issued in January 2019. Retained
earnings increased by $10.2 million to $45.9 million at September
30, 2019 from $35.7 million a year ago, due primarily to the
increase in net income, net of dividends paid, and the decrease in
the accumulated other comprehensive loss of $4.0 million.
Third Quarter Income Statement
Review
Net interest income increased by $680,000, or
3.4 percent, to $20.8 million for the third quarter of 2019 from
$20.1 million for the third quarter of 2018. The increase in
net interest income resulted primarily from an increase in the
average balance of interest-earning assets of $213.0 million, or
8.5 percent, to $2.710 billion for the third quarter of 2019 from
$2.497 billion for the third quarter a year ago. There was also an
increase in the average yield on interest-earning assets of 15
basis points to 4.63 percent for the third quarter of 2019 from
4.48 percent for the third quarter of 2018. The average balance of
interest-bearing liabilities increased $173.6 million, or 8.3
percent, to $2.265 billion for the third quarter of 2019 from
$2.092 billion for the third quarter of 2018, and there was an
increase in the average rate on interest-bearing liabilities of 36
basis points to 1.87 percent for the third quarter of 2019 from
1.51 percent for the third quarter a year ago. Interest income on
loans also included $505,000 of amortization of purchase credit
adjustments related to the acquisition of IAB for the three months
ended September 30, 2019, which added approximately seven basis
points to the average yield on interest earning assets on an
annualized basis.
Net interest margin was 3.06 percent for the
third quarter of 2019 and 3.22 percent for the third quarter of
2018. “The decrease in our net interest margin for the
current quarter was the result of a competitively higher interest
rate environment, with the increase in the cost of funds outpacing
the return on interest earning assets,” Coughlin said. “We expect
with the two recent Federal Reserve rate cuts for our net interest
margin to continue to remain under pressure in the short term.”
Total non-interest income decreased by $469,000,
or 25.3 percent, to $1.4 million for the third quarter of 2019 from
$1.9 million for the third quarter of 2018. The decrease in total
non-interest income was mainly related to lower income from fees
and service charges as well as lower gains on sale of loans, partly
offset by higher gains on sale of other real estate owned
properties and gains on sale of investment securities. Fees and
service charges decreased $237,000, or 21.7 percent to $855,000 for
the third quarter of 2019 from $1.1 million for the third quarter
of 2018, mainly related to less mortgage servicing fee income with
less sales of loans. Gain on sales of loans decreased by $649,000,
or 87.9 percent, to $89,000 for the third quarter of 2019 from
$738,000 for the third quarter of 2018. Factors considered when
deciding to sell loans include market conditions, demand, and the
loan portfolio. Gains on sale of other real estate owned properties
increased by $110,000, to $124,000 for the third quarter of 2019
from a gain of $14,000 for the third quarter of 2018. Gain on sale
of investment securities was $283,000 for the third quarter of
2019, with no comparable sales for the third quarter a year
ago.
Third quarter total non-interest expense
decreased by $739,000, or 5.1 percent, to $13.7 million from $14.4
million for the third quarter a year ago. Regulatory fees
associated with FDIC assessments decreased by $510,000 for the
third quarter of 2019 from $419,000 for the third quarter of 2018.
The decrease was primarily due to a decrease in the assessment
rate, a credit that related to the receipt of an FDIC Small Bank
Assessment Credit, which came as a result of the FDIC exceeding its
stated Deposit Fund Reserve Ratio, partly offset by an increase in
the assessment base. Data processing expense decreased by
$166,000, or 17.6 percent, to $776,000 for the third quarter of
2019 from $942,000 for the third quarter a year ago primarily
attributable to non-recurring charges in the third quarter of 2018
related to the merger with IAB. There were no merger-related
expenses during the third quarter of 2019, compared to $119,000 in
merger-related costs in the third quarter a year ago. Salaries and
employee benefits expense increased by a modest 1.9 percent, or
$138,000. The increase in salaries and employee benefits related in
part to normal salary increases, partly offset by a reduction in
full-time equivalent employees, from 371 at September 30, 2018
to 352 at September 30, 2019, as part of management’s
continued initiative to manage headcount throughout the
organization. Occupancy expense increased by $157,000, or 6.3
percent, to $2.6 million for the third quarter of 2019 from $2.5
million for the third quarter a year earlier, largely related to
the opening of three new branches in 2019.
The income tax provision increased by $319,000,
or 15.6 percent, to $2.4 million for the third quarter of 2019 from
$2.0 million for the third quarter of 2018. The increase in the
income tax provision comes as a result of higher taxable income for
the third quarter of 2019 as compared to that same period for 2018.
The consolidated effective tax rate for the third quarter of 2019
was 31.1 percent compared to 30.8 percent for the third quarter a
year ago.
Year to Date Income Statement
Review
Net interest income increased by $6.0 million,
or 10.6 percent, to $62.5 million for first nine months of 2019
from $56.5 million for the first nine months of 2018. Net interest
margin was 3.14 percent for the first nine months of 2019 compared
to 3.34 percent for the first nine months of 2018. The decrease in
the net interest margin was the result of a comparatively higher
interest rate environment, with the increase in the average cost of
funds outpacing the return on interest earning assets for the
nine-month period ended September 30, 2019 as compared to the same
period one year ago. Interest income on loans also included $1.5
million of amortization of purchase credit adjustments related to
the acquisition of IAB for the nine months ended September 30,
2019, which added approximately eight basis points to the average
yield on interest earning assets on an annualized basis.
Total non-interest income decreased by $2.4
million, or 35.7 percent, to $4.4 million for the first nine months
of 2019 from $6.8 million for the first nine months a year ago. The
decrease in total non-interest income mainly related to a decrease
in the amount of other non-interest income of $2.2 million, or 92.5
percent, to $179,000 for the first nine months of 2019 from $2.4
million for the first nine months a year ago. The decrease in other
non-interest income was the result of $2.2 million in proceeds from
a legal settlement recognized in the first quarter of 2018.
Total non-interest expense decreased by $1.1
million or 2.5 percent, to $41.3 million for the first nine months
of 2019 from $42.4 million for the first nine months of 2018. There
were no merger-related expenses in the first nine months of 2019,
compared to $2.3 million in the first nine months of 2018.
“Excluding the prior-year merger costs, total non-interest
expense rose 3.1% over last year. Management is pleased with the
results of our cost containment efforts. The increase would be less
considering that the prior year did not include IAB non-interest
costs until the merger date of April 17, 2018,” Coughlin
stated.
The income tax provision increased by $2.0
million, or 40.1 percent, to $7.1 million for the first nine months
of 2019 from $5.1 million for the first nine months of 2018. The
increase in the income tax provision comes as a result of higher
taxable income for the first nine months ended September 30, 2019
as compared to that same period for 2018. The consolidated
effective tax rate for the first nine months of 2019 was 30.9
percent compared to 30.6 percent for the first nine months of
2018.
Asset Quality
The provision for loan losses remained
relatively flat at $900,000 for the third quarter of 2019 as
compared to $907,000 for the third quarter of 2018.
Year-to-date, the provision for loan losses decreased by $1.8
million, to $2.5 million for the first nine months of 2019 from
$4.3 million for the first nine months of 2018, mainly related to
the loan growth curtailment. Non-accruing loans improved to $5.1
million, or 0.22 percent, of gross loans at September 30, 2019 as
compared to $11.1 million, or 0.49 percent, of gross loans at
September 30, 2018.
Performing troubled debt restructured (“TDR”)
loans that were not included in nonaccrual loans at September 30,
2019, were $16.5 million, compared to $21.8 million at June 30,
2019 and $20.6 million at September 30, 2018. 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 TDR loans.
The allowance for loan losses was $24.7 million,
or 486.6 percent of non-accruing loans and 1.08 percent of gross
loans, at September 30, 2019 as compared to an allowance for loan
losses of $23.8 million, or 433.5 percent of non-accruing loans and
1.02 percent of gross loans, at June 30, 2019 and an allowance for
loan losses of $21.5 million or 193.9 percent of non-accruing loans
and 0.96 percent of gross loans, a year ago.
The Company recognized net recoveries of $2,000
during the third quarter of 2019. This compares to net recoveries
of $30,000 in the second quarter of 2019 and net charge offs of
$43,000 in the third quarter a year ago. Year-to-date, the Company
recognized $212,000 in net charge-offs compared to $180,000 in net
charge-offs in the first nine months of 2018.
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 30 branch offices in
Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel,
Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township,
Parsippany, Plainsboro, River Edge, Rutherford, South Orange,
Union, and Woodbridge, New Jersey, three branches in Hicksville and
Staten Island, New York. 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.
In September 2019, the Company announced its
inclusion into the prestigious Sandler O'Neill Sm-All Stars Class
of 2019, an elite group of 30 publicly traded small-cap banks and
thrifts, based on growth, profitability, credit quality and capital
strength.
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
release, 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.
Explanation of Non-GAAP Financial
Measures
Reported amounts are presented in accordance
with accounting principles generally accepted in the United States
of America ("GAAP"). This press release also contains certain
supplemental non-GAAP information that the Company’s management
uses in its analysis of the Company’s financial results. The
Company’s management believes that providing this information to
analysts and investors allows them to better understand and
evaluate the Company’s core financial results for the periods in
question.
The Company provides measurements and ratios
based on tangible stockholders' equity and efficiency ratios. These
measures are utilized by regulators and market analysts to evaluate
a company’s financial condition and, therefore, the Company’s
management believes that such information is useful to
investors.
For a reconciliation of GAAP to Non-GAAP
financial measures included in this press release, see
"Reconciliation of GAAP to Non-GAAP Financial Measures" below.
| |
Statements of Income - Three Months
Ended, |
|
|
| |
September 30, 2019 |
June 30, 2019 |
September 30, 2018 |
September 30, 2019 vs. June 30, 2019 |
September 30, 2019 vs. September 30, 2018 |
| Interest and dividend
income: |
(Dollars in thousands) |
|
|
|
Loans, including fees |
$ |
28,860 |
|
$ |
28,634 |
|
$ |
26,019 |
|
0.8 |
% |
10.9 |
% |
|
Mortgage-backed securities |
|
652 |
|
|
738 |
|
|
827 |
|
-11.7 |
% |
-21.2 |
% |
|
Other investment securities |
|
107 |
|
|
197 |
|
|
116 |
|
-45.7 |
% |
-7.8 |
% |
|
FHLB stock and other interest earning assets |
|
1,750 |
|
|
1,173 |
|
|
1,009 |
|
49.2 |
% |
73.4 |
% |
|
Total interest and dividend income |
|
31,369 |
|
|
30,742 |
|
|
27,971 |
|
2.0 |
% |
12.1 |
% |
| |
|
|
|
|
|
| Interest expense: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand |
|
1,898 |
|
|
1,750 |
|
|
1,130 |
|
8.5 |
% |
68.0 |
% |
|
Savings and club |
|
102 |
|
|
110 |
|
|
116 |
|
-7.3 |
% |
-12.1 |
% |
|
Certificates of deposit |
|
6,603 |
|
|
6,097 |
|
|
4,591 |
|
8.3 |
% |
43.8 |
% |
|
|
|
8,603 |
|
|
7,957 |
|
|
5,837 |
|
8.1 |
% |
47.4 |
% |
|
Borrowings |
|
2,006 |
|
|
1,920 |
|
|
2,054 |
|
4.5 |
% |
-2.3 |
% |
|
Total interest expense |
|
10,609 |
|
|
9,877 |
|
|
7,891 |
|
7.4 |
% |
34.4 |
% |
| |
|
|
|
|
|
| Net interest
income |
|
20,760 |
|
|
20,865 |
|
|
20,080 |
|
-0.5 |
% |
3.4 |
% |
| Provision for loan losses |
|
900 |
|
|
755 |
|
|
907 |
|
19.2 |
% |
-0.8 |
% |
| |
|
|
|
|
|
| Net interest income after provision for loan
losses |
|
19,860 |
|
|
20,110 |
|
|
19,173 |
|
-1.2 |
% |
3.6 |
% |
| |
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
Fees and service charges |
|
855 |
|
|
802 |
|
|
1,092 |
|
6.6 |
% |
-21.7 |
% |
|
Gain on sales of loans |
|
89 |
|
|
437 |
|
|
738 |
|
-79.6 |
% |
-87.9 |
% |
|
Gain on sales of other real estate owned |
|
124 |
|
|
45 |
|
|
14 |
|
175.6 |
% |
7.86 |
|
|
Gain on sale of investment securities |
|
283 |
|
|
21 |
|
|
- |
|
1247.6 |
% |
0.0 |
% |
|
Unrealized (loss) on equity investments |
|
(45 |
) |
|
(26 |
) |
|
(82 |
) |
73.1 |
% |
45.1 |
% |
|
Other |
|
77 |
|
|
49 |
|
|
90 |
|
57.1 |
% |
-14.4 |
% |
|
Total non-interest income |
|
1,383 |
|
|
1,328 |
|
|
1,852 |
|
4.1 |
% |
-25.3 |
% |
| |
|
|
|
|
|
| Non-interest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
7,294 |
|
|
6,918 |
|
|
7,156 |
|
5.4 |
% |
1.9 |
% |
|
Occupancy and equipment |
|
2,647 |
|
|
2,649 |
|
|
2,490 |
|
-0.1 |
% |
6.3 |
% |
|
Data processing and service fees |
|
776 |
|
|
731 |
|
|
942 |
|
6.2 |
% |
-17.6 |
% |
|
Professional fees |
|
368 |
|
|
473 |
|
|
437 |
|
-22.2 |
% |
-15.8 |
% |
|
Director fees |
|
356 |
|
|
316 |
|
|
192 |
|
12.7 |
% |
85.4 |
% |
|
Regulatory assessments |
|
(91 |
) |
|
417 |
|
|
419 |
|
-121.8 |
% |
-121.7 |
% |
|
Advertising and promotional |
|
64 |
|
|
123 |
|
|
129 |
|
-48.0 |
% |
-50.4 |
% |
|
Other real estate owned, net |
|
(31 |
) |
|
124 |
|
|
22 |
|
-125.0 |
% |
-240.9 |
% |
|
Merger related costs |
|
- |
|
|
- |
|
|
119 |
|
- |
|
-100.0 |
% |
|
Other |
|
2,269 |
|
|
2,143 |
|
|
2,485 |
|
5.9 |
% |
-8.7 |
% |
|
Total non-interest expense |
|
13,652 |
|
|
13,894 |
|
|
14,391 |
|
-1.7 |
% |
-5.1 |
% |
| |
|
|
|
|
|
| Income before income
tax provision |
|
7,591 |
|
|
7,544 |
|
|
6,634 |
|
0.6 |
% |
14.4 |
% |
| Income tax provision |
|
2,359 |
|
|
2,317 |
|
|
2,040 |
|
1.8 |
% |
15.6 |
% |
| |
|
|
|
|
|
| Net Income |
$ |
5,232 |
|
$ |
5,227 |
|
$ |
4,594 |
|
0.1 |
% |
13.9 |
% |
| Preferred stock dividends |
|
342 |
|
|
342 |
|
|
263 |
|
- |
|
30.0 |
% |
| Net Income available to common
stockholders |
$ |
4,890 |
|
$ |
4,885 |
|
$ |
4,331 |
|
0.1 |
% |
12.9 |
% |
| |
|
|
|
|
|
| Net Income per common share-basic and
diluted |
|
|
|
|
|
|
Basic |
$ |
0.30 |
|
$ |
0.30 |
|
$ |
0.27 |
|
- |
|
11.1 |
% |
|
Diluted |
$ |
0.30 |
|
$ |
0.30 |
|
$ |
0.27 |
|
- |
|
11.1 |
% |
| |
|
|
|
|
|
| Weighted average number of common shares
outstanding |
|
|
|
|
|
|
Basic |
|
16,468 |
|
|
16,413 |
|
|
15,789 |
|
0.3 |
% |
4.3 |
% |
|
Diluted |
|
16,523 |
|
|
16,471 |
|
|
15,896 |
|
0.3 |
% |
3.9 |
% |
| |
|
|
|
|
|
| |
Nine Months Ended, |
|
| |
September 30, 2019 |
September 30, 2018 |
September 30, 2019 vs. September 30, 2018 |
| Interest and dividend
income: |
(Dollars in thousands) |
|
|
Loans, including fees |
$ |
85,727 |
$ |
69,588 |
|
23.2 |
% |
|
Mortgage-backed securities |
|
2,160 |
|
2,363 |
|
-8.6 |
% |
|
Other investment securities |
|
432 |
|
416 |
|
3.8 |
% |
|
FHLB stock and other interest earning assets |
|
4,270 |
|
2,242 |
|
90.5 |
% |
|
Total interest and dividend income |
|
92,589 |
|
74,609 |
|
24.1 |
% |
| |
|
|
|
| Interest expense: |
|
|
|
|
Deposits: |
|
|
|
|
Demand |
|
5,224 |
|
2,902 |
|
80.0 |
% |
|
Savings and club |
|
325 |
|
318 |
|
2.2 |
% |
|
Certificates of deposit |
|
18,690 |
|
10,726 |
|
74.2 |
% |
|
|
|
24,239 |
|
13,946 |
|
73.8 |
% |
|
Borrowings |
|
5,823 |
|
4,153 |
|
40.2 |
% |
|
Total interest expense |
|
30,062 |
|
18,099 |
|
66.1 |
% |
| |
|
|
|
| Net interest
income |
|
62,527 |
|
56,510 |
|
10.6 |
% |
| Provision for loan losses |
|
2,544 |
|
4,309 |
|
-41.0 |
% |
| |
|
|
|
| Net interest income after provision for loan
losses |
|
59,983 |
|
52,201 |
|
14.9 |
% |
| |
|
|
|
| Non-interest income: |
|
|
|
|
Fees and service charges |
|
2,540 |
|
2,773 |
|
-8.4 |
% |
|
Gain on sales of loans |
|
844 |
|
1,897 |
|
-55.5 |
% |
|
Gain (loss) on bulk sale of impaired loans held in portfolio |
|
107 |
|
(24 |
) |
545.8 |
% |
|
Gain on sales of other real estate owned |
|
177 |
|
4 |
|
4325.0 |
% |
|
Gain on sale of investment securities |
|
304 |
|
- |
|
- |
|
|
Unrealized gain (loss) on equity investments |
|
220 |
|
(242 |
) |
190.9 |
% |
|
Other |
|
179 |
|
2,393 |
|
-92.5 |
% |
|
Total non-interest income |
|
4,371 |
|
6,801 |
|
-35.7 |
% |
| |
|
|
|
| Non-interest expense: |
|
|
|
|
Salaries and employee benefits |
|
21,127 |
|
20,548 |
|
2.8 |
% |
|
Occupancy and equipment |
|
7,926 |
|
7,028 |
|
12.8 |
% |
|
Data processing and service fees |
|
2,228 |
|
2,499 |
|
-10.8 |
% |
|
Professional fees |
|
1,374 |
|
1,475 |
|
-6.8 |
% |
|
Director fees |
|
990 |
|
594 |
|
66.7 |
% |
|
Regulatory assessments |
|
783 |
|
948 |
|
-17.4 |
% |
|
Advertising and promotional |
|
260 |
|
314 |
|
-17.2 |
% |
|
Other real estate owned, net |
|
77 |
|
213 |
|
-63.8 |
% |
|
Merger related costs |
|
- |
|
2,303 |
|
-100.0 |
% |
|
Other |
|
6,558 |
|
6,460 |
|
1.5 |
% |
|
Total non-interest expense |
|
41,323 |
|
42,382 |
|
-2.5 |
% |
| |
|
|
|
| Income before income
tax provision |
|
23,031 |
|
16,620 |
|
38.6 |
% |
| Income tax provision |
|
7,121 |
|
5,081 |
|
40.1 |
% |
| |
|
|
|
| Net Income |
$ |
15,910 |
$ |
11,539 |
|
37.9 |
% |
| Preferred stock dividends |
|
1,002 |
|
691 |
|
45.0 |
% |
| Net Income available to common
stockholders |
$ |
14,908 |
$ |
10,848 |
|
37.4 |
% |
| |
|
|
|
| Net Income per common share-basic and
diluted |
|
|
|
|
Basic |
$ |
0.91 |
$ |
0.70 |
|
30.0 |
% |
|
Diluted |
$ |
0.91 |
$ |
0.69 |
|
31.9 |
% |
| |
|
|
|
| Weighted average number of common shares
outstanding |
|
|
|
|
Basic |
|
16,320 |
|
15,482 |
|
5.4 |
% |
|
Diluted |
|
16,369 |
|
15,609 |
|
4.9 |
% |
| |
|
|
|
| Statements of
Financial Condition |
September 30, 2019 |
June 30, 2019 |
September 30, 2018 |
September 30, 2019 vs June 30, 2019 |
September 30, 2019 vs September 30, 2018 |
| ASSETS |
(Dollars in thousands) |
|
|
| Cash and
amounts due from depository institutions |
$ |
27,625 |
|
$ |
20,660 |
|
$ |
32,459 |
|
33.7 |
% |
-14.9 |
% |
| Interest-earning deposits |
|
348,986 |
|
|
206,982 |
|
|
174,251 |
|
68.6 |
% |
100.3 |
% |
|
Total cash and cash equivalents |
|
376,611 |
|
|
227,642 |
|
|
206,710 |
|
65.4 |
% |
82.2 |
% |
| |
|
|
|
|
|
| Interest-earning time deposits |
|
735 |
|
|
735 |
|
|
980 |
|
- |
|
-25.0 |
% |
| Debt securities available for
sale |
|
98,218 |
|
|
116,258 |
|
|
119,811 |
|
-15.5 |
% |
-18.0 |
% |
| Equity investments |
|
5,857 |
|
|
5,901 |
|
|
8,052 |
|
-0.7 |
% |
-27.3 |
% |
| Loans held for sale |
|
3,195 |
|
|
- |
|
|
1,772 |
|
- |
|
80.3 |
% |
| Loans receivable, net of allowance for loan losses |
|
|
|
|
|
|
of $24,691, $23,789, and $21,504, respectively |
|
2,253,699 |
|
|
2,299,765 |
|
|
2,225,001 |
|
-2.0 |
% |
1.3 |
% |
| Federal Home Loan Bank of New York stock, at cost |
|
15,171 |
|
|
13,821 |
|
|
14,755 |
|
9.8 |
% |
2.8 |
% |
| Premises and equipment,
net |
|
20,315 |
|
|
19,482 |
|
|
20,392 |
|
4.3 |
% |
-0.4 |
% |
|
Operating lease right-of-use asset |
|
13,951 |
|
|
14,650 |
|
|
- |
|
-4.8 |
% |
- |
|
| Accrued interest
receivable |
|
8,959 |
|
|
9,315 |
|
|
8,635 |
|
-3.8 |
% |
3.8 |
% |
|
Other real estate owned |
|
- |
|
|
1,235 |
|
|
1,232 |
|
-100.0 |
% |
-100.0 |
% |
| Deferred income taxes |
|
13,445 |
|
|
12,962 |
|
|
11,607 |
|
3.7 |
% |
15.8 |
% |
|
Goodwill and other intangibles |
|
5,570 |
|
|
5,587 |
|
|
5,223 |
|
-0.3 |
% |
6.6 |
% |
|
Other assets |
|
9,773 |
|
|
10,777 |
|
|
13,698 |
|
-9.3 |
% |
-28.7 |
% |
|
Total Assets |
$ |
2,825,499 |
|
$ |
2,738,130 |
|
$ |
2,637,868 |
|
3.2 |
% |
7.1 |
% |
| |
|
|
|
|
|
| LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
| |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
| Non-interest bearing deposits |
$ |
276,235 |
|
$ |
278,602 |
|
$ |
276,998 |
|
-0.8 |
% |
-0.3 |
% |
| Interest bearing deposits |
|
1,987,222 |
|
|
1,929,620 |
|
|
1,839,626 |
|
3.0 |
% |
8.0 |
% |
|
Total deposits |
|
2,263,457 |
|
|
2,208,222 |
|
|
2,116,624 |
|
2.5 |
% |
6.9 |
% |
| FHLB advances |
|
275,800 |
|
|
245,800 |
|
|
275,800 |
|
12.2 |
% |
- |
|
|
Subordinated debentures |
|
36,752 |
|
|
36,693 |
|
|
36,519 |
|
0.2 |
% |
0.6 |
% |
|
Operating lease liability |
|
14,054 |
|
|
14,724 |
|
|
- |
|
-4.6 |
% |
- |
|
|
Other liabilities |
|
11,717 |
|
|
11,538 |
|
|
13,162 |
|
1.6 |
% |
-11.0 |
% |
|
Total Liabilities |
|
2,601,780 |
|
|
2,516,977 |
|
|
2,442,105 |
|
3.4 |
% |
6.5 |
% |
| |
|
|
|
|
|
| STOCKHOLDERS'
EQUITY |
|
|
|
|
|
| Preferred stock: $0.01 par
value, 10,000,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
|
Additional paid-in capital preferred stock |
|
25,016 |
|
|
25,016 |
|
|
19,706 |
|
- |
|
26.9 |
% |
| Common stock: no par value,
20,000,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
|
Additional paid-in capital common stock |
|
177,253 |
|
|
176,767 |
|
|
175,970 |
|
0.3 |
% |
0.7 |
% |
| Retained earnings |
|
45,947 |
|
|
43,347 |
|
|
35,693 |
|
6.0 |
% |
28.7 |
% |
|
Accumulated other comprehensive (loss) |
|
(2,449 |
) |
|
(1,929 |
) |
|
(6,490 |
) |
27.0 |
% |
-62.3 |
% |
| Treasury stock, at cost |
|
(22,048 |
) |
|
(22,048 |
) |
|
(29,116 |
) |
- |
|
-24.3 |
% |
|
Total Stockholders' Equity |
|
223,719 |
|
|
221,153 |
|
|
195,763 |
|
1.2 |
% |
14.3 |
% |
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
2,825,499 |
|
$ |
2,738,130 |
|
$ |
2,637,868 |
|
3.2 |
% |
7.1 |
% |
| |
|
|
|
|
|
| Outstanding common
shares |
|
16,477 |
|
|
16,461 |
|
|
15,799 |
|
0.1 |
% |
4.3 |
% |
| |
|
|
|
|
|
| |
|
Three Months Ended September 30, |
| |
|
2019 |
|
|
|
2018 |
|
|
|
|
Average Balance |
|
|
Interest Earned/Paid |
|
Average Yield/Rate (3) |
|
|
Average Balance |
|
|
Interest Earned/Paid |
|
Average Yield/Rate (3) |
| |
|
|
| |
|
(Dollars in thousands) |
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable |
$ |
2,309,703 |
|
$ |
28,860 |
|
5.00 |
% |
|
$ |
2,183,872 |
|
$ |
26,019 |
|
4.77 |
% |
| Investment Securities |
|
111,551 |
|
|
759 |
|
2.72 |
% |
|
|
148,540 |
|
|
943 |
|
2.54 |
% |
| Interest-earning deposits |
|
289,080 |
|
|
1,750 |
|
2.42 |
% |
|
|
164,944 |
|
|
1,009 |
|
2.45 |
% |
|
Total Interest-earning assets |
|
2,710,334 |
|
|
31,369 |
|
4.63 |
% |
|
|
2,497,356 |
|
|
27,971 |
|
4.48 |
% |
| Non-interest-earning
assets |
|
75,904 |
|
|
|
|
|
|
|
63,729 |
|
|
|
|
|
|
Total assets |
$ |
2,786,238 |
|
|
|
|
|
|
$ |
2,561,085 |
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand
accounts |
$ |
344,439 |
|
$ |
661 |
|
0.77 |
% |
|
$ |
336,373 |
|
$ |
504 |
|
0.60 |
% |
| Money market accounts |
|
269,775 |
|
|
1,237 |
|
1.84 |
% |
|
|
195,436 |
|
|
626 |
|
1.28 |
% |
| Savings accounts |
|
257,392 |
|
|
102 |
|
0.16 |
% |
|
|
265,610 |
|
|
116 |
|
0.17 |
% |
| Certificates of Deposit |
|
1,095,481 |
|
|
6,603 |
|
2.41 |
% |
|
|
969,475 |
|
|
4,591 |
|
1.89 |
% |
|
Total interest-bearing deposits |
|
1,967,087 |
|
|
8,603 |
|
1.75 |
% |
|
|
1,766,894 |
|
|
5,837 |
|
1.32 |
% |
| Borrowed funds |
|
298,152 |
|
|
2,006 |
|
2.69 |
% |
|
|
324,767 |
|
|
2,054 |
|
2.53 |
% |
|
Total interest-bearing liabilities |
|
2,265,239 |
|
|
10,609 |
|
1.87 |
% |
|
|
2,091,661 |
|
|
7,891 |
|
1.51 |
% |
| Non-interest-bearing
liabilities |
|
299,230 |
|
|
|
|
|
|
|
274,850 |
|
|
|
|
|
|
Total liabilities |
|
2,564,469 |
|
|
|
|
|
|
|
2,366,511 |
|
|
|
|
|
| Stockholders' equity |
|
221,769 |
|
|
|
|
|
|
|
194,574 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
2,786,238 |
|
|
|
|
|
|
$ |
2,561,085 |
|
|
|
|
|
| Net interest income |
|
|
|
$ |
20,760 |
|
|
|
|
|
|
$ |
20,080 |
|
|
| Net interest rate
spread(1) |
|
|
|
|
|
|
2.76 |
% |
|
|
|
|
|
|
|
2.97 |
% |
| Net interest margin(2) |
|
|
|
|
|
|
3.06 |
% |
|
|
|
|
|
|
|
3.22 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest rate spread represents the difference between
the average yield on average interest-earning assets and the
average cost of average interest-bearing liabilities. (2) Net
interest margin represents net interest income divided by average
total interest-earning assets. (3) Annualized.
| |
|
Nine Months Ended September 30, |
| |
|
2019 |
|
|
|
2018 |
|
|
|
|
Average Balance |
|
|
Interest Earned/Paid |
|
Average Yield/Rate (3) |
|
|
Average Balance |
|
|
Interest Earned/Paid |
|
Average Yield/Rate (3) |
| |
|
|
| |
|
(Dollars in thousands) |
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable |
$ |
2,318,047 |
|
$ |
85,727 |
|
4.93 |
% |
|
$ |
1,983,562 |
|
$ |
69,588 |
|
4.68 |
% |
| Investment Securities |
|
120,560 |
|
|
2,592 |
|
2.87 |
% |
|
|
142,712 |
|
|
2,779 |
|
2.60 |
% |
| Interest-earning deposits |
|
220,318 |
|
|
4,270 |
|
2.58 |
% |
|
|
127,977 |
|
|
2,242 |
|
2.34 |
% |
|
Total Interest-earning assets |
|
2,658,925 |
|
|
92,589 |
|
4.64 |
% |
|
|
2,254,251 |
|
|
74,609 |
|
4.41 |
% |
| Non-interest-earning
assets |
|
72,718 |
|
|
|
|
|
|
|
53,375 |
|
|
|
|
|
|
Total assets |
$ |
2,731,643 |
|
|
|
|
|
|
$ |
2,307,626 |
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand
accounts |
$ |
342,515 |
|
$ |
1,913 |
|
0.74 |
% |
|
$ |
328,908 |
|
$ |
1,402 |
|
0.57 |
% |
| Money market accounts |
|
253,593 |
|
|
3,311 |
|
1.74 |
% |
|
|
179,290 |
|
|
1,500 |
|
1.12 |
% |
| Savings accounts |
|
259,093 |
|
|
325 |
|
0.17 |
% |
|
|
263,156 |
|
|
318 |
|
0.16 |
% |
| Certificates of Deposit |
|
1,079,090 |
|
|
18,690 |
|
2.31 |
% |
|
|
859,949 |
|
|
10,726 |
|
1.66 |
% |
|
Total interest-bearing deposits |
|
1,934,291 |
|
|
24,239 |
|
1.67 |
% |
|
|
1,631,303 |
|
|
13,946 |
|
1.14 |
% |
| Borrowed funds |
|
288,399 |
|
|
5,823 |
|
2.69 |
% |
|
|
245,567 |
|
|
4,153 |
|
2.26 |
% |
|
Total interest-bearing liabilities |
|
2,222,690 |
|
|
30,062 |
|
1.80 |
% |
|
|
1,876,870 |
|
|
18,099 |
|
1.29 |
% |
| Non-interest-bearing
liabilities |
|
293,557 |
|
|
|
|
|
|
|
243,973 |
|
|
|
|
|
|
Total liabilities |
|
2,516,247 |
|
|
|
|
|
|
|
2,120,843 |
|
|
|
|
|
| Stockholders' equity |
|
215,396 |
|
|
|
|
|
|
|
186,783 |
|
|
|
|
|
| Total liabilities and
stockholders' equity |
$ |
2,731,643 |
|
|
|
|
|
|
$ |
2,307,626 |
|
|
|
|
|
| Net interest income |
|
|
|
$ |
62,527 |
|
|
|
|
|
|
$ |
56,510 |
|
|
| Net interest rate
spread(1) |
|
|
|
|
|
|
2.84 |
% |
|
|
|
|
|
|
|
3.13 |
% |
| Net interest margin(2) |
|
|
|
|
|
|
3.14 |
% |
|
|
|
|
|
|
|
3.34 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest rate spread represents the difference
between the average yield on average interest-earning assets and
the average cost of average interest-bearing liabilities.
(2) Net interest margin represents net interest income divided
by average total interest-earning assets. (3) Annualized.
| |
Financial condition data by quarter |
| |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
| |
|
|
|
|
|
| |
(In thousands, except tangible book value) |
| Total
assets |
$ |
2,825,499 |
|
$ |
2,738,130 |
|
$ |
2,718,400 |
|
$ |
2,674,731 |
|
$ |
2,637,868 |
|
| Cash and cash equivalents |
|
376,611 |
|
|
227,642 |
|
|
193,548 |
|
|
195,264 |
|
|
206,710 |
|
| Securities |
|
104,075 |
|
|
122,159 |
|
|
125,905 |
|
|
127,007 |
|
|
127,863 |
|
| Loans receivable, net |
|
2,253,699 |
|
|
2,299,765 |
|
|
2,307,140 |
|
|
2,278,492 |
|
|
2,225,001 |
|
| Deposits |
|
2,263,457 |
|
|
2,208,222 |
|
|
2,188,633 |
|
|
2,180,724 |
|
|
2,116,624 |
|
| Borrowings |
|
312,552 |
|
|
282,493 |
|
|
282,435 |
|
|
282,377 |
|
|
312,319 |
|
| Stockholders’ equity |
|
223,719 |
|
|
221,153 |
|
|
216,718 |
|
|
200,215 |
|
|
195,763 |
|
| Tangible Book Value |
|
11.72 |
|
|
11.58 |
|
|
11.35 |
|
|
11.00 |
|
|
10.78 |
|
| |
|
|
|
|
|
| |
Operating data by quarter |
| |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
| |
|
|
|
|
|
| |
(In thousands, except for per share amounts) |
| Net interest income |
$ |
20,760 |
|
$ |
20,865 |
|
$ |
20,902 |
|
$ |
21,171 |
|
$ |
20,080 |
|
| Provision for loan losses |
|
900 |
|
|
755 |
|
|
889 |
|
|
821 |
|
|
907 |
|
| Non-interest income |
|
1,383 |
|
|
1,328 |
|
|
1,660 |
|
|
1,159 |
|
|
1,852 |
|
| Non-interest expense |
|
13,652 |
|
|
13,894 |
|
|
13,777 |
|
|
13,884 |
|
|
14,391 |
|
| Income tax expense |
|
2,359 |
|
|
2,317 |
|
|
2,445 |
|
|
2,401 |
|
|
2,040 |
|
| Net income |
$ |
5,232 |
|
$ |
5,227 |
|
$ |
5,451 |
|
$ |
5,224 |
|
$ |
4,594 |
|
| Net income per diluted share |
$ |
0.30 |
|
$ |
0.30 |
|
$ |
0.32 |
|
$ |
0.31 |
|
$ |
0.27 |
|
| Common Dividends declared per share |
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
| |
|
|
|
|
|
| |
Financial Ratios |
| |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
| Return on average assets |
|
0.75 |
% |
|
0.77 |
% |
|
0.81 |
% |
|
0.78 |
% |
|
0.72 |
% |
| Return on average stockholder’s equity |
|
9.44 |
% |
|
9.61 |
% |
|
10.55 |
% |
|
10.66 |
% |
|
9.44 |
% |
| Net interest margin |
|
3.06 |
% |
|
3.16 |
% |
|
3.18 |
% |
|
3.24 |
% |
|
3.22 |
% |
| Stockholder’s equity to total assets |
|
7.92 |
% |
|
8.08 |
% |
|
7.97 |
% |
|
7.49 |
% |
|
7.42 |
% |
| Efficiency Ratio |
|
61.65 |
% |
|
62.61 |
% |
|
61.06 |
% |
|
62.18 |
% |
|
65.62 |
% |
| |
|
|
|
|
|
| |
Asset
Quality Ratios |
| |
(In thousands, except for ratio %) |
| |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
| Non-Accrual Loans |
$ |
5,074 |
|
$ |
5,488 |
|
$ |
5,670 |
|
$ |
7,221 |
|
$ |
11,093 |
|
| Non-Accrual Loans as a % of Total Loans |
|
0.22 |
% |
|
0.24 |
% |
|
0.24 |
% |
|
0.31 |
% |
|
0.49 |
% |
| ALLL as % of Non-Accrual Loans |
|
486.62 |
% |
|
433.47 |
% |
|
405.71 |
% |
|
309.64 |
% |
|
193.85 |
% |
| Impaired Loans |
|
30,856 |
|
|
37,275 |
|
|
40,533 |
|
|
42,408 |
|
|
47,251 |
|
| Classified Loans |
|
15,998 |
|
|
22,679 |
|
|
23,977 |
|
|
26,161 |
|
|
30,179 |
|
| |
|
|
|
|
|
| |
Recorded Investment in Loans Receivable by
quarter |
| |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
| |
|
(In Thousands) |
| Residential
one-to-four family |
$ |
252,971 |
|
$ |
258,688 |
|
$ |
258,184 |
|
$ |
258,085 |
|
$ |
254,149 |
|
| Commercial and multi-family |
|
1,668,982 |
|
|
1,702,132 |
|
|
1,724,326 |
|
|
1,697,837 |
|
|
1,701,105 |
|
| Construction |
|
131,697 |
|
|
134,963 |
|
|
114,462 |
|
|
107,783 |
|
|
75,601 |
|
| Commercial business |
|
161,649 |
|
|
164,569 |
|
|
167,067 |
|
|
165,193 |
|
|
142,312 |
|
| Home equity |
|
63,645 |
|
|
63,927 |
|
|
66,946 |
|
|
72,895 |
|
|
73,714 |
|
| Consumer |
|
728 |
|
|
727 |
|
|
731 |
|
|
809 |
|
|
1,368 |
|
| |
$ |
2,279,672 |
|
$ |
2,325,006 |
|
$ |
2,331,716 |
|
$ |
2,302,602 |
|
$ |
2,248,249 |
|
| Less: |
|
|
|
|
|
|
Deferred loan fees, net |
|
(1,282 |
) |
|
(1,452 |
) |
|
(1,572 |
) |
|
(1,751 |
) |
|
(1,744 |
) |
|
Allowance for loan loss |
|
(24,691 |
) |
|
(23,789 |
) |
|
(23,004 |
) |
|
(22,359 |
) |
|
(21,504 |
) |
| |
|
|
|
|
|
| Total loans, net |
$ |
2,253,699 |
|
$ |
2,299,765 |
|
$ |
2,307,140 |
|
$ |
2,278,492 |
|
$ |
2,225,001 |
|
| |
|
|
|
|
|
| |
Non-Accruing Loans in Portfolio by quarter |
| |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
| |
|
(In Thousands) |
| Originated loans: |
|
|
|
|
|
|
Residential one-to-four family |
$ |
814 |
|
$ |
1,022 |
|
$ |
1,415 |
|
$ |
1,160 |
|
$ |
1,457 |
|
|
Commercial and multi-family |
|
1,584 |
|
|
1,881 |
|
|
1,364 |
|
|
2,568 |
|
|
5,572 |
|
| Commercial business |
|
887 |
|
|
745 |
|
|
256 |
|
|
356 |
|
|
251 |
|
| Home equity |
|
350 |
|
|
129 |
|
|
272 |
|
|
277 |
|
|
338 |
|
| Sub-total: |
$ |
3,635 |
|
$ |
3,777 |
|
$ |
3,307 |
|
$ |
4,361 |
|
$ |
7,618 |
|
| |
|
|
|
|
|
| Acquired loans initially recorded at fair
value: |
|
|
|
|
|
Residential one-to-four family |
$ |
1,046 |
|
$ |
1,116 |
|
$ |
1,704 |
|
$ |
2,165 |
|
$ |
2,590 |
|
|
Commercial and multi-family |
|
- |
|
|
- |
|
|
597 |
|
|
605 |
|
|
590 |
|
| Commercial business |
|
378 |
|
|
378 |
|
|
- |
|
|
48 |
|
|
295 |
|
| Home equity |
|
15 |
|
|
217 |
|
|
62 |
|
|
42 |
|
|
- |
|
| Sub-total: |
$ |
1,439 |
|
$ |
1,711 |
|
$ |
2,363 |
|
$ |
2,860 |
|
$ |
3,475 |
|
| |
|
|
|
|
|
| Total: |
$ |
5,074 |
|
$ |
5,488 |
|
$ |
5,670 |
|
$ |
7,221 |
|
$ |
11,093 |
|
| |
|
|
|
|
|
| |
Reconciliation of GAAP to Non-GAAP Financial Measures by
quarter |
| |
|
|
|
|
|
| |
Tangible Book Value per Share |
| |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
| |
|
(In Thousands, except per share amounts) |
| Total
Stockholders' Equity |
$ |
223,719 |
|
$ |
221,153 |
|
$ |
216,718 |
|
$ |
200,215 |
|
$ |
195,763 |
|
| Less: goodwill and other intangibles |
|
5,570 |
|
|
5,587 |
|
|
5,584 |
|
|
5,699 |
|
|
5,714 |
|
| Less: preferred stock |
|
25,016 |
|
|
25,016 |
|
|
25,016 |
|
|
19,706 |
|
|
19,706 |
|
| Total tangible stockholders' equity |
|
193,133 |
|
|
190,550 |
|
|
186,118 |
|
|
174,810 |
|
|
170,343 |
|
| Shares outstanding |
|
16,477 |
|
|
16,461 |
|
|
16,398 |
|
|
15,889 |
|
|
15,799 |
|
| Book value per share |
$ |
13.58 |
|
$ |
13.43 |
|
$ |
13.22 |
|
$ |
12.60 |
|
$ |
12.39 |
|
| Tangible book value per share |
$ |
11.72 |
|
$ |
11.58 |
|
$ |
11.35 |
|
$ |
11.00 |
|
$ |
10.78 |
|
| |
|
|
|
|
|
| |
Efficiency Ratios |
| |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
| |
|
(In Thousands) |
| Net interest income |
$ |
20,760 |
|
$ |
20,865 |
|
$ |
20,902 |
|
$ |
21,171 |
|
$ |
20,080 |
|
| Non-interest income |
|
1,383 |
|
|
1,328 |
|
|
1,660 |
|
|
1,159 |
|
|
1,852 |
|
| Total income |
|
22,143 |
|
|
22,193 |
|
|
22,562 |
|
|
22,330 |
|
|
21,932 |
|
| Non-interest expense |
|
13,652 |
|
|
13,894 |
|
|
13,777 |
|
|
13,884 |
|
|
14,391 |
|
| Efficiency Ratio |
|
61.65 |
% |
|
62.61 |
% |
|
61.06 |
% |
|
62.18 |
% |
|
65.62 |
% |
| |
|
|
|
|
|
Contact: Thomas Coughlin, President & CEO Thomas Keating,
CFO (201) 823-0700
BCB Bancorp (NASDAQ:BCBP)
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