BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding
company for BCB Community Bank (the “Bank”), today reported that
net income increased 25.5 percent, to $21.0 million for the year
ended December 31, 2019 from $16.7 million for 2018. Earnings per
diluted share for 2019 were $1.20 as compared to $1.01 in 2018. In
the fourth quarter of 2019, the Company earned $5.1 million,
compared with $5.2 million in both the fourth quarter of 2018, and
the third quarter of 2019. Earnings per diluted share were $0.29 in
the fourth quarter of 2019, compared to $0.31 per diluted share in
the fourth quarter of 2018, and $0.30 per diluted share in the
preceding quarter.
“We had another strong year delivering record
earnings for 2019, producing top-line revenue growth while
improving operating efficiencies,” stated Thomas Coughlin,
President and Chief Executive Officer. “Our strategy is now
centered on repositioning the balance sheet by focusing on
generating solid lower-cost deposits, reducing our reliance on
higher cost funding sources, and effective utilization of our cash
position. In the coming year, we will remain focused on disciplined
balance sheet growth, while delivering consistent operating results
to our shareholders.”
Executive Summary
- Net income of $5.1 million in the fourth quarter of 2019
compared to $5.2 million in the fourth quarter a year ago.
- Earnings per diluted share were $0.29 in 4Q19, compared to
$0.31 in 4Q18.
- Net interest margin was 3.07 percent for the full year 2019,
compared to 3.31 percent for the full year 2018, and 2.88 percent
for the fourth quarter 2019, compared to 3.24 percent for the
fourth quarter 2018. These decreases were the result of
management’s focus on increasing its cash position to allow for
paydowns of borrowings and higher cost CDs.
- Total assets increased 8.7 percent to $2.907 billion at
December 31, 2019 from $2.675 billion a year earlier.
- Loans receivable, net decreased by 4.4 percent, to $2.178
billion at December 31, 2019 from $2.278 billion a year earlier, as
the Company’s focus remains on repositioning the balance
sheet.
- Allowance for loan losses as a percentage of non-accrual loans
was 570.5 percent at December 31, 2019, compared to 309.6 percent
at December 31, 2018.
- Total deposits increased 8.3 percent, to $2.362 billion at
December 31, 2019 from $2.181 billion 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 February 21, 2020, to common shareholders of record
on February 7, 2020.
- On December 30, 2019, the Company completed the sale of
1,020,408 shares of common stock, at an issuance price of $12.25
per share.
- 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 $232.7 million, or 8.7
percent, to $2.907 billion at December 31, 2019 from $2.675 billion
at December 31, 2018, and increased by $82.0 million, or 2.9
percent from $2.825 billion at September 30, 2019. The increase in
total assets was mainly related to increases in total cash and cash
equivalents and was partly offset by a decrease in net loans
receivable.
Loans receivable, net decreased by $100.1
million, or 4.4 percent, to $2.178 billion at December 31, 2019
from $2.278 billion at December 31, 2018, and decreased by $75.3
million, or 3.3 percent compared to $2.254 billion at September 30,
2019. The decrease in loans over the prior year was a result of
payoffs, as well as curtailed loan growth in 2019. Decreases
in loans receivable, net for 2019 included $90.9 million in
commercial real estate and multi-family loans, $9.7 million in
residential one-to-four family loans, $8.3 million in home equity
loans, $2.8 million in construction loans, $127,000 in consumer
loans, partly offset by an increase of $12.4 million in commercial
business loans.
Total deposits increased by $181.3 million, or
8.3 percent, to $2.362 billion at December 31, 2019 from $2.181
billion at December 31, 2018, and increased by $98.6 million, or
4.4 percent, from $2.263 billion at September 30, 2019. The
increases in deposits were primarily related to the continued
maturation of the branches opened over the last four years. Total
increases for 2019 included $83.9 million in money market checking
accounts, $62.4 million in NOW deposit accounts, $26.1 million in
certificates of deposit, including listing service and brokered
deposits, and $8.9 million in non-interest-bearing deposit
accounts. Listing service and brokered certificates of deposit,
which were used as additional sources of deposit liquidity, totaled
$10.6 million and $92.1 million, respectively, at December 31,
2019.
Stockholders’ equity increased by $39.3 million,
or 19.6 percent, to $239.5 million at December 31, 2019 from $200.2
million a year ago, and increased by $15.7 million, or 7.0 percent,
from $223.7 million three months earlier. The increase in
stockholders’ equity was primarily attributable to an increase in
additional paid-in capital of $20.1 million related to common stock
and preferred stock issued in the first and fourth quarters of
2019. Retained earnings increased by $10.0 million to $48.4 million
at December 31, 2019 from $38.4 million at December 31, 2018, due
primarily to the increase in net income, net of dividends paid.
Treasury stock decreased $6.3 million to $22.0 million at December
31, 2019 from $28.3 million at December 31, 2018, related to the
issuance of common stock. Accumulated other comprehensive loss
decreased $2.9 million to $2.2 million at December 31, 2019 from
$5.1 million a year ago, related to market gains lowering the
unrealized loss on available-for-sale securities.
Fourth Quarter Income Statement
Review
Net interest income decreased by $1.1 million,
or 5.2 percent, to $20.1 million for the fourth quarter of 2019
from $21.2 million for the fourth quarter of 2018. The decrease in
net interest income resulted primarily from an increase in the
average balance of interest-bearing liabilities of $134.0 million,
or 6.1 percent, to $2.334 billion for the fourth quarter of 2019
from $2.200 billion for the fourth quarter a year ago, as well as
an increase in the average rate on interest-bearing liabilities of
18 basis points to 1.87 percent for the fourth quarter of 2019 from
1.69 percent for the fourth quarter of 2018. While there was an
increase in the average balance of interest-earning assets of
$175.2 million, or 6.7 percent, to $2.792 billion for the fourth
quarter of 2019 from $2.617 billion for the fourth quarter of 2018,
there was a decrease in the average yield on interest-earning
assets of 22 basis points to 4.44 percent for the fourth quarter of
2019 from 4.66 percent for the fourth quarter of 2018. Interest
income on loans also included $487,000 and $651,000 of amortization
of purchase credit adjustments related to the acquisition of IAB
for the three-month periods ended December 31, 2019 and 2018,
respectively, which added approximately eight and ten basis points
to the average yield on interest earning assets, respectively, on
an annualized basis.
Net interest margin was 2.88 percent for the
fourth quarter of 2019 and 3.24 percent for the fourth quarter of
2018. “The contraction in the net interest margin during the fourth
quarter of 2019 was primarily due to the increase in the cost of
funds outpacing the return on interest earning assets for the
fourth quarter of 2019 as compared to the fourth quarter of 2018,”
said Coughlin. “We expect with the three recent Federal Reserve
rate cuts for our net interest margin to continue to remain under
pressure.”
Total non-interest income decreased by $139,000,
or 12.0 percent, to $1.0 million for the fourth quarter of 2019
from $1.1 million for the fourth quarter of 2018. The decrease in
total non-interest income was mainly related to lower income on
gains on sale of loans, lower income on fees and service charges,
lower income on the gain on sale of investment securities, and
lower income on the sale of other real estate owned properties,
partly offset by decreases in the unrealized losses on equity
securities and a slight increase in other non-interest income. Gain
on sales of loans decreased by $244,000, or 56.0 percent, to
$192,000 for the fourth quarter of 2019 from $436,000 for the
fourth quarter of 2018. Fees and service charges decreased
$193,000, or 19.1 percent, to $819,000 for the fourth quarter of
2019 from $1.0 million for the fourth quarter of 2018, mainly
related to less mortgage servicing fee income from fewer sales of
loans. Losses on the sale of investment securities totaled $42,000
for the fourth quarter of 2019 with no comparable figure in the
fourth quarter a year ago.
Fourth quarter of 2019 total non-interest
expense increased by $376,000, or 2.7 percent, to $14.3 million
from $13.9 million for the fourth quarter a year ago. Salaries and
employee benefits expense increased by $287,000, or 4.1 percent, to
$7.3 million for the fourth quarter of 2019 from $7.0 million for
the fourth quarter of 2018. Professional fee expense
increased by $197,000, or 42.6 percent, to $659,000 for the fourth
quarter of 2019 from $462,000 for the fourth quarter of 2018.
Occupancy expense increased by $183,000, or 7.2 percent, to $2.7
million for the fourth quarter of 2019 from $2.5 million for the
fourth quarter a year ago, largely related to the opening of two de
novo branches, as well as a relocation of one of our existing
branches in 2019. Regulatory fees associated with FDIC
assessments decreased by $356,000, or 73.1 percent, to $131,000 for
the fourth quarter of 2019 from $487,000 for the fourth quarter of
2018. The decrease was primarily due to a decrease in the
assessment rate and 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.
The income tax provision decreased by $213,000,
or 8.9 percent, to $2.2 million for the fourth quarter of 2019 from
$2.4 million for the fourth quarter of 2018. The decrease in the
income tax provision was a result of lower taxable income for the
fourth quarter as compared to the same period for 2018. The
consolidated effective tax rate for the fourth quarter of 2019 was
29.9 percent compared to 31.5 percent for the fourth quarter a year
ago.
Full Year 2019 Income Statement
Review
Net interest income increased by $4.9 million,
or 6.3 percent, to $82.6 million for the year ended December 31,
2019 from $77.7 million for the year ended December 31, 2018.
Net interest margin was 3.07 percent for the
year 2019 and 3.31 percent for 2018. The decrease in the net
interest margin was the result of a competitive interest rate
environment, with the increase in the cost of funds outpacing the
return on interest earning assets for the short term. Interest
income on loans also included $2.0 million and $1.7 million of
amortization of purchase credit adjustments related to the
acquisition of IAB for the years ended December 31, 2019 and 2018,
respectively, which added approximately eight basis points in both
years to the average yield on interest earning assets.
Total non-interest income decreased by $2.6
million, or 32.3 percent, to $5.4 million for 2019 from $8.0
million for 2018. The decrease in total non-interest income was
mainly related to a decrease in other non-interest income of $2.2
million to $249,000 for 2019 from $2.5 million for 2018, which was
mainly attributed to $2.0 million received from a legal settlement
in the first quarter of 2018. The decrease in total non-interest
income also included decreases of $1.3 million in gains on sales of
loans, and a decrease of $426,000 in fees and service charges, both
related to lower levels of sales of loans. The decrease in total
non-interest income was partly offset by increases of $823,000 in
unrealized gains on equity securities, $262,000 in gains on sale of
investment securities, $147,000 in gains on sale of other real
estate owned properties, as well as an increase of $131,000 in
gains on sale of impaired loans.
Total non-interest expense decreased by
$683,000, or 1.2 percent, to $55.6 million for 2019 from $56.3
million for 2018. There were no merger-related expenses in
2019, compared to $2.4 million in merger-related expenses in
2018. Regulatory fees associated with FDIC assessments
decreased by $521,000, or 36.3 percent, to $914,000 for 2019 from
$1.4 million in 2018. The decrease was primarily due to a decrease
in the assessment rate and 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.
The income tax provision increased by $1.8
million, or 24.4 percent, to $9.3 million for 2019 from $7.5
million for 2018. The increase in the income tax provision was a
result of higher taxable income for 2019 compared to 2018. The
consolidated effective tax rate for 2019 was 30.7 percent compared
to 30.9 percent for 2018.
Asset Quality
Primarily as a result of the decrease in average
balances of net loans, the Company recognized a credit in the
provision for loan losses of $475,000 for the fourth quarter of
2019. This compares to a provision for loan losses of
$900,000 in the preceding quarter and $821,000 for the fourth
quarter a year ago. For the full year 2019, the provision for
loan losses decreased to $2.1 million from $5.1 million in 2018,
primarily due to the reduction in net loans receivable for
2019.
Non-accruing loans improved to $4.2 million, or
0.19 percent, of gross loans at December 31, 2019, compared to $5.1
million, or 0.22 percent, of gross loans at September 30, 2019, and
$7.2 million, or 0.31 percent, of gross loans a year ago.
Performing troubled debt restructured (“TDR”)
loans that were not included in nonaccrual loans at December 31,
2019, were $16.5 million, compared to $16.4 million at September
30, 2019 and $21.4 million at December 31, 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 decreased $1.0
million to $23.7 million, or 570.5 percent of non-accruing loans
and 1.08 percent of gross loans, at December 31, 2019, compared to
$24.7 million, or 486.6 percent of non-accruing loans and 1.08
percent of gross loans, at September 30, 2019, and increased $1.3
million compared to $22.4 million, or 309.6 percent of non-accruing
loans and 0.97 percent of gross loans, a year ago.
The Company recognized net charge-offs of
$482,000 during the fourth quarter of 2019. This compares to net
recoveries of $2,000 in the third quarter of 2019 and net
recoveries of $34,000 in the fourth quarter a year ago. For
2019, the Company recognized $694,000 in net charge-offs compared
to $146,000 in net charge-offs in 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, and a loan production office in Hoboken.
The Bank provides businesses 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: 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, |
|
|
| |
December 31, 2019 |
September 30, 2019 |
December 31, 2018 |
December 31, 2019 vs.September 30, 2019 |
December 31, 2019 vs.December 31, 2018 |
|
Interest and dividend income: |
(Dollars in thousands) |
|
|
|
Loans, including fees |
$ |
28,254 |
|
$ |
28,860 |
|
$ |
28,243 |
|
-2.1 |
% |
0.0 |
% |
|
Mortgage-backed securities |
|
583 |
|
|
652 |
|
|
791 |
|
-10.6 |
% |
-26.3 |
% |
|
Other investment securities |
|
135 |
|
|
107 |
|
|
191 |
|
26.2 |
% |
-29.3 |
% |
|
FHLB stock and other interest earning assets |
|
1,994 |
|
|
1,750 |
|
|
1,263 |
|
13.9 |
% |
57.9 |
% |
|
Total interest and dividend income |
|
30,966 |
|
|
31,369 |
|
|
30,488 |
|
-1.3 |
% |
1.6 |
% |
| |
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand |
|
2,023 |
|
|
1,898 |
|
|
1,412 |
|
6.6 |
% |
43.3 |
% |
|
Savings and club |
|
103 |
|
|
102 |
|
|
126 |
|
1.0 |
% |
-18.3 |
% |
|
Certificates of deposit |
|
6,704 |
|
|
6,603 |
|
|
5,674 |
|
1.5 |
% |
18.2 |
% |
|
|
|
8,830 |
|
|
8,603 |
|
|
7,212 |
|
2.6 |
% |
22.4 |
% |
|
Borrowings |
|
2,059 |
|
|
2,006 |
|
|
2,105 |
|
2.6 |
% |
-2.2 |
% |
|
Total interest expense |
|
10,889 |
|
|
10,609 |
|
|
9,317 |
|
2.6 |
% |
16.9 |
% |
| |
|
|
|
|
|
| Net
interest income |
|
20,077 |
|
|
20,760 |
|
|
21,171 |
|
-3.3 |
% |
-5.2 |
% |
|
(Credit) Provision for loan losses |
|
(475 |
) |
|
900 |
|
|
821 |
|
-152.8 |
% |
-157.9 |
% |
| |
|
|
|
|
|
| Net
interest income after provision for loan losses |
|
20,552 |
|
|
19,860 |
|
|
20,350 |
|
3.5 |
% |
1.0 |
% |
| |
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
Fees and service charges |
|
819 |
|
|
855 |
|
|
1,012 |
|
-4.2 |
% |
-19.1 |
% |
|
Gain on sales of loans |
|
192 |
|
|
89 |
|
|
436 |
|
115.7 |
% |
-56.0 |
% |
|
Gain on sales of other real estate owned |
|
- |
|
|
124 |
|
|
26 |
|
-100.0 |
% |
-100.0 |
% |
|
(Loss) gain on sale of investment securities |
|
(42 |
) |
|
283 |
|
|
- |
|
-114.8 |
% |
0.0 |
% |
|
Unrealized (loss) on equity investments |
|
(19 |
) |
|
(45 |
) |
|
(380 |
) |
-57.8 |
% |
-95.0 |
% |
|
Other |
|
70 |
|
|
77 |
|
|
65 |
|
-9.1 |
% |
7.7 |
% |
|
Total non-interest income |
|
1,020 |
|
|
1,383 |
|
|
1,159 |
|
-26.2 |
% |
-12.0 |
% |
| |
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
7,329 |
|
|
7,294 |
|
|
7,042 |
|
0.5 |
% |
4.1 |
% |
|
Occupancy and equipment |
|
2,734 |
|
|
2,647 |
|
|
2,551 |
|
3.3 |
% |
7.2 |
% |
|
Data processing and service fees |
|
959 |
|
|
776 |
|
|
876 |
|
23.6 |
% |
9.5 |
% |
|
Professional fees |
|
659 |
|
|
368 |
|
|
462 |
|
79.1 |
% |
42.6 |
% |
|
Director fees |
|
391 |
|
|
356 |
|
|
158 |
|
9.8 |
% |
147.5 |
% |
|
Regulatory assessment fees (credits) |
|
131 |
|
|
(91 |
) |
|
487 |
|
244.0 |
% |
-73.1 |
% |
|
Advertising and promotional |
|
74 |
|
|
64 |
|
|
108 |
|
15.6 |
% |
-31.5 |
% |
|
Other real estate owned, net |
|
(6 |
) |
|
(31 |
) |
|
59 |
|
80.6 |
% |
-110.2 |
% |
|
Merger related costs |
|
- |
|
|
- |
|
|
105 |
|
- |
|
-100.0 |
% |
|
Other |
|
1,989 |
|
|
2,269 |
|
|
2,036 |
|
-12.3 |
% |
-2.3 |
% |
|
Total non-interest expense |
|
14,260 |
|
|
13,652 |
|
|
13,884 |
|
4.5 |
% |
2.7 |
% |
| |
|
|
|
|
|
|
Income before income tax provision |
|
7,312 |
|
|
7,591 |
|
|
7,625 |
|
-3.7 |
% |
-4.1 |
% |
| Income tax
provision |
|
2,188 |
|
|
2,359 |
|
|
2,401 |
|
-7.2 |
% |
-8.9 |
% |
| |
|
|
|
|
|
| Net
Income |
$ |
5,124 |
|
$ |
5,232 |
|
$ |
5,224 |
|
-2.1 |
% |
-1.9 |
% |
| Preferred
stock dividends |
|
342 |
|
|
342 |
|
|
262 |
|
0.1 |
% |
30.7 |
% |
| Net
Income available to common stockholders |
$ |
4,782 |
|
$ |
4,890 |
|
$ |
4,962 |
|
-2.2 |
% |
-3.6 |
% |
| |
|
|
|
|
|
| Net
Income per common share-basic and diluted |
|
|
|
|
|
|
Basic |
$ |
0.29 |
|
$ |
0.30 |
|
$ |
0.31 |
|
-3.4 |
% |
-7.7 |
% |
|
Diluted |
$ |
0.29 |
|
$ |
0.30 |
|
$ |
0.31 |
|
-4.0 |
% |
-8.0 |
% |
| |
|
|
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
|
|
Basic |
|
16,508 |
|
|
16,468 |
|
|
15,820 |
|
0.2 |
% |
4.3 |
% |
|
Diluted |
|
16,601 |
|
|
16,523 |
|
|
15,851 |
|
0.5 |
% |
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
Year Ended, |
|
| |
December 31, 2019 |
December 31, 2018 |
December 31, 2019 vs.December 31, 2018 |
|
Interest and dividend income: |
(Dollars in thousands) |
|
|
Loans, including fees |
$ |
113,981 |
$ |
97,831 |
|
16.5 |
% |
|
Mortgage-backed securities |
|
2,743 |
|
3,154 |
|
-13.0 |
% |
|
Other investment securities |
|
567 |
|
607 |
|
-6.6 |
% |
|
FHLB stock and other interest earning assets |
|
6,264 |
|
3,505 |
|
78.7 |
% |
|
Total interest and dividend income |
|
123,555 |
|
105,097 |
|
17.6 |
% |
| |
|
|
|
|
Interest expense: |
|
|
|
|
Deposits: |
|
|
|
|
Demand |
|
7,247 |
|
4,314 |
|
68.0 |
% |
|
Savings and club |
|
428 |
|
444 |
|
-3.6 |
% |
|
Certificates of deposit |
|
25,394 |
|
16,400 |
|
54.8 |
% |
| |
|
33,069 |
|
21,158 |
|
56.3 |
% |
|
Borrowings |
|
7,882 |
|
6,258 |
|
26.0 |
% |
|
Total interest expense |
|
40,951 |
|
27,416 |
|
49.4 |
% |
| |
|
|
|
| Net
interest income |
|
82,604 |
|
77,681 |
|
6.3 |
% |
|
Provision for loan losses |
|
2,069 |
|
5,130 |
|
-59.7 |
% |
| |
|
|
|
| Net
interest income after provision for loan losses |
|
80,535 |
|
72,551 |
|
11.0 |
% |
| |
|
|
|
|
Non-interest income: |
|
|
|
|
Fees and service charges |
|
3,359 |
|
3,785 |
|
-11.3 |
% |
|
Gain on sales of loans |
|
1,036 |
|
2,333 |
|
-55.6 |
% |
|
Gain (loss) on bulk sale of impaired loans held in portfolio |
|
107 |
|
(24 |
) |
545.8 |
% |
|
Gain on sales of other real estate owned |
|
177 |
|
30 |
|
490.0 |
% |
|
Gain on sale of investment securities |
|
262 |
|
- |
|
- |
|
|
Unrealized gain (loss) on equity investments |
|
201 |
|
(622 |
) |
132.3 |
% |
|
Other |
|
249 |
|
2,458 |
|
-89.9 |
% |
|
Total non-interest income |
|
5,391 |
|
7,960 |
|
-32.3 |
% |
| |
|
|
|
|
Non-interest expense: |
|
|
|
|
Salaries and employee benefits |
|
28,456 |
|
27,590 |
|
3.1 |
% |
|
Occupancy and equipment |
|
10,660 |
|
9,579 |
|
11.3 |
% |
|
Data processing and service fees |
|
3,187 |
|
3,375 |
|
-5.6 |
% |
|
Professional fees |
|
2,033 |
|
1,937 |
|
5.0 |
% |
|
Director fees |
|
1,381 |
|
752 |
|
83.6 |
% |
|
Regulatory assessments |
|
914 |
|
1,435 |
|
-36.3 |
% |
|
Advertising and promotional |
|
334 |
|
422 |
|
-20.9 |
% |
|
Other real estate owned, net |
|
71 |
|
272 |
|
-73.9 |
% |
|
Merger related costs |
|
- |
|
2,408 |
|
-100.0 |
% |
|
Other |
|
8,547 |
|
8,496 |
|
0.6 |
% |
|
Total non-interest expense |
|
55,583 |
|
56,266 |
|
-1.2 |
% |
| |
|
|
|
|
Income before income tax provision |
|
30,343 |
|
24,245 |
|
25.2 |
% |
| Income tax
provision |
|
9,309 |
|
7,482 |
|
24.4 |
% |
| |
|
|
|
| Net
Income |
$ |
21,034 |
$ |
16,763 |
|
25.5 |
% |
| Preferred
stock dividends |
|
1,344 |
|
953 |
|
41.0 |
% |
| Net
Income available to common stockholders |
$ |
19,690 |
$ |
15,810 |
|
24.5 |
% |
| |
|
|
|
| Net
Income per common share-basic and diluted |
|
|
|
|
Basic |
$ |
1.20 |
$ |
1.02 |
|
18.5 |
% |
|
Diluted |
$ |
1.20 |
$ |
1.01 |
|
18.8 |
% |
| |
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
Basic |
|
16,367 |
|
15,567 |
|
5.1 |
% |
|
Diluted |
|
16,423 |
|
15,661 |
|
4.9 |
% |
| |
|
|
|
| |
|
|
|
|
|
|
Statements of Financial Condition |
December 31, 2019 |
September 30, 2019 |
December 31, 2018 |
December 31, 2019 vs.September 30, 2019 |
December 31, 2019 vs.December 31, 2018 |
|
ASSETS |
(Dollars in thousands) |
|
|
|
Cash and amounts due from depository institutions |
$ |
24,985 |
|
$ |
27,625 |
|
$ |
18,970 |
|
-9.6 |
% |
31.7 |
% |
|
Interest-earning deposits |
|
525,368 |
|
|
348,986 |
|
|
176,294 |
|
50.5 |
% |
198.0 |
% |
|
Total cash and cash equivalents |
|
550,353 |
|
|
376,611 |
|
|
195,264 |
|
46.1 |
% |
181.9 |
% |
| |
|
|
|
|
|
|
Interest-earning time deposits |
|
735 |
|
|
735 |
|
|
735 |
|
- |
|
- |
|
| Debt
securities available for sale |
|
91,613 |
|
|
98,218 |
|
|
119,335 |
|
-6.7 |
% |
-23.2 |
% |
| Equity
investments |
|
2,500 |
|
|
5,857 |
|
|
7,672 |
|
-57.3 |
% |
-67.4 |
% |
| Loans held
for sale |
|
917 |
|
|
3,195 |
|
|
1,153 |
|
-71.3 |
% |
-20.5 |
% |
| Loans
receivable, net of allowance for loan losses of $23,734, $24,691,
and $22,359 respectively |
|
2,178,407 |
|
|
2,253,699 |
|
|
2,278,492 |
|
-3.3 |
% |
-4.4 |
% |
| Federal Home
Loan Bank of New York stock, at cost |
|
13,821 |
|
|
15,171 |
|
|
13,405 |
|
-8.9 |
% |
3.1 |
% |
| Premises and
equipment, net |
|
19,920 |
|
|
20,315 |
|
|
20,293 |
|
-1.9 |
% |
-1.8 |
% |
|
Operating lease right-of-use asset |
|
13,246 |
|
|
13,951 |
|
|
- |
|
-5.1 |
% |
- |
|
| Accrued interest receivable |
|
8,318 |
|
|
8,959 |
|
|
8,378 |
|
-7.2 |
% |
-0.7 |
% |
|
Other real estate owned |
|
1,623 |
|
|
- |
|
|
1,333 |
|
- |
|
21.8 |
% |
| Deferred income taxes |
|
11,180 |
|
|
13,445 |
|
|
13,601 |
|
-16.8 |
% |
-17.8 |
% |
|
Goodwill and other intangibles |
|
5,552 |
|
|
5,570 |
|
|
5,604 |
|
-0.3 |
% |
-0.9 |
% |
|
Other assets |
|
9,283 |
|
|
9,773 |
|
|
9,466 |
|
-5.0 |
% |
-1.9 |
% |
|
Total Assets |
$ |
2,907,468 |
|
$ |
2,825,499 |
|
$ |
2,674,731 |
|
2.9 |
% |
8.7 |
% |
| |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
| Non-interest
bearing deposits |
$ |
271,901 |
|
$ |
276,235 |
|
$ |
263,960 |
|
-1.6 |
% |
3.0 |
% |
| Interest
bearing deposits |
|
2,090,162 |
|
|
1,987,222 |
|
|
1,916,764 |
|
5.2 |
% |
9.0 |
% |
|
Total deposits |
|
2,362,063 |
|
|
2,263,457 |
|
|
2,180,724 |
|
4.4 |
% |
8.3 |
% |
| FHLB
advances |
|
245,800 |
|
|
275,800 |
|
|
245,800 |
|
-10.9 |
% |
- |
|
|
Subordinated debentures |
|
36,810 |
|
|
36,752 |
|
|
36,577 |
|
0.2 |
% |
0.6 |
% |
|
Operating lease liability |
|
13,380 |
|
|
14,054 |
|
|
- |
|
-4.8 |
% |
- |
|
|
Other liabilities |
|
9,942 |
|
|
11,717 |
|
|
11,415 |
|
-15.1 |
% |
-12.9 |
% |
|
Total Liabilities |
|
2,667,995 |
|
|
2,601,780 |
|
|
2,474,516 |
|
2.5 |
% |
7.8 |
% |
| |
|
|
|
|
|
|
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, 40,000,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
|
Additional paid-in capital common stock |
|
190,294 |
|
|
177,253 |
|
|
175,500 |
|
7.4 |
% |
8.4 |
% |
| Retained
earnings |
|
48,429 |
|
|
45,947 |
|
|
38,405 |
|
5.4 |
% |
26.1 |
% |
|
Accumulated other comprehensive (loss) |
|
(2,218 |
) |
|
(2,449 |
) |
|
(5,076 |
) |
-9.4 |
% |
-56.3 |
% |
| Treasury
stock, at cost |
|
(22,048 |
) |
|
(22,048 |
) |
|
(28,320 |
) |
- |
|
-22.1 |
% |
|
Total Stockholders' Equity |
|
239,473 |
|
|
223,719 |
|
|
200,215 |
|
7.0 |
% |
19.6 |
% |
| |
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
2,907,468 |
|
$ |
2,825,499 |
|
$ |
2,674,731 |
|
2.9 |
% |
8.7 |
% |
| |
|
|
|
|
|
|
Outstanding common shares |
|
17,517 |
|
|
16,477 |
|
|
15,889 |
|
6.3 |
% |
10.2 |
% |
| |
|
|
|
|
|
| |
|
|
| |
|
Three Months Ended December 31, |
| |
2019 |
|
2018 |
|
|
|
AverageBalance |
|
|
InterestEarned/Paid |
|
AverageYield/Rate (3) |
|
|
AverageBalance |
|
|
InterestEarned/Paid |
|
AverageYield/Rate (3) |
| |
|
|
| |
|
(Dollars in thousands) |
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable |
$ |
2,269,581 |
|
$ |
28,254 |
|
4.98 |
% |
|
$ |
2,288,372 |
|
$ |
28,243 |
|
4.94 |
% |
| Investment Securities |
|
100,676 |
|
|
718 |
|
2.85 |
% |
|
|
141,248 |
|
|
982 |
|
2.78 |
% |
| Interest-earning deposits |
|
421,659 |
|
|
1,994 |
|
1.89 |
% |
|
|
187,051 |
|
|
1,263 |
|
2.70 |
% |
|
Total Interest-earning assets |
|
2,791,916 |
|
|
30,966 |
|
4.44 |
% |
|
|
2,616,671 |
|
|
30,488 |
|
4.66 |
% |
| Non-interest-earning
assets |
|
70,330 |
|
|
|
|
|
|
|
61,033 |
|
|
|
|
|
|
Total assets |
$ |
2,862,246 |
|
|
|
|
|
|
$ |
2,677,704 |
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand
accounts |
$ |
360,201 |
|
$ |
716 |
|
0.80 |
% |
|
$ |
349,730 |
|
$ |
634 |
|
0.73 |
% |
| Money market accounts |
|
284,546 |
|
|
1,307 |
|
1.84 |
% |
|
|
214,278 |
|
|
778 |
|
1.45 |
% |
| Savings accounts |
|
256,663 |
|
|
103 |
|
0.16 |
% |
|
|
261,526 |
|
|
126 |
|
0.19 |
% |
| Certificates of Deposit |
|
1,120,029 |
|
|
6,704 |
|
2.39 |
% |
|
|
1,063,045 |
|
|
5,674 |
|
2.13 |
% |
|
Total interest-bearing deposits |
|
2,021,439 |
|
|
8,830 |
|
1.75 |
% |
|
|
1,888,579 |
|
|
7,212 |
|
1.53 |
% |
| Borrowed funds |
|
312,848 |
|
|
2,059 |
|
2.63 |
% |
|
|
311,663 |
|
|
2,105 |
|
2.70 |
% |
|
Total interest-bearing liabilities |
|
2,334,287 |
|
|
10,889 |
|
1.87 |
% |
|
|
2,200,242 |
|
|
9,317 |
|
1.69 |
% |
| Non-interest-bearing
liabilities |
|
303,262 |
|
|
|
|
|
|
|
281,400 |
|
|
|
|
|
|
Total liabilities |
|
2,637,549 |
|
|
|
|
|
|
|
2,481,642 |
|
|
|
|
|
| Stockholders' equity |
|
224,697 |
|
|
|
|
|
|
|
196,062 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
2,862,246 |
|
|
|
|
|
|
$ |
2,677,704 |
|
|
|
|
|
| Net interest income |
|
|
|
$ |
20,077 |
|
|
|
|
|
|
$ |
21,171 |
|
|
| Net interest rate
spread(1) |
|
|
|
|
|
|
2.57 |
% |
|
|
|
|
|
|
|
2.97 |
% |
| Net interest margin(2) |
|
|
|
|
|
|
2.88 |
% |
|
|
|
|
|
|
|
3.24 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
| |
|
|
| |
Years Ended December 31, |
| |
2019 |
|
2018 |
|
|
|
AverageBalance |
|
|
InterestEarned/Paid |
|
AverageYield/Rate |
|
|
AverageBalance |
|
|
InterestEarned/Paid |
|
AverageYield/Rate |
| |
|
|
| |
(Dollars in thousands) |
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable |
$ |
2,305,496 |
|
$ |
113,981 |
|
4.94 |
% |
|
$ |
2,060,187 |
|
$ |
97,831 |
|
4.75 |
% |
| Investment Securities |
|
115,548 |
|
|
3,310 |
|
2.86 |
% |
|
|
142,343 |
|
|
3,761 |
|
2.64 |
% |
| Interest-earning deposits |
|
271,067 |
|
|
6,264 |
|
2.31 |
% |
|
|
142,867 |
|
|
3,505 |
|
2.45 |
% |
|
Total Interest-earning assets |
|
2,692,111 |
|
|
123,555 |
|
4.59 |
% |
|
|
2,345,397 |
|
|
105,097 |
|
4.48 |
% |
| Non-interest-earning
assets |
|
72,634 |
|
|
|
|
|
|
|
55,404 |
|
|
|
|
|
|
Total assets |
$ |
2,764,745 |
|
|
|
|
|
|
$ |
2,400,801 |
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand
accounts |
$ |
346,973 |
|
$ |
2,628 |
|
0.76 |
% |
|
$ |
334,156 |
|
$ |
2,036 |
|
0.61 |
% |
| Money market accounts |
|
261,395 |
|
|
4,611 |
|
1.76 |
% |
|
|
188,109 |
|
|
2,278 |
|
1.21 |
% |
| Savings accounts |
|
258,481 |
|
|
427 |
|
0.17 |
% |
|
|
262,745 |
|
|
444 |
|
0.17 |
% |
| Certificates of Deposit |
|
1,089,408 |
|
|
25,403 |
|
2.33 |
% |
|
|
911,141 |
|
|
16,400 |
|
1.80 |
% |
|
Total interest-bearing deposits |
|
1,956,257 |
|
|
33,069 |
|
1.69 |
% |
|
|
1,696,151 |
|
|
21,158 |
|
1.25 |
% |
| Borrowed funds |
|
294,562 |
|
|
7,882 |
|
2.68 |
% |
|
|
262,227 |
|
|
6,258 |
|
2.39 |
% |
|
Total interest-bearing liabilities |
|
2,250,819 |
|
|
40,951 |
|
1.82 |
% |
|
|
1,958,378 |
|
|
27,416 |
|
1.40 |
% |
| Non-interest-bearing
liabilities |
|
296,185 |
|
|
|
|
|
|
|
253,301 |
|
|
|
|
|
|
Total liabilities |
|
2,547,004 |
|
|
|
|
|
|
|
2,211,679 |
|
|
|
|
|
| Stockholders' equity |
|
217,741 |
|
|
|
|
|
|
|
189,122 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
2,764,745 |
|
|
|
|
|
|
$ |
2,400,801 |
|
|
|
|
|
| Net interest income |
|
|
|
$ |
82,604 |
|
|
|
|
|
|
$ |
77,681 |
|
|
| Net interest rate
spread(1) |
|
|
|
|
|
|
2.77 |
% |
|
|
|
|
|
|
|
3.08 |
% |
| Net interest margin(2) |
|
|
|
|
|
|
3.07 |
% |
|
|
|
|
|
|
|
3.31 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
| |
|
| |
Financial condition data by quarter |
| |
Q4 2019 |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
| |
|
|
|
|
|
| |
(In thousands,
except tangible book value) |
|
Total assets |
$ |
2,907,468 |
|
$ |
2,825,499 |
|
$ |
2,738,130 |
|
$ |
2,718,400 |
|
$ |
2,674,731 |
|
| Cash and
cash equivalents |
|
550,353 |
|
|
376,611 |
|
|
227,642 |
|
|
193,548 |
|
|
195,264 |
|
|
Securities |
|
94,113 |
|
|
104,075 |
|
|
122,159 |
|
|
125,905 |
|
|
127,007 |
|
| Loans
receivable, net |
|
2,178,407 |
|
|
2,253,699 |
|
|
2,299,765 |
|
|
2,307,140 |
|
|
2,278,492 |
|
|
Deposits |
|
2,362,063 |
|
|
2,263,457 |
|
|
2,208,222 |
|
|
2,188,633 |
|
|
2,180,724 |
|
|
Borrowings |
|
282,610 |
|
|
312,552 |
|
|
282,493 |
|
|
282,435 |
|
|
282,377 |
|
|
Stockholders’ equity |
|
239,473 |
|
|
223,719 |
|
|
221,153 |
|
|
216,718 |
|
|
200,215 |
|
| Tangible
Book Value |
|
11.94 |
|
|
11.72 |
|
|
11.58 |
|
|
11.35 |
|
|
11.00 |
|
| |
|
|
|
|
|
| |
Operating data by quarter |
| |
Q4 2019 |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
| |
|
|
|
|
|
| |
(In thousands,
except for per share amounts) |
| Net interest
income |
$ |
20,077 |
|
$ |
20,760 |
|
$ |
20,865 |
|
$ |
20,902 |
|
$ |
21,171 |
|
| Provision
for loan losses |
|
(475 |
) |
|
900 |
|
|
755 |
|
|
889 |
|
|
821 |
|
| Non-interest
income |
|
1,020 |
|
|
1,383 |
|
|
1,328 |
|
|
1,660 |
|
|
1,159 |
|
| Non-interest
expense |
|
14,260 |
|
|
13,652 |
|
|
13,894 |
|
|
13,777 |
|
|
13,884 |
|
| Income tax
expense |
|
2,188 |
|
|
2,359 |
|
|
2,317 |
|
|
2,445 |
|
|
2,401 |
|
| Net
income |
$ |
5,124 |
|
$ |
5,232 |
|
$ |
5,227 |
|
$ |
5,451 |
|
$ |
5,224 |
|
| Net income
per diluted share |
$ |
0.29 |
|
$ |
0.30 |
|
$ |
0.30 |
|
$ |
0.32 |
|
$ |
0.31 |
|
| Common
Dividends declared per share |
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
| |
|
|
|
|
|
| |
Financial Ratios |
| |
Q4 2019 |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
| Return on
average assets |
|
0.72 |
% |
|
0.75 |
% |
|
0.77 |
% |
|
0.81 |
% |
|
0.78 |
% |
| Return on
average stockholder’s equity |
|
9.12 |
% |
|
9.44 |
% |
|
9.61 |
% |
|
10.55 |
% |
|
10.66 |
% |
| Net interest
margin |
|
2.88 |
% |
|
3.06 |
% |
|
3.16 |
% |
|
3.18 |
% |
|
3.24 |
% |
|
Stockholder’s equity to total assets |
|
8.24 |
% |
|
7.92 |
% |
|
8.08 |
% |
|
7.97 |
% |
|
7.49 |
% |
| Efficiency
Ratio |
|
67.59 |
% |
|
61.65 |
% |
|
62.61 |
% |
|
61.06 |
% |
|
62.18 |
% |
| |
|
|
|
|
|
| |
Asset
Quality Ratios |
| |
(In thousands, except for ratio %) |
| |
Q4 2019 |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
| Non-Accrual
Loans |
$ |
4,160 |
|
$ |
5,074 |
|
$ |
5,488 |
|
$ |
5,670 |
|
$ |
7,221 |
|
| Non-Accrual
Loans as a % of Total Loans |
|
0.19 |
% |
|
0.22 |
% |
|
0.24 |
% |
|
0.24 |
% |
|
0.31 |
% |
| ALLL as % of
Non-Accrual Loans |
|
570.53 |
% |
|
486.62 |
% |
|
433.47 |
% |
|
405.71 |
% |
|
309.64 |
% |
| Impaired
Loans |
|
26,912 |
|
|
30,856 |
|
|
37,275 |
|
|
40,533 |
|
|
42,408 |
|
| Classified
Loans |
|
13,483 |
|
|
15,998 |
|
|
22,679 |
|
|
23,977 |
|
|
26,161 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
Recorded Investment in Loans Receivable by
quarter |
| |
Q4 2019 |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
| |
(In Thousands) |
|
Residential one-to-four family |
$ |
248,381 |
|
$ |
252,971 |
|
$ |
258,688 |
|
$ |
258,184 |
|
$ |
258,085 |
|
| Commercial
and multi-family |
|
1,606,976 |
|
|
1,668,982 |
|
|
1,702,132 |
|
|
1,724,326 |
|
|
1,697,837 |
|
|
Construction |
|
104,996 |
|
|
131,697 |
|
|
134,963 |
|
|
114,462 |
|
|
107,783 |
|
| Commercial
business |
|
177,642 |
|
|
161,649 |
|
|
164,569 |
|
|
167,067 |
|
|
165,193 |
|
| Home
equity |
|
64,638 |
|
|
63,645 |
|
|
63,927 |
|
|
66,946 |
|
|
72,895 |
|
|
Consumer |
|
682 |
|
|
728 |
|
|
727 |
|
|
731 |
|
|
809 |
|
| |
$ |
2,203,315 |
|
$ |
2,279,672 |
|
$ |
2,325,006 |
|
$ |
2,331,716 |
|
$ |
2,302,602 |
|
| Less: |
|
|
|
|
|
|
Deferred loan fees, net |
|
(1,174 |
) |
|
(1,282 |
) |
|
(1,452 |
) |
|
(1,572 |
) |
|
(1,751 |
) |
|
Allowance for loan loss |
|
(23,734 |
) |
|
(24,691 |
) |
|
(23,789 |
) |
|
(23,004 |
) |
|
(22,359 |
) |
| |
|
|
|
|
|
| Total loans,
net |
$ |
2,178,407 |
|
$ |
2,253,699 |
|
$ |
2,299,765 |
|
$ |
2,307,140 |
|
$ |
2,278,492 |
|
| |
|
|
|
|
|
| |
Non-Accruing Loans in Portfolio by quarter |
| |
Q4 2019 |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
| |
(In Thousands) |
|
Originated loans: |
|
|
|
|
|
|
Residential one-to-four family |
$ |
590 |
|
$ |
814 |
|
$ |
1,022 |
|
$ |
1,415 |
|
$ |
1,160 |
|
|
Commercial and multi-family |
|
761 |
|
|
1,584 |
|
|
1,881 |
|
|
1,364 |
|
|
2,568 |
|
| Commercial
business |
|
1,428 |
|
|
887 |
|
|
745 |
|
|
256 |
|
|
356 |
|
| Home
equity |
|
347 |
|
|
350 |
|
|
129 |
|
|
272 |
|
|
277 |
|
|
Sub-total: |
$ |
3,126 |
|
$ |
3,635 |
|
$ |
3,777 |
|
$ |
3,307 |
|
$ |
4,361 |
|
| |
|
|
|
|
|
| Acquired loans initially recorded at fair
value: |
|
|
|
|
|
|
|
|
Residential one-to-four family |
$ |
291 |
|
$ |
1,046 |
|
$ |
1,116 |
|
$ |
1,704 |
|
$ |
2,165 |
|
|
Commercial and multi-family |
|
217 |
|
|
- |
|
|
- |
|
|
597 |
|
|
605 |
|
| Commercial
business |
|
513 |
|
|
378 |
|
|
378 |
|
|
- |
|
|
48 |
|
| Home
equity |
|
13 |
|
|
15 |
|
|
217 |
|
|
62 |
|
|
42 |
|
|
Sub-total: |
$ |
1,034 |
|
$ |
1,439 |
|
$ |
1,711 |
|
$ |
2,363 |
|
$ |
2,860 |
|
| |
|
|
|
|
|
|
Total: |
$ |
4,160 |
|
$ |
5,074 |
|
$ |
5,488 |
|
$ |
5,670 |
|
$ |
7,221 |
|
| |
|
|
|
|
|
| |
Reconciliation of GAAP to Non-GAAP Financial Measures by
quarter |
| |
|
|
|
|
|
| |
Tangible Book Value per Share |
| |
Q4 2019 |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
| |
|
|
(In Thousands, except per share amounts) |
|
Total Stockholders' Equity |
$ |
239,473 |
|
$ |
223,719 |
|
$ |
221,153 |
|
$ |
216,718 |
|
$ |
200,215 |
|
| Less:
goodwill |
|
5,253 |
|
|
5,570 |
|
|
5,587 |
|
|
5,584 |
|
|
5,699 |
|
| Less:
preferred stock |
|
25,016 |
|
|
25,016 |
|
|
25,016 |
|
|
25,016 |
|
|
19,706 |
|
| Total
tangible stockholders' equity |
|
209,204 |
|
|
193,133 |
|
|
190,550 |
|
|
186,118 |
|
|
174,810 |
|
| Shares
outstanding |
|
17,517 |
|
|
16,477 |
|
|
16,461 |
|
|
16,398 |
|
|
15,889 |
|
| Book value
per share |
$ |
13.67 |
|
$ |
13.58 |
|
$ |
13.43 |
|
$ |
13.22 |
|
$ |
12.60 |
|
| Tangible
book value per share |
$ |
11.94 |
|
$ |
11.72 |
|
$ |
11.58 |
|
$ |
11.35 |
|
$ |
11.00 |
|
| |
|
|
|
|
|
| |
Efficiency Ratios |
| |
Q4 2019 |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
| |
|
|
(In Thousands) |
| Net interest
income |
$ |
20,077 |
|
$ |
20,760 |
|
$ |
20,865 |
|
$ |
20,902 |
|
$ |
21,171 |
|
| Non-interest
income |
|
1,020 |
|
|
1,383 |
|
|
1,328 |
|
|
1,660 |
|
|
1,159 |
|
| Total
income |
|
21,097 |
|
|
22,143 |
|
|
22,193 |
|
|
22,562 |
|
|
22,330 |
|
| Non-interest
expense |
|
14,260 |
|
|
13,652 |
|
|
13,894 |
|
|
13,777 |
|
|
13,884 |
|
| Efficiency
Ratio* |
|
67.59 |
% |
|
61.65 |
% |
|
62.61 |
% |
|
61.06 |
% |
|
62.18 |
% |
| |
|
|
|
|
|
| *Efficiency Ratio is
calculated as total non-interest expense to total income |
|
| |
|
|
|
|
|
Contact:Thomas Coughlin, President & CEOThomas Keating,
CFO(201) 823-0700
BCB Bancorp (NASDAQ:BCBP)
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