Business
BCB Bancorp, Inc. Earnings Increase 14% to $5.2 Million in 3Q19, from 3Q18, Profits Grow 38% in First Nine Months of 2019
BAYONNE, N.J., Oct. 18, 2019 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”),
About this update from Bcb Bancorp, Inc. (nj)
[{"type":"text","content":"BAYONNE, N.J., Oct. 18, 2019 (GLOBE NEWSWIRE) -- 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.\n 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...